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Blog post By Paula Chiocchi on 2018-02-14
I recently read an excellent article in Forbes on the topic of Blockchain, which is the technology behind Bitcoin. The upshot of the article is this. Many of you may have heard about the incredible price increase of Bitcoin in 2017 – a whopping 1,300%. A key enabler of this upsurge is Blockchain, which is a digital ledger in which transactions made in Bitcoin (or another cryptocurrency) are chronologically and publicly recorded. It turns out that Blockchain may have potential applications in other realms – including marketing.
Blockchain offers the safe and transparent transfer and storage of data. And while its implications for marketing are still in their infancy, the technology is being compared to the early stages of the Internet, in which the true potential was not discovered and applied until years after it became available. The Blockchain market itself is now worth about $600 million and is expected to grow to $7.74 billion by 2024.
In reading about Blockchain in Forbes and other places, here are five ways I’ve found that this emerging technology stands to affect marketing in the years ahead:
It’s only the beginning when it comes to Blockchain and its many applications. The takeaway is to pay attention: Blockchain has the potential to change the dynamics of marketing in myriad ways.
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