Blockchain technology seems to be everywhere. New cryptocurrencies are sweeping the Internet, and it’s probable that you know numerous individuals in your social circle who have already invested in cryptocurrency. You may be wondering how blockchain technology may be used to businesses other than money and investment.
Blockchain is a decentralised network of “nodes” (anonymous computers distributed across the globe) that link transactions. These transactions are connected in a chain, or ledger, that is automatically confirmed by those nodes. This is a complicated and tamper-proof mechanism in which a validated transaction is recorded by numerous nodes across the world that timestamp it.
- Track and Increase Customer Loyalty
Brand loyalty is a game of competition. Customers have more alternatives than ever before, and they may access them immediately. Brands that use consumer spending data to impact marketing efforts are always seeking for new methods to communicate directly with their most loyal customers.
Artificial intelligence (AI) is used by blockchain-based customer loyalty organisations to evaluate spending patterns and target high-value consumers with unique rewards. Retail, food service, and other businesses have a vested interest in hiring these firms in order to obtain a competitive edge.
Momentum is an example.
- Trade Loyalty Points
Customers who are well-versed in brand loyalty programmes understand how to take advantage of them (for example, opening a credit card account to score a reward, then closing the account after terms are met). As a result, businesses do not always engage with their most enthusiastic clients via incentive programmes; blockchain might let organisations target these customers more readily.
Loyalty reward management schemes feature brand buy-in, allowing consumers to barter their awards with one another. This company connects peer-to-peer transactions with incentive programmes from many firms and even industries. It may be exchanged as long as the blockchain can verify its legitimacy.
Loyalty is an example.
- Buy and Sell Online Advertising Space
AI is often used in advertising to predict customer preferences. Acting on such preferences might be challenging for a business if it has access to the appropriate advertising space.
A blockchain startup that utilises artificial intelligence to select the finest advertising space immediately registers a transaction to acquire that space. Even better, AI may be used inside a blockchain to exchange advertising space amongst customers in the case of a new product introduction or an unexpected requirement.
Thrive is an example.
- Market Single-Source, Targeted Advertising
Some businesses lack the resources to cast a broad advertising net and must instead concentrate on a narrower target. Single-source advertising avoids the need for bothersome banner advertisements while targeting a particular demographic.
Some advertising firms employ AI to locate sites where target consumers are expected to spend a lot of time, such as the comment area of certain news or opinion publications. The corporation then secures advertising space on those few sites using blockchain. This reduces clients’ advertising expenses while increasing their chances of converting consumers.
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