How do dApps revolutionize the marketing industry?
Nothing in the previous decade has promised as much in terms of transforming the global economy as Bitcoin. We’ve seen everything from apprehensions about the impact of bitcoin on the financial system to joy at the prospect of finally fulfilling Adam Smith’s free-market principles. Is that the case?
There has been a lot of focus on finding the best way to apply and integrate cryptocurrencies into the economy so that they can serve as a viable alternative to fiat currency. Still, we’ve all missed one crucial aspect of these digital currencies: the blockchain technology upon which they rest.
A similar amount of time has already been expended on decentralizing applications as we have spent attempting to grasp the fundamentals of cryptocurrency, one of the first significant blockchain applications. We can expect to spend the remainder of this decade doing the same for decentralized applications (DApps).
Before entering into the world of decentralized apps, let’s take a closer look at what Blockchain is and why it works.
Even though it can be complicated, blockchain technology can be summarized as a unique, decentralized method of storing data. For the uninitiated, blockchain technology is a revolutionary approach to database storage.
In a blockchain, data or information is divided into blocks and linked together sequentially to form a chain. Besides the blocks and chains used to record data, blockchain technology differs from traditional database technology in how data is stored.
What are “dApps”?
If you’ve heard of Ethereum, TRON, or some other type of decentralized ledger, then you’re at least a little bit familiar with decentralized apps, or “dApps.” DApps function like any other program, except that they are not controlled by any single entity or authority.
Users can interact with blockchain technology through these apps, making the technology more accessible to the general public. However, because only the bitcoin business has figured out how to take advantage of blockchain technology, it has remained a niche application.
Decentralized apps can take advantage of blockchain technology’s extra benefits, such as digital ownership, cross-platform trades, passive income through interest and lending, and the possibility to generate revenue through the “play-2-earn” paradigm.
DApps and the marketing industry
DApps have the potential to solve a number of problems facing digital marketers. They can assist in the following ways:
Combating ad fraud
Ad fraud refers to any dubious strategies set in place to ruin digital ads and prevent them from reaching their target audience. Most of the time, ad fraud is committed using software development bot traffic or other forms of click manipulation.
Ad fraud can drain a company’s advertising income as their ads fail to generate brand exposure, leads, or sales. Furthermore, ad fraud harms publishers by lowering ROAS and lowering the overall value of advertisements.
Here is where dApps come in. DApps such as adChain can combat ad fraud by compiling a whitelist of legitimate domains to use for advertising. Since dApps are decentralized by nature, they are more protected from the malware that may infect and subvert traditional apps.
Identifying false information
Fake news is the order of the day. Unverified and false information is often trending on social media, thereby reducing the credibility of actual news.
All this has caused a crisis of trust in journalism. These days, the percentage of people watching the news has decreased drastically. Many people who do watch the news only do so halfheartedly because it can be so challenging to determine which news sources are trustworthy.
Blockchain-based news verification offers a solution to this problem, and dApps are coming to the rescue. One example is Pramanika, a decentralized news verification service. Pramanika seeks to remove bias by removing the author’s name from any news submitted to the network.
DApps like this one may be considered more reliable. Since they are not controlled by a single corporation or other entity, the information is less likely to be biased in a single direction. The transparency and decentralized ownership inherent in dApps makes them an ideal vehicle for delivering unbiased information.
Replacing big-tech apps
Well-known apps such as Google Docs and Dropbox are widely used with the hope that the data stored on such apps is safe. However, these apps are owned by single companies. If anything were to happen to these companies, such as a server crash or security breach, any data stored in their apps would also be affected.
The solution is to store data through a dApp on the blockchain. One such dApp is Sia, designed to ensure that access to your private data is yours alone. Sia ensures that users have full access to their data and documents with the help of encryption keys known only to the user. The Sia network is run with their token, Siacoin, and is extremely cheap to maintain.
Benefits of dApps to marketers
In addition to solving the problems discussed above, dApps offer other benefits for marketers:
1) Boost brand awareness
As dApps begin to reach a wider audience, marketers can use them to increase their brand awareness.
2) Generate leads
Leads can be generated through dApps as more people come on board. Businesses that have jumped on the dApp ship earlier on will likely enjoy an increase in the number of customers.
3) Improve customer loyalty
Decentralized apps already offer some form of security to individuals, and when marketers take advantage of the benefits it offers, it inadvertently gives them loyal customers. Customers who have seen and understood the benefits of decentralized apps will embrace them and become reliant on businesses that use them.
The development of decentralized applications offers numerous advantages to marketers. The potential to expand, increase transparency, and be flexible are among these many benefits.
DApps are positioned to have a significant impact on industries such as e-commerce, healthcare, and transportation, among others. They will undoubtedly contribute to the acceleration and improvement of businesses in almost every field.
A dApp does not require a large investment of time or money. Cost-wise, there is no difference between developing a dApp and developing a native app. Given the potential advantages of dApps, they are likely to become an essential tool for marketers in any industry.
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