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It has taken the Covid-19 pandemic to push through the obstacles to blockchain adoption. The virus has revealed the weaknesses in our supply chains, our inability to deploy resources where they are most needed to address the pandemic, and difficulties in capturing and sharing the data needed to make rapid decisions in managing it. Blockchain solutions that have been under development for years have been repurposed and unleashed to address these challenges.
To use blockchains — and other technologies — to help build a better future, leaders must protect data privacy and be transparent about data usage. Too often, crises can prompt widespread erosion of individual freedoms. Lest one forget, after 9/11, the U.S. passed the Patriot Act to fight terrorism, but that greater aim came at a cost to our individual liberties. The power of blockchain is the ability to share data without revealing personal information, if they are designed to do that. As we fight this pandemic, we urge leaders to follow the examples of Rapid Medical Parts, MiPasa, Tymlex, and Civitas: design blockchain solutions that capture and secure the data our decision makers need without eroding our democratic values.
One of the conclusions that can be drawn from this legislative activity, and one of the most significant trends in 2020 is that privacy will become a business differentiator. That means that the health and reputation of a business will now in large part factor in its ability to protect individual personal data and to guard against potential data hacks.
Consumers themselves support this notion, as more than 80% of those surveyed say that they have become increasingly aware of how businesses are using their personal information, and 75% admit that they have become less likely to trust companies with their personal information over the past year.
The last few years have seen the advent of data management, analytics and intelligence platforms that use artificial intelligence (AI) and machine learning (ML) to analyze consumer data without accepting, analyzing or storing personally identifiable information (PII) of any kind. This is an important development because tools like this can provide the same insights that previously required raw data and consumer PII. The difference is that new tools use more advanced mathematics.
When used correctly in this way, AI and ML offer a powerful way to provide consumer data analysis (on enormous volumes of data from across an organization) while simultaneously maintaining data privacy and security by not transferring any PII data.
They create the possibility of the best of two worlds: flexible, scalable customer data analysis to support your data-driven business model, as well as the security and customer privacy required to maintain a viable business.
WHAT’S NEXT FOR THAT GOP-LED COVID-19 PRIVACY BILL? — Senate Commerce Republicans on Thursday announced plans to introduce an online privacy bill targeting companies that are collecting personal information to track the spread of Covid-19, as Cristiano reported for Pros. The move brought some new life to the committee’s stalled efforts to advance data protection rules. Sen. Marsha Blackburn of Tennessee, one of the Republicans behind the push, said she expects the legislation to be introduced as early as next week and for it to move forward outside of another potential coronavirus relief package.
— One early review is in: Public Knowledge is not a fan of the plan. “This bill provides little protection for Americans’ privacy during the COVID-19 epidemic,” said Sara Collins, the consumer group’s policy counsel. “Companies may still profit from selling health information or geolocation data, and are allowed to infer who has been diagnosed with the novel coronavirus.”
FTC’S WILSON: LACK OF BROADER, NATIONWIDE PRIVACY LAW IMPEDES COVID-19 RESPONSE — Without a federal consumer privacy law, companies have had to guess whether data uses related to the pandemic pass muster, FTC Commissioner Christine Wilson said Thursday. “The lack of a federal privacy law has been a hindrance to the response to Covid-19,” she said at an event hosted by USTelecom. “An established federal law would have helped companies know when they are being asked to cross the line.” Companies that are collecting data related to the coronavirus should clearly disclose to consumers what is being collected and when it will be deleted, she said, and pandemic-related data should be segregated from other information.
This web page discusses consumer data privacy legislation in the 50 states.
Despite the wheels being set in motion when it comes to building a data-centric businesses, it would not be outlandish to say that brands might struggle to fully achieve this due to ongoing shortages of data skills across the marketing industry as a whole.
Almost half of UK CMOs (45%) estimate poor data handling risks costing their business between £250,000 and £5m everyyear
Only 27% of CMOs say the industry is 'ahead of the game’ with having the skills needed to deal with customer data privacy
Almost three in four (74%) people are more concerned about the privacy of their personal information compared to this time two years ago
Over half (55%) of CMOs believe they are tapping into just 40% or less of their first-party data’s potential.
This paper explores the challenges brands need to overcome in order to manage data more effectively and build consumer trust, at a time when consumers are hugely concerned about privacy.
