Blockchain is a decentralized distributed database of records that cannot be changed in any way. Thanks to its open-source nature, it is compatible with multiple business applications that require stringent safety protocols when it comes to data storing capabilities. Ultimately, blockchain’s properties of transparency, immutability, and security make it a reliable and trustworthy application for marketers and consumers alike. Marketers today are often limited to accessing customer data by paying third parties such as Facebook or Instagram, making it an expensive and time-consuming task. Blockchain could allow for new marketing and advertising environments in which consumers can own and sell their data directly to marketers, providing a heightened sense of control and along with higher quality data.
Learning Objective
In the modern marketing environment, consumers are increasingly demanding more integrity and transparency from brands when handling customer data. How could this reluctance share data be amended if a shift occurs from human intervention to a completely automated process through blockchain?
If consumers are compensated when sharing their advertising data with brands, how does it ultimately affect advertising metrics from the brand’s perspective? How does it influence a brand’s advertising strategy?
Imagine now that in addition to data-sharing compensation, consumers could opt in to view ads in exchange for further payment. How would this strategy affect the digital marketing landscape as a whole? How would brands attempt to increase their advertisement's engagement?
Please use examples that relate to healthcare and biotech. 5 pages minimum without including title page and references, APA format.
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