What Is Blockchain and How Can B-to-B Marketers Use It?

What Is Blockchain
and How Can B-to-B
Marketers Use It?
BUSINESS
MARKETING
ASSOCIATION

2© Copyright 2017 by the Association of National Advertisers, Inc. All rights reserved.
Last year, a survey indicated that just 20 percent of
corporate executives had ever heard the term “blockchain.”
This, despite the fact that blockchains are quickly emerging as
a game-changing technology with a multitude of uses.
If you’re lost when it comes to blockchains, this presentation
will cover what blockchains are and how they could potentially
be used in business marketing. Read on!

What the Heck Is a Blockchain?

According to Don and Alex Tapscott, authors of
Blockchain Revolution, “The blockchain is an
incorruptible digital ledger of economic transactions
that can be programmed to record not just financial
transactions but virtually everything of value.”
Now that we’ve got that out of the way, let’s move on…

No, Seriously.
What the Heck Is a Blockchain?

Think of an Excel file. When you share an Excel file with
a team member to edit, you’re unable to make changes to
the document concurrently. The same is true when you transfer
money to an individual in a traditional digital money transfer.
A third-party, usually a bank, must verify the funds,
temporarily limiting access to both your and the receiver’s
accounts, until the transaction is approved and
the accounts become active again.

Blockchain on the Other Hand...

Blockchain is more like a Google sheet. If you share a Google sheet
with a team member to edit, both of you can continue to make
changes to it at the same time, with all iterations and activity viewable
to any person with access to the sheet. Similarly, transactions on
a blockchain occur on a shared ledger, viewable by the entire network,
verified by cryptographic algorithms within the blockchain,
and happen virtually in real time.

Why is it Called a Blockchain?

As a security measure and means for reconciling all activity,
transactions within a blockchain are tethered to one another.
When a user makes a transaction, it appears as a block, which is then
linked to the previous block in the chain. Each transaction is linked
to the one that came prior, forming a chain of blocks. This, in theory,
occurs on into infinity. This technology is already viewable within
the Bitcoin network, which operates entirely on a blockchain.

Why Does this Matter?

As noted before, blockchains provide a wealth of opportunities
for a number of industries. In fact, many experts suggest true
blockchain innovation is still a few years away because it is a core
technology. But we’ve already begun to see some of the ways
in which blockchains can enhance B-to-B businesses.

Real-Time Payments

Did you know that 60 percent of B-to-B payments still take
place via check? Further, the average cost to process a check
is $6. Unlike current models, which only send payment
instructions digitally, a blockchain creates the ability to move
value digitally, making real-time payments possible and
eliminating significant expense.

Ad-Delivery Verification

Following YouTube’s recent ad controversy, marketers are
more interested than ever in ensuring their content appears
alongside appropriate content. Blockchains may provide
the solution. Serving as a decentralized ad auditor powered
by algorithms, the technology creates the potential for
lightning-fast channel and content vetting on programmatic
ad campaigns.

Enhanced Loyalty Programs

Blockchains can provide the technology necessary for a
single-platform that serves multiple loyalty-point currencies.
Imagine: Your customer hits the purchase threshold necessary
for a stay at a hotel chain you’ve partnered with. With
blockchains, the transfer of credits could be automatic and
immediate, making your customer’s life easier and
his/her affinity for your brand that much stronger.

We’ve Only Just Begun

These are but a few of the opportunities blockchain technology
creates. Experts also envision uses in corporate/social
responsibility, customer data management, and much more.
When it comes to blockchains, the possibilities seem endless.

Want to know more about blockchain? Check out our Ask the Expert Answers
research report on this emerging technology.

What Is Blockchain and How Can B-to-B Marketers Use It?

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