It seems that the roadmaps from the top 20 crypto projects in terms of capitalization have been unaffected by the coronavirus. This can be explained by the fact that the launch of the main critical updates planned for 2020 is carried out by the blockchain, not by people, and the employees involved are used to working in a decentralized way.
The restrictions and economic problems caused by the coronavirus have left many token sales without investments, while forcing others to postpone their launch. The latest report by ICOBench shows that the investments raised by projects over the period of the last week of January to the first week of February are considerably lower, compared with the same period last year.
Major cryptocurrency exchanges such as Kraken, Gemini, OKEx and Bitstamp seem to remain unaffected by the coronavirus pandemic, reporting a surge in user sign-ups and trading volumes. Binance’s futures monthly trading report revealed an 85% increase in trading volumes across the exchange’s futures perpetual contracts for January 2020.
• Apple Safari just announced it has blocked all third-party cookies as of March 2020, beating Google Chrome’s announcement that it will phase out third-party cookies by 2022.
• Data collection and use as we know it is changing rapidly, and it behooves savvy marketers to get ahead of the inevitable restricted access to third-party data and find other ways to get the data they need.
• Companies still have access to first-party data, which is data collected by a company on its website for its own use. The only restriction here is that the company must follow privacy regulations for ensuring transparency, right to correct, delete, etc.
• Zero-party data is data that a customer voluntarily and knowingly shares with a company. It might include preferences, intent or interest, or self-classification/identification within a particular group.
• The key to zero-party data is that the consumer has total control over what information he/she/they gives a brand. It is completely transparent and therefore there is no confusion over permission.
• A more transparent, helpful approach of asking for information to tailor customer experiences (in a user-friendly, conversational manner) will not only result in more accurate data, but potentially in stronger, more trusting and mutually beneficial relationships with customers.
Fast-food chain KFC recently announced it is adopting blockchain for digital advertising and media buying in the Middle East. Colonel Sanders aims to improve advertising data transparency and reduce the risk of fraud and will be working with Omnicom marketing agency Hearts & Science MENA to roll out the solution.
A common problem is the low conversion rate. But a significant issue is that only a small percent (52%) of advertising clicks can be verified. That’s partly because there are so many intermediaries between the advertiser and the publisher. This lack of clarity about whether a particular campaign is working results in a waste of money. Meanwhile the challenges of tracking advertisements increase the risk of fraud.
Leveraging blockchain, KFC aims to access real-time data from its ad campaigns. This improved transparency would enable the firm to increase brand visibility and monitor ad distribution. On the other hand, a shared database of advertising placement and delivery would reduce the risk of fraud in the digital ad supply chain.
Data Management Platforms have emerged over this past decade as the leading digital segmentation technology for media deployment, audience extension and customer behaviour analysis in near real-time. Using mostly graph-based data collection and marketing AI algorithms, a DMP can collect, match and deploy 1st, 2nd and 3rd party data.
1. Granting the Power of Data to Consumers
2. Authentication and Transparency
3. The Confusing ad-spend Streamlined!
4. Keyword Tracking
5. No Traditional Social Media Surveillance
6. Better leads for Marketers
Blockchain is the latest buzzword around and is being touted as a technology that can bring dramatic transformation to a wide range of industries. Marketing is no different. With blockchain, marketing can address some of its biggest concerns and challenges. Resolving privacy concerns, increasing transparency in terms of identifying bots and building consumer trust are some of the key areas where blockchain’s potential is being evaluated currently. As with any nascent technology, there will be some challenges, pitfalls and learning in adoption. That said, by 2025 expect to see some innovative use cases of blockchain.
With transparency comes trust. Consumers believe they have little to no control over their personal data. According to the same above-mentioned report, technologies like IoT, edge computing, the cloud, and blockchain enable brands to behave in a way that can inspire consumer trust. Trust is a key element in customer experience, and brands that cannot provide a high level of trust cannot provide a high level of customer experience. It’s that simple.
While it does promote the ease of automation, the programmatic supply chain is notoriously riddled with fraud and an abundance of third-parties that eat into buyers’ budgets and sellers’ bottom lines.
Blockchain could be the answer. Though it isn’t yet built to be a cure-all for digital advertising, blockchain technology could clear up the muddied, opaque supply chain.
