How Cryptocurrency and Blockchain Have Affected Digital Marketing and Businesses
- June 10, 2021
- Posted by: Manju Rai
- Category: Digital Marketing News
Cryptocurrencies are alternative currencies that are expected to overtake fiat currency in the future. Although Bitcoin is the most common cryptocurrency in the world today, more like Cardano and Dogecoin are entering the market.
Most, if not all, cryptocurrencies rely on blockchain technology to complete transactions and manage the ledger. This technology has impacted many business operations, especially digital marketing. If you are a digital marketer, this topic is important for you.
Relationship Between Cryptocurrencies and Social Media Marketing
There is a close tie between social media and cryptocurrency. BTC and other cryptos rely on social media platforms such as Facebook, Instagram, and LinkedIn to promote their growth. On the other hand, these platforms are becoming hubs for investors, making it possible to advertise other businesses. So, digital marketers are busy placing ads for investments related to crypto and other businesses on social media platforms.
According to reports, social media platforms can affect crypto exchange platforms either positively or negatively. Even though these platforms have websites, you will always find a link to social media platforms on their homepage.
Relationship Between Cryptocurrencies and Web Marketing
Most of the cryptocurrency transactions are made on exchange websites. There are also peer-to-peer websites that link crypto buyers and sellers. Since the websites have high traffic, digital marketing is very common on them. Any business can market itself on the websites using pay-per-click, pop-ups, videos, and other digital marketing strategies.
There is also widespread digital marketing of businesses on websites that write or share media about digital currencies. If you are a digital marketer, these are interesting platforms you should focus on.
Effect of Blockchain Technology on Businesses
Enough of digital marketing and cryptocurrency! What many people do not know is that blockchain technology has positively impacted many businesses. Generally, this is a public ledger where all people involved in a transaction see all the changes. This concept has been adopted by numerous businesses today to improve operations, increase transparency, and reduce errors.
- Healthcare sector – Hospitals and other healthcare institutions have already adopted blockchain technology for use in managing data that is open to all authorized parties. Therefore, a doctor in one branch can access the medical history of a patient who was cared for at another branch. However, there is control of data access across the entire network for better operations.
- Banking and finance – Do you wonder why a banker in one location can access the account details of a client in another location? Today, the banking and finance sector has adopted blockchain technology, where data changes are made across the entire network. To ensure there is security, the data logs can show who made the changes and who authorized them.
- Human resources – If you have a business with numerous branches, the modern HR management systems operate like blockchains. Any changes to the data are visible to other managers and other authorized parties. The accountant can easily make payments without having to consult the HR office since they are interlinked with the whole system.
The impact of cryptocurrency and blockchain technology on digital marketing and business is very big. So, if you are a digital marketer, it is good that you work closely with the technology to reap the most benefits. However, any business can benefit as well. Now that you know this, it is time to put it into use.