Blockchain has become closely associated with the controversial topic of cryptocurrency. And that’s fine because blockchain is an enabling technology of Bitcoin, Ethereum, and their competitors.
But, the value of blockchain is not linked exclusively to virtual currency. In fact, blockchain can enable a whole lot more.
A decentralized and encrypted ledger technology, blockchain provides a secure and verifiable way to store information without the need for intermediaries.
And lots of people think it’ll be a game-changer.
Blockchain technology is the single most massive disruptor to come along since the internet, says Robin Bloor, senior vice president of strategy for Algebraix Data. And he predicts it will have serious implications for entertainment, human resources, marketing, retail, and other departments and industries.
Bloor explains that Blockchain is important because it:
• allows for less expensive processing of payments;
• eliminates the need for a “trusted middlemen”; and
• removes the risk and uncertainty related to many activities involving implicit or explicit contracts.
“In the dotcom era, the internet middlemen took over from brick-and-mortar middlemen,” notes Bloor. “Now they will be displaced by the blockchain itself.”
Advertising is another industry that should brace for blockchain disruption, writes Flackable founder, Brian Hart. But, he adds, that could prompt positive change for advertisers and consumers.
“First off, consumer data will be better protected because of added security with blockchain technology. This will limit demographic information from being sold without authorization. And consumers may even be able to own and sell their information to authorized companies,” Hart suggests.
“For ad buyers, blockchain could eliminate much of the guesswork required to mount a campaign. Blockchain is transparent and encrypted, so it can stamp out empty bot clicks and other threats that can saturate a campaign…. Trust and transparency are two elements vital to digital advertisers, and blockchain is likely the game-changing solution they need.”
To learn more about this important technology and what it means to you, join us at The Blockchain Event, Feb. 15-16 in Fort Lauderdale, Florida.
Executive Editor, TMC
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