“From an ambitious viewpoint, blockchain could possibly allow complementary parties to come together to share data in a safe and private manner for mutual benefit,” said Su Lin Tan, vice-president of operations at Carousell. “Standalone publishers could confidentially share their first-party data with each other, forming a formidable force to stand together against the duopoly, which has an unfair advantage due to their unparalleled data sets.”
At its core, blockchain is a kind of ledger that enables transactions between two parties while recording and time-stamp and online interaction without the need for third-party verification.
1. Market transparency
Blockchain, the encrypted, decentralized database of distributed and interlinked nodes, is particularly suited for integration with digital marketing. Blockchain promises to solve many of the issues that come with digital marketing, including data privacy, security and content monetization. The transparent nature of blockchain data also makes consumers feel at ease because companies cannot manipulate their data.
2. Eliminates the digital marketing middleman
Without blockchain, if a company wants to offer banner advertisements on its website it has to do so through Google AdSense so that no sketchy businesses will take over your ad space. Here Google processes the transaction and charges a fee for its part in the deal. Companies won’t have the need to go through a third-party platform such as Google with the blockchain structure. That’s because blockchain users can be verified through their networks. People would know they’re getting what they’re paying for as opposed to potentially paying for clicks that aren’t genuine.
3. Gives the consumer control of their own information
Marketers will no longer be able to extract customer’s information without their permission, rather will have to earn the customer’s consent, blockchain technology also allows consumers to charge for their contact information and attention. Thus giving the consumers full control over their information.
4. Data protection and security benefits
With rigorous data protection regulations like the GDPR coming into effect across all major markets, marketers can also leverage the blockchain technology to store large volumes of customer data securely. Additionally, regulatory agreement to GDPR that will require marketers to take consent from their customers can also be managed through blockchain technology.
With blockchain’s inherent immutability and multi-party credibility, the technology has the potential to help transform traditional industries by linking up valuable assets such as medical receipts, commercial invoices, electronic contracts, warehouse bills, and digital identities.
Blockchain is also able to record the complete process of information flows between parties, significantly eliminate friction and the potential for fraud, and help individuals, companies and all of society become dramatically more efficient than before.
Blockchain technology has already been explored and deployed by many other industries as well. Banking, insurance, investment management, and other financial services providers are using blockchain for digital certification and protection.
The applications of blockchain technologies are significantly enhancing the digital capabilities in our work and everyday life. By fostering greater trust and efficiency, blockchain technologies not only increase productivity but will also surely reshape the relationships between individuals and businesses and lead us to a real digital economy. For the billions of people and tens of billions of smart devices, that could mean hundreds of billions of smart contracts operating automatically and enabling global synergy significantly.
The total value of B2B cross-border payments immutably stored on blockchain will exceed $4.4 trillion by 2024; up from $171 billion in 2019, according to new data from Juniper Research.
Blockchain enables real-time clearing and settlement for B2B transactions, while offering increased transparency and reduced costs.
The new research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030 revealed that financial institutions will save $7 billion by 2024, due to the automation of ‘Know Your Customer’ checks, allied to the involvement of blockchain in identifying users via self-sovereign identity.
"Ad frauds have been on a high over the last few years. A 2019 report by Cheq, a cybersecurity firm, claims that ad fraud damages will touch $26 billion in 2020, $29 billion by 2021 and $32 billion the year after that. Increased transparency in programmatic advertising is the only way to tackle these frauds. This is where blockchain and Ads.txt (an Interactive Advertising Bureau initiative - Authorized Digital Sellers), help. BlAdTech (Blockchain+AdTech) is based on the principle of decentralization. Blockchain in programmatic adtech has been able to tackle ad fraud by helping cut down the number of unnecessary middlemen, removing domain spoofing, verifying the legitimacy of publishers and allowing transactions using cryptocurrencies. The ad reselling vendors or unnecessary middlemen are a big menace to the advertising industry. As a solution to this, preventing unauthorized reselling of ad inventory, publishers can now host ads.txt approved files on their servers, listing all the companies allowed to sell the publisher’s inventory. That said, these two pillars of cyber-hygiene in programmatic advertising are here to stay!"
Technology is the future of customer experience. These statistics show the grow of new technology and how it impacts everything about the future of customer experience.
