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Whilst blockchain technology is not ready to deliver many of the promised use-cases, the coupon market is actually a use-case, where blockchain technology makes sense and can already make a difference – with the solution developed by Rouge Network.
--Unique coupons: The use by date is coded into the coupon, so expired coupons will no longer exist online. Say goodbye to “this coupon is no longer valid.” --End of fake coupons: A coupon generated from the Rouge blockchain platform becomes a unique digital object that cannot be replicated, and can only be used once. --Trackable online coupons: The platform based on smart contracts and Ethereum’s public ledger will also make coupons easier and cheaper to manage, providing more accurate information on a coupons’ status. --E-Commerce 3.0: Additionally, with the Rouge platform, coupons can be re-sold on to a secondary market. Customers can share a promotional deal they have received for their loyalty to a trading place where new customers exist, giving coupons added value, and making the coupon experience easier to share, and a much more fun and reliable experience.
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The Blockchain Marketing Technology Landscape tracks the evolution of marketing solutions based upon blockchain and decentralized technologies. [If you know of one missing or miscategorized, feel free to add it in the form. Download the full PDF of the Blockchain Marketing Technology Landscape. Download the full PDF comparing the Blockchain Marketing Technology Landscape with the traditional Marketing Technology Landscape
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1. Determining what a customer values
The challenge for the crypto-marketer whose insights should inform the product team is to understand what the intended user of the service values, and how and in what context. It’s not easy.
2. Embedding into a crypto-token That blockchain-based tokens are programmable is what potentially gives them so much power. We can assign attributes to a token, which can then deliver the value that our end users want.
3. Getting network effects to take hold
The obstacles and opportunity for the crypto-marketer here is to think about how frictionless the process is of getting new users on board. There are still some challenges in setting up, including downloading software, obtaining tokens, set-up, configuration and invariably, tech troubleshooting.
4. Organically incentivizing word-of-mouth Peer-to-peer marketing is just word-of-mouth by another name. Organic virality comes in different ways, but in connecting people’s passions (events they are attending) with economic reward for the value they bring to the activity (referring their friends), you create a scenario for the kind of word-of-mouth that will help.
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On the email side, 21.co enables individuals to put a price on their attention. In other words, no more spam. Want to reach Bitcoin investor Marc Andreessen? He promises to read your email… but it will cost you.
By moving the cost of email from the recipient to the sender, we will start to see email systems that compensate people for the value of their time and attention. I’m not as expensive as Marc. I only charge $20, with all proceeds going to Coin Center.
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Now, according to Epstein and a number of other professionals CMSWire spoke with, the marketing space is beginning to move towards the technology.
Signs of this, he says, include pilot projects, industry conferences and seminars and, of course, the growing number of applications themselves.
As blockchain becomes more prevalent in the space it will introduce all kinds of new efficiencies, such as cost-reduction and greater flexibility in certain applications such as display advertising, Epstein says. It'll produce more confidence in the data that other applications like predictive analytics produces. "In the long run we will see new markets open up whereas before those customers were just not cost-effective enough to reach."
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Blockchain pertains to the peer-to-peer transfer of value, and the opportunities are only beginning to reveal their endless potential. The first 'killer app' of this technology is demonstrated through tokens. Tokens are the first scalable application-- storing a scarce resource onto a global network.
Many, if not all, industries will be revolutionized through blockchain technology and smart contracts, as they promise the decentralized storage and transfer of value without the need for a trusted third party. For example, finance, accounting, and the law will become more advanced and automated forms of their current selves.
For this technology to proliferate, the methods of exchange will need to become more advanced and suitable for blockchain.
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To help answer that question, the first ever Blockchain Marketing Technology Landscape has been launched today by Never Stop Marketing. Inspired by Scott Brinker’s scarily humongous Marketing Technology Landscape, this first iteration shows both the current situation and the immense promise blockchain technology can offer marketers and advertisers. The most obvious target for disruption? Adtech.
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Victor Milligan: So, in the concept of dynamic ecosystems, blockchain is really a part about trust, meaning I have a clear view of who the entity is, I’m able to transact with them efficiently with trust, and do that, and sort of align my processes so that I can quickly stand up a virtual ecosystem, bring it down, and trade quite easily among partners. Whether I’m trading in the financial sense or cryptocurrency sense, IP rights, or whatever it might be that is of value among people or companies. Is that a fair statement?
Martha Bennett: That’s a fair statement, and even beyond that because another way of looking at blockchain-based systems, they’re actually very, very good at automating entire processes. And when you have a process where many parties contribute and they’re all on the same system, and then it becomes quite obvious where the potential efficiencies come into it.
