By now you’ve probably heard of Bitcoin and other virtual currencies that operate using blockchain technology. They offer a decentralized and self regulating cryptocurrency that comes with many benefits, including transparency and speed of transactions. Some people may think that it’s mainly venture capitalists and high tech corporations like IBM who are getting seriously involved with blockchain technology. But the truth is, many businesses and industries are embracing it as a much needed trend for today’s mobile market.
With Blockchain info currently flooding the Internet, this may be the perfect time to introduce yourself and your business to blockchain marketing. So, let’s go over some of the reasons why the time is right now to check out the blockchain revolution and find out how businesses are already using it with success.
Before we begin, it would be good to start with a basic blockchain definition, for those of you new to the game. Peter Coy and Olga Kharif from Bloomberg wrote,
“A blockchain, as the name suggests, is nothing more than an ever-lengthening chain of blocks of data. Each block contains a compact record of things that have happened. How it does this is interesting and complicated. The important point is that if something is recorded in a blockchain, it’s deemed by users to be true with a capital T.”
Why Is the Time Ripe for Blockchain Marketing?
The Need for Instant Gratification
During the digital revolution that we have all experienced in our lifetime, our attention spans have decreased. Meanwhile, our appetites for quick, multi-media content has grown.The general population is accustomed to several apps and windows going at once on various devices. We are on the move and, most notably because of Google, we are used to fast answers and quick solutions to our problems.
Somehow, taking time out of our day and going into a bank for a financial transaction has given way to mobile apps that pay for our groceries and online purchases. No one plans go back to the days when we were paid our wages in check form only to have to go get the check cased to spend our income. Technology is ever moving us forward at constantly quickening rates. That’s one reason why Bitcoin and other cryptocurrencies are growing in size and across industries. They are the natural next step in the evolution of financial services.
We No Longer Fear Electronic Banking
Another reason is that our comfort level with technology has increased as each year we are trained to use more and more types of platforms, devices and apps. In the earlier days of the tech boom, customers were leery of electronic payments coming out of their accounts. Fast forward to today, and it’s hard to find anybody who actually carries cash anymore. We are familiar with banking from our devices, and switching over to checking a bitcoin rate at a site like BitCoinWisdom will not be a hard leap to make. Again, a technologically secure and efficient means of making financial transactions is something people want now.
Loss of Trust in the Feds
Consumers used to have a high level of trust in federally regulated organizations, like banks. That is no longer the prevalent view. With blockchain technology, because of the stacking of virtual transactions and their accompanying transparency and permanency, if you try to cheat the system, everyone knows. Many users feel more secure using cryptocurrency developed by tech brands than traditional banking services.
As the Internet continues to connect the world in countless ways, a financial system that speaks to multiple nations and continents is in keeping with this trend to unite peoples and economies.
A Mobilized Consumer Base
Countries worldwide are seeing massive expansion of Internet capabilities. In the U.S. alone, nearly 95% of the U.S. population is connected to a mobile device. Additionally, it’s predicted by Statista.com that by 2019, over 5 billion people worldwide will be mobile phone users. Most importantly, these users are already trained to do financial transactions using their device.
How Brands Are Using Blockchain Technology Today
Sending and receiving money via Bitcoin is quick, cheap and mobile compatible. But it’s the blockchain technology used by Bitcoin and other cryptocurrencies that interests today’s marketing execs. Companies with forward-looking marketing strategies are already utilizing blockchain marketing technology in their ad campaigns. Take these, for instance:
Nike Bid Your Sweat
“Your money isn’t welcome here…but your calories are.” Nike rolled out their own currency – your sweat. In other words, when running while using their Nike+ running app, the kilometers they ‘earn’ transform into a virtual currency that can then be bought and sold in Nike’s own auction site, check it out:
***Note the short length of this video ad, the impactful and engaging video angles and shots, the trendy music, and a video packed with every detail you need to learn about this product.
If have you have a question about Bitcoin or blockchain technology, Reddit is the place to be. The social news website and forum giant has developed an entire forum dedicated solely to Bitcoin. There you can find novices and experts alike discussing every angle of the blockchain revolution.
The Cannabis Industry
The Cannabis Industry in the United States is alive and kicking. 28 states have now legalized marijuana but pot-trepreneurs are dealing with an unusual issue. Because cannabis is still listed as a Schedule 1 drug by the federal government, cannabis related businesses cannot open (federally regulated) bank and credit union accounts. So they are compelled to deal with cash only, which often leads to internal and external threats of theft. But now they have another option: they can use Bitcoin to finance their cannabis enterprises.
Paypal aptly titled its recent video marketing campaign: “There’s a new money in town.” In this creative ad, they increase awareness and acceptance of Bitcoin. This payment processing company, who is already a favorite among freelancers and entrepreneurs throughout the global work place, now allows you to buy and sell Bitcoins. A perfect match, Paypal is adeptly positioned to interface with blockchain marketing.
For those of you walking around with tens of thousands of air mile or points, there’s now a new way to exchange them. U.S. based BitCoinForMiles.com is one of many sites that allows people to trade in air miles for Bitcoin, creating a virtual currency seemingly out of thin air. In addition, Bitcoin never expires like air miles.
Many other companies are also integrating blockchain technology for para-financial reasons into their marketing strategy. The list includes Everledger (diamond trackers), Toyota, Ascribe (digital art dealing), and the cloud-based accounting network, Wave.
The Global Effect
Our global economy is poised and ready for a massive expansion in blockchain technology. Are you? How can your business utilize this trending phenomenon? The benefits are abound. There are no government regulatory agencies. Businesses can use smart contracts and have the ability to police and control themselves. The ledger utilized is permanent and transparent. Cryptocurrencies like Bitcoin are correctly positioned to take the mobile population to the next level of financial convenience and security.
Bill Gates, in this Bloomberg interview, calls this sensation the “evolution of money.” In fact, his foundation has identified a compelling fact about the world’s poor people. 77% of them do not have bank accounts. Because of the low fees and ease of doing even minute transactions (even a 10-cent transaction would be allowed), blockchain technology has allowed his foundation to set up struggling communities with cryptocurrency accounts. In fact, 1/2 of all financial transactions in Somalia are digital.
Blockchain’s Relation to Digital Marketers
Thus far, Blockchain technology is relevant primarily for virtual currencies like Bitcoin. But video marketers thrive in an e-commerce based society. And now they are just beginning to see the potential of blockchain technology in branding. The possibilities of working with a decentralized and shared date base are clear.
Its effect may fall largely on programmatic advertising giants like Google and Facebook. Users on both sites are reluctant to use ads from unknown sites due to trust issues. Google and Facebook act as the regulating agency. But with blockchain technology, Google and Facebook may end up leaving the picture when it comes to ad revenue. Guess who gains when the middle man is no longer needed? Digital marketers and their customers.
Be ready for the boom by hanging here with us at Valoso. You’ll hear all the latest video marketing news and have an international pool of freelance video professionals at your fingertips.