Blockchain is one of the most exciting technologies of our time. It’s a decentralized ledger that, though mostly associated with cryptocurrencies like Bitcoin, it has already surpasses its initial uses.
In fact, Blockchain has spread across various industries and proven useful in a lot of things from signalling systems to coffee makers.
Statista predicts that the industry will grow to “23.3 billion U.S. dollars in size by 2023.” Since it’s still in its growth phase and its full potential has only started to show its face, now is a great opportunity for startups and existing software development companies to come up with Blockchain projects.
Blockchain will continue to influence industries from banking to real estate as it can replace traditional pen-and-paper agreements with smart digital contracts.
Its decentralized and shared nature combined with state of the art cryptography provides an extra layer of security and sophistication that traditional methods lack.
Thus, more and more software will be developed with Blockchain in mind and use Blockchain as the central technology that fuels the whole software development process.
1. More Democratic Marketing
Blockchain gives some power back to consumers that was previously in the hands of social media platforms and other companies that collect consumer data. That means consumers will be directly compensated for viewing ads, and presumably for giving up their data as well.
2. More Reliable Marketing
Blockchain can create transparency surrounding where products were sourced or manufactured. It becomes much more straightforward to audit supply chains, and consumers can be more confident that product labels are accurate.
3. Cheaper Ads
Without the middle man, the cost of digital advertising would be reduced for marketing teams. Going through one or more third parties can make ad tracking difficult, but with blockchain information would be readily accessible by marketers. That means it will also be easier for marketing teams to measure the ROI of their ads.
China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services with its new verification system called the Certification of Fintech Products.
The central bank released the first list of fintech products that could be used in both front-end and bank-end development for digital payment services, according to filings dated Oct. 26 from the bank.
The new regulatory system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a push by President Xi Jinping to capitalize on blockchain technology.
The central bank envisions the national digital currency boosting the digital payment industry, touting its own coin’s security features and off-line transaction ability as superior to commercial products offered by China’s Alipay and WeChat Pay.
Nations Will Introduce Their Own Cryptocurrencies
We can expect that all governments will finally accept the blockchain-based currency by 2020. This will be due to potential advantages for public services. In 2018, Venezuela launched its national cryptocurrency petro that is backed by the country’s oil and mineral reserves.
The world will switch to digital currencies because 2020 will be the starting point for the development of national cryptocurrency. Soon, blockchain will lead the world away from payment cards and even more so from cash.
Blockchain Will Protect Content
Cybercrime is a serious issue for all the organizations & agencies all around the world & experts say that in 2021 cybercrime may cost $ 6 trillion. But blockchain can be an antidote against the cybercrime.
Placing content on blockchain can ensure full automation & security of distribution processes, blocking illegal content download, increased protection against hacking, transfer of content only to those users that have paid, & many-many more benefits.
Research has shown that: - 84% of executives say their organizations have at least some involvement with blockchain technology (PWC 2018 Survey)
- 53% of respondents say that blockchain has become a critical priority for their organizations in 2019 (Deloitte’s 2019 Global Blockchain Survey)
- 86% say blockchain technology is broadly scalable and will eventually achieve mainstream adoption (Deloitte’s 2019 Global Blockchain Survey)
- There are over 40 million blockchain wallet users
So what’s holding blockchain back from mainstream adoption? Well, there are many key challenges facing distributed ledger technology that are keeping it out of reach for most business owners. - Reason #1: Cost – blockchain applications are expensive
- Reason #2: scalability and slow transaction speeds
- Reason #3: Understanding – and trust
- Reason #4: regulation
1. More Democratic Marketing
Martin believes blockchain gives some power back to consumers that was previously in the hands of social media platforms and other companies that collect consumer data.
2. More Reliable Marketing
Blockchain can create transparency surrounding where products were sourced or manufactured.
3. Cheaper Ads
Without the middle man, the cost of digital advertising would be reduced for marketing teams.
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Focuses on how blockchain is being used to shore-up the supply chain relative to Covid-19. Note that using blockchain for supply chain and validating digital advertising performance are the obvious use cases. Far more lurk beneath the surface.
marteq.io delivers zero party data solutions that significantly reduce digital advertising costs Learn more: https://www.marteq.io #martech #marketing #adtech