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Saturday, June 25, 2022

Using Blockchain Technology In Digital Marketing – A Beginner’s Guide

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The sudden inflation in popularity of Bitcoin has, indeed, made blockchain a trendy topic in the technological industry. However, it wasn’t really something that was considered favorable at the earliest stage, especially during the period of 2009-2015. Back then, it was primarily used to make disreputable transactions on the dark web.

Luckily for us though, the sentiments and usage of the blockchain technology has changed pretty aggressively since then. Now, most people see quite a value in investing in Bitcoin and, therefore, have begun working accordingly as well. 

But, here’s the deal.

Blockchain technology, in essence, has a lot more potential than you can imagine. Like, it can change how we operate in the business industry, improve our working procedure, and ensure that everything’s streamlined well enough. But, for that, you’ll need to implement it properly.

Keep reading to learn more about it. 

Blockchain – What Is It Really?

Let’s begin with the basics, then.

Blockchain, in essence, is the newest way to save and secure your data from the prying eyes on the internet. Whenever you add something here, it’ll take the form of a block and pair up with another “information block” in a chain-like system.

This, in turn, will ensure that the data is available there at all times. It can also lower the risk of the information getting deleted or misplaced mistakenly.

Anyways, you can use this technology to store information regarding your –

  • Financial transaction.
  • Medical data.
  • Contracts. 
  • Confidential consumer data, and 
  • Supply information.

If you’re using a dedicated application like bitcoin trader, the process of data saving will seem something like this –

  • You’ve made a transaction, e.g. bought $1000 worth of Bitcoin.
  • The transaction is then evaluated and stored in the ecosystem as a block.
  • The block will, then, get an identification code, known as a “hash.”
  • Finally, the blocks will get bound by a cryptographic principle, called “chain.”

Once a piece of information gets bound, it’ll be nearly impossible to delete it. So, whenever you’re adding something, try your best to be a little careful. 

How To Implement Blockchain In Your Business?

Implementing blockchain in an already-available system can be a little difficult. Therefore, it’s always best to opt for someone who has worked on the same before. But, if you want to go for a DIY method, you can always follow this below-mentioned guide closely.

  • Blockchain can be used for a variety of aspects. Hence, before you begin, you’ll need to find a proper use case for it. Bring out your diary and write everything you want to achieve with it, including your short-term and long-term aims.
  • For the next step, you’ll need to create PoC or Proof of Concept for your purpose. It’s usually preceded by a rigid planning phase, so do work on it first. Once you’re done, ensure to create a prototype of your PoC before creating it eventually.
  • Now, you’ll need to choose a blockchain platform in accordance with your planning. For example, if you want to create smart contracts, Ethereum will be perfect for you. Conversely, Quorum is all about streamlining your core transaction procedure.
  • Then, you’ll have to start working on the chosen blockchain solution and see if it’s working properly or not. This process would involve various other steps, like –
    • Checking the overall infrastructure of the blockchain ecosystem.
    • The quality of the platform, like security measures and consensus, etc.
    • If the technology is compatible with multiple platforms or not.
  • Finally, you’ll need to consider running and managing the platform. And, for that, it’s a must that you make a first block of data on your own. Keep in mind that this block should have each and every characteristic or foundation of the chain.

Once you’re done, you can activate the blockchain quickly. Just ensure that it’s working all well, and you’ll be fine. We’re sure of it.

The Bottom Line

The process of blockchain implementation can require quite a few modifications as a whole. Or else, the end result might not be as influential as possible. 

Here’s what you need to know regarding this aspect.

Firstly, you’ll need to ensure that the UI of the whole program is simple enough to understand for everyone. Also, make it affordable to use for your people. Otherwise, they won’t invest in your organization or business at all.


Feature Pic By MF3d
 
Mick Pachollihttp://www.tagg.com.au
Mick created TAGG - The Alternative Gig Guide in 1979 with Helmut Katterl, the world's first real Street Magazine. He had been involved with his fathers publishing business, Toorak Times and associated publications since 1972.  Mick was also involved in Melbourne's music scene for a number of years opening venues, discovering and managing bands and providing information and support for the industry. Mick has also created a number of local festivals and is involved in not for profit and supporting local charities.