For approximately 40 years, the Internet of information has existed. When sending data by email, Word document, PDF or Powerpoint, you are sending a “copy”, however, when it comes to assets like cash, financial assets like stocks and bonds, intellectual property and even votes, simply sending a “copy” is not a good alternative.
We currently rely on intermediaries such as banks, credit card companies, governments, stock exchanges, social media and others to authenticate identity and establish trust between the parties. With the advancement in technology and, above all, in the technical capacity of programmers (and hackers), such entities – which have done a good job – have become vulnerable to attacks and, less and less, create the value that justifies their high margins. Furthermore, countless people do not even have a bank account and the capture of value and benefits in the digital age is very asymmetrical, after all, clearly, if more wealth is created today, social inequality also increases.
Using blockchain technology, for the first time in human history, two or more parties, anywhere in the world, have the confidence to transact and do business “on equal terms”. The legitimacy of the relationship is established, not through powerful intermediaries, but through collaboration, encryption and smart codes.
As far as marketing is concerned, for many investors, sector managers see blockchain technology as an instrument to respond to the high expectations of the public. CMOs (Chief Marketing Officer) can rebuild trust with customers, changing the relationship based on general principles for verifiable evidence. According to a study by Harvard Business Review, customers with the best experiences paid more compared to those with poorer past experiences, and American Express figures, for example, said that 55% abandoned a purchase last year because of a bad customer service experience.
Blockchain’s disruptive power in the field of marketing is so great that it even allows us to predict that, in the future, whoever “wants someone’s attention”, through advertising, may end up paying the person directly, a small fraction of some digital or physical currency, having all these payments tracked at scale. Blockchain technology will allow marketers to have greater confidence in the integrity of data, and furthermore, debugging, displaying and sharing this information will reveal new possibilities, features and insights based on artificial intelligence.
Undoubtedly, all of this can have a big impact on the role of marketing directors and the chief marketing officer in managing companies. With Blockchain, a CMO can improve return on advertising investments, dramatically increase audience trust in their brand, deliver better customer experiences, improve loyalty, and drive decision-making through enhanced analytics that generate better insights. It is, without a doubt, a “win/win” scenario.