How to Use Blockchain in Marketing Data Security

The boom of Bitcoin has made blockchain technology a trending topic.

However, it wasn’t always viewed in the most favorable light. When cryptocurrencies emerged, it was primarily used for seedy transactions on the dark web.

Luckily, sentiment and use have changed. More people see the value of investing in Bitcoin, and companies are warming up to the idea of using its technology in business.

This technology can do more than buy and sell cryptocurrencies. It has the potential to impact how we work, even if you’re not planning to accept cryptocurrency as a payment method.

Here’s what you need to know about its effect on the digital marketing industry.

What Is Blockchain Technology?

Let’s start with the basics.

Blockchain technology is a new way to secure your data.

The “blocks” are pieces of digital information or records, and the “chains” are public databases housing the information.

You can use blocks to store information like:

financial transactions
contracts
medical data
supply information
confidential customer data

Here’s how a block of information is created and then stored in a chain:

A transaction takes place, e.g., someone buys $100 of Bitcoin.
The transaction is verified and stored as a block.
The block gets a unique identification code called a “hash.”
The blocks of information are bound and secured together by cryptographic principles called chains.

How Does Blockchain Work for Data Security?

Blockchain is a possible solution to giving customers peace of mind over their data.

Every couple of months, you hear news stories about companies experiencing customer data leaks.

Credit card information, passwords, physical addresses, and more are exposed on the dark web, making people vulnerable to cyber crimes like:

identify theft
phishing schemes
online harassment
cyberstalking

After all, data is valuable.

Every time we search on Google, buy an item on Amazon, or double-tap on an Instagram post, this information is tracked because it’s valuable.

The high level of security offered by this technology allows companies to establish a secure data network to record and store consumer’s data.

However, you can’t delete this data. Once it’s recorded in the chain, it’s there forever.

While this means you won’t be able to pick what data is recorded, blockchain does have the potential to allow users to decide what data to share and with whom.

Why Should You Use Blockchain in Marketing Data Security?

Marketers can leverage blockchain by giving customers transparency and data protection while combating fraud and building brand recognition. These are attributes people may be searching for so they can feel safe doing business with a company.

Here are some of the benefits of using this technology in marketing data security.

Blockchain Offers Greater Transparency and Accountability

The biggest benefit is its transparency. The transaction ledger is open to public viewing, which adds a layer of accountability.

It ensures businesses have to act responsibly and with integrity when using consumers’ data.

No matter your company size, it’s not always easy to gain trust. People are naturally skeptical about the information online, especially in the era of deepfakes.

As a result, transparency has a …read more

Source:: Kiss Metrics Blog