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These platforms, like the one designed by Synereo--it's called WildSpark--hope to disrupt the attention economy by changing the way people create, share, and monetize content. Users can upload and access content on distributed ledgers, removing the need for a central corporate hub.
Built on a blockchain platforms, these ecosystems are designed to create a fully decentralized content sharing ecosystem. Legacy models of centralization and profiteering can be replaced with machines. In this way, blockchain technology is outsourcing management to the machines. This change has benefits for users and creators alike.
Creators are given a vehicle to monetize their content. The platform allows creators to upload and advertise content, and, as users watch, read, or access the content, the system allows them to amplify the content by contributing digital tokens to the creators.
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Today Mattr announced enhancements that will make the logistics of influencer marketing partnerships more efficient, scalable, and timely through the implementation of blockchain-based Ethereum technology.
A blockchain-based technology, Ethereum features smart contract functionality that facilitates online contractual agreements. By integrating Ethereum into its platform, Mattr is streamlining the payments process between brand and influencer, previously one of the most challenging aspects of influencer marketing. Enabling a multi-party payments process to be performed via a smart contract makes the process faster, more transparent, and less expensive for both brands and influencers.
Mattr's innovation in influencer marketing helps blockchain technology further advance beyond financial deployments. Though many associate blockchain solely with the bitcoin cryptocurrency, the distributed computing technology is capable of serving nearly infinite purposes. Mattr is currently assessing other possible uses for Ethereum-based blockchain in marketing as well.
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Like the internet, mobile, and social, blockchain technology will have a dramatic impact on marketing and marketers.
This book was created to help you get prepared.
The CMO Primer for the Blockchain World includes:
Forewords by Jeremy Skule, CMO of Nasdaq, and Rishi Dave, CMO of Dun & Bradstreet Seven sections on topics such as branding, customer experience, and loyalty Contributions from thought leaders and early blockchain-enabled vendors
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Blockchain, as a concept, is still a difficult-to-encapsulate buzzword. When asked, the majority of people can confirm that blockchain has something to do with bitcoin and that the name itself is indicative of the technology’s capabilities: Data is stored in blocks which are connected in some sort of chain system. Essentially, blockchain is disruptive. Which is great, but what does that mean for the industries where blockchain can be used?
Different industries are taking note of blockchain and investing in blockchain technology. And these aren’t just financial-adjacent industries like insurance; there’s news of music and healthcare companies — even the French government! — investing a whole lot of dollars to research and support both startups and engineers that are leveraging blockchain.
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A blockchain is a massive, decentralized ledger. Entries in the ledger are generated by transactions using a particular “cryptocurrency.” This digital money is an essential, but separate, element of blockchain, as no entries (and no data) can be logged to the blockchain without transactions taking place using cryptocurrency like Bitcoin. Transactions in a blockchain are associated with “keys,” strings of numbers that correspond to a user, and that user's digital wallet. A user's private key can only be accessed by the user in question (securing the user's wallet behind an impenetrable wall of cryptography), but the user's public key is used to reference the user's activity in the blockchain. The last bit is crucial, because in a blockchain, every party has equal access to the same data. Everyone can see who bought what and when, and can from there develop the same targeting infrastructure we see today, only now the data isn't governed or owned by any particular entity.
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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.
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Karim Lakhani, Harvard Business School professor and co-founder of the HBS Digital Initiative, discusses blockchain, an online record-keeping technology that many believe will revolutionize commerce. Lakhani breaks down how the technology behind bitcoin works and talks about the industries and companies that could see new growth opportunities or lose business. He also has recommendations for managers: start experimenting with blockchain as soon as possible. Lakhani is the co-author of the article “The Truth About Blockchain” in the January-February 2017 issue of Harvard Business Review.
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As you know, a blockchain, at its core, is really a distributed database where no one can modify or delete past entries and there are rules — the protocol — for how new entries are made to the ledger.
That ledger is available to everyone. We’re all looking at the same Google Sheet or Excel document. Anyone can provide an interface to that ledger. That’s relatively easy. That’s what you see here for Ethereum or zCash.
A lot of people can also provide applications that enable you to interact with the protocol so you can participate. This is what Jaxx or BitPay do, for Bitcoin. They are software wallets.
But very few people provide a set of analytic capabilities that suck up all of this data and tell you what it all means and what you should do about it. Fewer still have figured out the scalable process for doing this.
That’s the opportunity.
