With the advent of cryptocurrencies such as the famous Bitcoin (I’m still waiting to recoup my losses), Etherium (I’m still waiting to recoup my losses), Litecoin (I’m still waiting to recoup my losses), and hundreds more, the general public has been made aware of a far more interesting (in my humble opinion) invention: blockchain. How will this new technology affect the internet and for the purposes of this blog post, the work of digital marketers?
What is Blockchain?
A relatively new concept developed in 2008, blockchain is the reason cryptocurrencies are able to exist. This technology is essentially a digital ledger of economic transactions, where everyone part of a transaction has an immutable record, rather than through a centralized platform. Basically, blockchain is a fancy, incorruptible Google Sheet with its sharing settings set to public.
This technology makes it almost impossible to falsify data, while also creating a permanent record from start to finish. Cryptocurrencies are just the beginning, blockchain can also be used to record virtually anything of value, not just money, which calls for endless possibilities across various industries. This includes healthcare, banking, internet privacy, manufacturing and can even change the way we vote. So how does this new technology relate to digital marketing and how will it affect the way marketers do their jobs in the future?