Even a cursory dip of the toe into hype surrounding blockchain will make you aware that people are predicting that the technology will revolutionise everything from international shipping to medical insurance.
In fact, the sheer frenzied hype that has built up around the distributed ledger technology can lead often confuse people as to what the technology actually does.
Blockchains, or distributed ledger technology, are distributed databases that are autonomously managed through peer-to-peer networks. Once recorded, data stored in a blockchain cannot be altered retroactively.
With regards to enterprise, blockchains are essentially business networks that are smart and tamper-resistant ledgers of business activity.
What does any of this have to do with marketing? Well Emerging Insider Communications asked 600 marketers what they thought about blockchain’s marketing potential.
Areas of applications
88% of respondents believe that blockchain technology has the potential to positively disrupt the existing marketing ecosystem.
In particular, marketers are most interested in seeing how the technology can be applied to:
– loyalty programmes (24%)
– ad verification (23%)
– making consumer data more transparent (21%)
– CRM (15%)
However, only 15% of respondents felt like they knew enough about the technology to explain it to their customers. This is despite 40% reading a blockchain related article in the last month, highlighting the fact that technical jargon is likely to be an ongoing problem.
Technical language and abstract concepts were highlighted as a major challenge for both marketers and their clients.
48% believed the technical language of blockchain is too confusing for audiences, while 72% thought that their own agency lacked adequate knowledge of the tech’s capabilities.
Does this create opportunities for those that do have a good level of knowledge? 36% of respondents thought that blockchain specialists and thought leaders will rise to prominence in the marketing industry.
35% thought that they should be actively exploring the technology now, will 52% were happy to wait and monitor developments.