You can’t pull up a news site today without seeing an article or two about Bitcoin, the cryptocurrency that allows peer-to-peer transactions without the need for a centralized bank. Most of us are content to stand back a bit to learn more about it before jumping in completely, but we have to admit that we’re intrigued. So, if Bitcoin is the disruptive darling of the day, then it’s probably a good idea to get to know a little bit about its parentage — blockchain — and what that will mean to the world of business and marketing as we hurtle forward.

Is blockchain the new internet?

For the last 15 years or so, new technologies have emerged that most of us couldn’t have imagined a need for, yet here we are taking advantage of this thing called the internet, social media and now Bitcoin digital transactions. It’s clear that blockchain won’t be going away, so it’s in our best interests to learn as much about it as possible — as soon as possible — so that we, as marketers, can embrace it with full knowledge of its potential as well as its vulnerabilities.

Let’s dig in about what blockchain can mean for businesses and why marketers should pay attention to it.

Blockchain is the currency of trust.

We started with the Bitcoin example and what that means in terms of currency transfers and secure data applications, but blockchain can be utilized by all types of companies. Blockchain is basically a behemoth of a data spreadsheet operating in a decentralized network. Massive amounts of information can be transmitted and appended without compromises in security. No one can alter or destroy a blockchain. That kind of inviolability creates a single point of truth, which will be highly valuable to businesses and marketers. It’s possible that a second currency resulting from blockchain initiatives will be trust. The truth about products and claims will be easily verified via blockchain technology and marketers will be able to capitalize on that like never before.

It offers the truth and nothing but the truth when it comes to ad delivery.

Blockchain will really hold ad delivery’s feet to the fire because there can be no fuzzy logic when it comes to confirming that a targeted person saw the designated ad for the defined duration. Engagement and ad performance can be verified to ensure optimal frequency with limits set on overserving on an individual basis. For example, a brand could identify ad deliveries from an ad server and release them to mining machines in the blockchain for analysis and fraud scrubbing. This will help identify ads that were delivered to non-live browsers that reported as active. The potential for truth and accuracy is huge and marketers should be excited about the potential for that level of targeting.

Blow customer data concerns out of the water.

Marketers today live and breathe customer data, and the blockchain will provide a new way to manage that asset to savvy advantage. In addition to the typical customer data collected, what would happen if a brand could pay its customers for even more data related to behavioral and psychographic characteristics? Or possibly reward them for providing personal interests and personally identifiable information such as purchase plan? In exchange, the brand could provide transparency to the customer into how the data is being used in promotions to build on levels of established trust. Blockchain removes data middlemen and vastly improves data security, all leading to customer trust, engagement and long-term loyalty.

Build personalized one-to-one connections.

Brand storytelling will launch to a completely new level when companies use Blockchain technology. Information on products, especially in the consumer realm, will be instantly available to prospects who will have access to complete supply chain information as well as the full story about a single product. Relevance and authenticity take the lead in these selling situations and brands can appeal to individual consumers with a level of intimacy unseen up to this point. These personalized digital experiences move from one-to-many marketing tactics to one-to-one connections that seem more intimate and enjoyable for consumers. And possibly the best aspect of this marketing is that the story and personal engagement doesn’t make it seem like marketing at all, just a no-pressure experience between a consumer and a product and brand.

Corporate accountability and social responsibility take on new transparency.

Marketing and public relations operated for years on the development of communications and promises in the form of brand stories. Whether or not the company delivered on the promises was really anybody’s guess as far as the general public was concerned. The driving truth of blockchain will change all that as facts can be checked easily in terms of product and corporate veracity. Broader issues such as legal practices and sustainability issues can also be verified easily, which will make marketers more inclined to present facts without any marketing spin. In terms of marketing initiatives, blockchain will help those interested easily verify that influencers for the company are true influencers meeting the brand’s criteria. In that same vein, it will help verify social media followers and sort out bots from real people.