4 industry sectors that use blockchain
” Blockchain is making waves and is the new change on the horizon. This novel technology is not only affecting the financial world but also many other sectors. The four industry sectors that currently blockchain are supply chain, corporate responsibility, fashion designing and digital advertising. “
1) Supply chain sector
The problem that large food companies face is trust issue because their customers are skeptical of many things such as where their food comes from and the factory conditions. It is the job of the marketer to build trust to be able to sell the product successfully. Above all, transparency about the product is the quickest and the surest way to gain that trust. For example, Walmart used a strategy to bring a certain level of transparency in their logistics and supply chain. They enabled their customers to track digitally from where the products came. By doing so, the goal was to boost the trust of Walmart consumers in their products. This strategy of storing products through blockchain makes room for transparency and prevents tampering. Some services such as Metamask and Keybase already offer the user control of their transaction history and identity.
2) Corporate responsibility sector
Sustainable practice is something that customers used to take on the organisation’s word. Rather, when it comes to initiatives as corporate social responsibility, there used to be no accountability. Blockchain can generate digitized agreements, wherein the company is then held accountable by making these promises public.
3) Fashion designing sector
Innovative ideas are coming through in the fashion industry using blockchain. Shanghai-based Vechain is authenticating fashion products and providing a background of the items using blockchain technology. At Shanghai Fashion Week, Babyghost provided a link between the fashion and digital worlds. The customers can verify if a particular fashion item is genuine or not by scanning the tag using blockchain, and even see where it came from as well as who had previously modeled it. Verification of the authenticity of the products can be traceable from the point of origin. This feel to each product allows the customer to create a unique connection with the item. Thus, blockchain can tap into authentic advertising without being seen as marketing. The possibilities are endless for those marketers innovative enough to jump on the bandwagon.
4) Digital advertising sector
The advertising industry is not only dynamic but also susceptible to change. Intrinsically, it fluidly adapts to the shifting focus of consumers and new technologies. The blockchain comes into this arena by creating more value for ad campaigns. For advertisers, the future could be different on many fronts and applications. They include permanent contracts with consumers, verification of ad delivery and handling consumer data transparently. This surge shows how much commotion is happening right now in the digital marketing industry. And it all results in an increase in the profit margin and a decrease in extra costs.
