Blockchain is a form of disruptive technology that did not enter the market quietly: it opened doors and made its presence known. But while blockchain has been busy shaking up the financial sector with cryptocurrencies, that’s not all this new kid on the block has been up to.
Blockchain ledger technology has proven to be incredibly valuable to many industries beyond its more well-known use in cryptocurrencies. From asset management and tracking to regulatory compliance, blockchain technology offers businesses new efficiencies and opportunities with its use.
While many of these blockchain services are still in their early stages, implementing this disruptive technology into your marketing package can provide the following value for your business and customers, including increased transparency and trust; reduction of advertising fraud; and increased security and privacy.
As many people still see blockchain as a distant and esoteric technology, it is becoming increasingly clear that Web 3.0 will revolutionize the world and our industry. That is why I want to discuss three main areas where blockchain will revolutionize your digital agency and bring immense value to our businesses.
Blockchain is a decentralized technology that does not depend on a central point of control. Instead, its functionality relies on the consensus of a vast network of nodes to confirm and approve any transaction on its chain.
With traditional computing systems, data is typically stored on a client-server network and based on a central database. Every calculation and action taken is fed into one place, and all action items are kept in one central location. Unfortunately, this model puts a lot of control in the hands of ISPs as “trusted third parties.”
Blockchain turns this model on its head, hosting transaction blocks on hundreds, if not thousands, of computers around the world, decentralizing it. Most importantly, this data is fully available for anyone to find and verify in a public ledger. With blockchain, any change to the chain will be immutable: stamped, acknowledged, unchanged, and visible for anyone to see in the future. This technology is very similar to how peer-to-peer networks work.
This puts transactions back in people’s hands and makes data trustworthy again, and gives your audience more control over their data.
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.