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"Who will survive the shakeout and be around when blockchain goes mainstream? Arvind Krishna, director of research at IBM, says it will be the companies that create software that makes it easy for businesses and consumers to actually implement all of blockchain's possibilities. He likens it to the early days of email: even though email technology had been around for years, it still took the likes of AOL to package it in a way that got lots of people to use it. The good news is blockchain applications could soon be as ubiquitous as email. The bad news, of course, is companies must cross the chasm, and that could take many months (if they make it)."
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If you’re the CEO of a big company, the first thing is to conceptualize this right. This is not like another technology, like AI [artificial intelligence], the cloud, robots, drones, the Internet of Things, and all of the rest of the stuff that are part of this fourth industrial revolution.
This is the transactional platform that will enable all of those things to be part of the economy. When we have autonomous vehicles moving around, all of those transactions, everything from how they power themselves to how people pay for them, will be done through a distributed ledger. The Internet of everything needs a ledger of everything for it to work.
If you’re a CEO, you also need to get pilot projects going. Most of the big banks are doing this, but this is true in every industry. You also need to get yourself informed. There are all kinds of big ways—consortia and partnerships where you can get plugged in.
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Let’s start by examining the potential effects of this on an industry that touches all of our lives – banking. The banking industry is filled with shared resources. Consider ATM machines: each machine is owned by a single institution, but accepts cards from a huge network. This sharing requires a complicated management apparatus, mostly provided by VISA. That central entity owns the database and transaction processing layer, which makes everything else possible. If the process of using an ATM had been invented today, with the blockchain as a state-of-the-art database technology as an option, we would most likely not need an administrative entity like VISA to manage the process. Instead, the technology itself would do the heavy lifting of uniting the interests and business processes of the member banks. One can easily imagine a single global blockchain network for managing the interoperability of bank cards. Rather than creating hub-and-spoke methods for organizing our shared resources for mutual advantage, this new technology would provide solutions without any central oversight.
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Consider what’s happened in just the past 10 years:
The first major blockchain innovation was bitcoin, a digital currency experiment. The market cap of bitcoin now hovers between $10–$20 billion dollars, and is used by millions of people for payments, including a large and growing remittances market. The second innovation was called blockchain, which was essentially the realization that the underlying technology that operated bitcoin could be separated from the currency and used for all kinds of other interorganizational cooperation. The third innovation was called the “smart contract,” embodied in a second-generation blockchain system called ethereum, which built little computer programs directly into blockchain that allowed financial instruments, like loans or bonds, to be represented, rather than only the cash-like tokens of the bitcoin. The fourth major innovation, the current cutting edge of blockchain thinking, is called “proof of stake.” The new systems do away with these data centers, replacing them with complex financial instruments, for a similar or even higher degree of security. Proof-of-work systems are expected to go live later this year. The fifth major innovation on the horizon is called blockchain scaling. Right now, in the blockchain world, every computer in the network processes every transaction. This is slow. A scaled blockchain accelerates the process, without sacrificing security, by figuring out how many computers are necessary to validate each transaction and dividing up the work efficiently.
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Blockchain, an independently validated, distributed and unalterable transaction ledger, has the potential to help all sorts of other industries, perhaps none more than retailing and manufacturing. Let’s consider just one problem these businesses face: vulnerability to counterfeiting. Luxury goods in particular are a choice target, mainly because of their high prices and profit margins. The same is true of sophisticated machine parts, specialty chemicals and a host of other high-value manufactured goods. Because the decentralized nature of blockchains replaces transactional trust with objective verification, it could be the perfect tool for fighting the counterfeiting scourge.
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According to the latest market study released by Technavio, the global blockchain technology (BT) market size is projected to grow to USD 1,693.7 million by 2021, at a CAGR of more than 55% over the forecast period.
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Nick Heudecker and Saul Judah just published Building Blockchain Into Your Data and Analytics Program.
Blockchain’s distributed trust model promises to remake existing business processes. Data and analytics leaders must recast existing data management and analytics capabilities and add new competencies to manage risk and exploit new opportunities.
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Using blockchain technology allows businesses to operate and set up a Customer Retention-as-a-Service network. Because the data cannot be changed or deleted, the trail or chain is permanent and public.
Take Incent, a loyalty software built using blockchain, as an example. Incent uses blockchain technology to create tokens that all the merchants who use their network can use.
Merchants can then offer these tokens to their customers as rewards. The token exchange happens instantaneously. The tokens can be accessed through either the customer's mobile phone or web browser. Because of this omnichannel experience, users can transfer, sell or exchanging their tokens on open marketplaces for other loyalty tokens of fiat money.
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Blockchain startup Rouge & the future of digital marketing - The Merkle
This is just the start. Everything we do in marketing is transactional, and can be the basis for an ICO.
This news comes to you compliments of marketingIO.com. #MarTech #DigitalMarketing