Blockchain technology is finding its way into digital advertising.
Of late, there has been a lot of noise around blockchain technology and cryptocurrencies. While some feel it is all a hoax, others believe it is the world's next largest economic revolution since the Internet.
However, with cryptocurrencies' prices plummeting to near-historic lows, many are left to wonder what's next for these digital assets - even though cryptocurrency is just one aspect of the larger blockchain universe. Indeed, blockchain technology is about much more than just cryptos. In fact, blockchain enables the existence of cryptocurrency, not the other way round. Therefore, it would be unfair to allow the unpredictability of market volatility and the crypto collapse impede the development of this game-changing technology. It’s time that skeptics and fans recognize blockchain as a technological innovation rather than just an obvious con or a speculative pathway to wealth. So, you who have heavily invested in blockchain projects, don't let the crypto collapse undermine your confidence in this innovative technology.
For the uninitiated, blockchain, a rapidly evolving technology, is a distributed, decentralized, public ledger that records transactions and allows for complete transparency. It can even be used for various non-financial functions, such as voting in elections or establishing that a document exists at a particular point in time. Blockchain not only enables smart contracts, decentralized autonomous organizations, and decentralized government services, but also transactions, trust, transparency, and the traceability of data shared across business networks. When we say blockchain enables data decentralization and makes it more secure and impossible to manipulate the technology, here’s what we mean:
When we spot a cheap fashion Gucci or Hermès handbag on an online marketplace, we all know the drill; it's an illegal counterfeit. To fight counterfeiting, luxury fashion brands leverage blockchain-based NFTs to ensure the authenticity of the item. In one such instance, leading fashion brand Burberry, which went through a phase of counterfeits, destroyed £28.6 million worth of garments and cosmetics in an effort to secure its upscale brand reputation and deter counterfeiting. But burning excess products to retain exclusivity did not go too well with the consumers and environmentalists. Following a consumer boycott campaign, Burberry ended the distasteful practice. The brand, however, no longer has to be concerned about counterfeit concerns. Leveraging blockchain technology, it ensures that its customers receive a certificate of authenticity and a digital signature QR code to track the lifecycle of any product they purchase.
No wonder several industries, from FMCG, gaming, and entertainment to finance and supply chain, have started to use blockchain to improve data monitoring and management processes in their daily operations. Top organizations such as Google, Visa, and Deloitte are heavily investing in blockchain projects as well. Joining the bandwagon, Dubai-based data and location-driven marketing services company MEmob+ has also invested substantially in blockchain technology to offer its clients the most advanced and effective advertising services.
In addition, MEmob+ now accepts cryptocurrency as payment. With this initiative, MEmob+ extends its hand to not only assist entrepreneurs, crypto investors, agencies, and brands but also decentralized apps (DAPPs), data oracles, blockchain firms, and crypto exchanges. MEmob+ CEO Ihab El Yaman says, “By backing blockchain technology, embracing it, and accepting cryptocurrencies as payments, we are saying that we believe in this long-term.”
MEmob+ is clearly passionate about making change and encouraging those who believe in the ability of cryptocurrency to transform the world. Becoming the first tech company in the MENA region to integrate blockchain technology into its operations, MEmob+ is now well positioned to enhance digital marketing activations & performance and has strict control over data flow and GDPR adherence.
El Yaman adds, “I believe that blockchain, with all its implementations, mistakes, and corrections, will become available to every user with access. Blockchain technology and cryptocurrencies will surely evolve and power the new Internet. As we've seen with the Internet and its use cases over the last 14 years of innovation, this new technology will evolve too, possibly over the next ten years. But I am positive that in the near future, hospitals, governments, and financial systems will embrace this technology and reap the benefits. Blockchain integration empowers businesses to unlock endless opportunities to create a global digital footprint. It’s time that we all take active steps towards near future implementation. Also, it goes without saying that the rise of blockchain will eventually bring about a revolution and change the world as we see it now. The best is indeed yet to come."
Learn more about MEmob+ crypto payments here.