The impact of blockchain and cryptocurrencies on marketing
Frédéric Montagnon is a
As far as I’m concerned, I’ve been interested in Blockchain since 2014 and I had done interview with Eric Larcheveque (founder of the house of bitcoin and today Ledger) at the time to better understand bitcoin.
On rereading the article, we realize that I had not yet fully understood what he explained to me at the time … but with this episode of Vlan you will better understand but also consider the operational impact that the blockchain might have.
Since the advent of the Internet, I have rarely seen a subject so polarized between those who explain that it is the future of the Internet and those who tell you that this is all a big joke.Internet was the information revolution, blockchain will be the revolution of transactions and contracts
Finally if we take a step back, the Internet is a way of revolutionizing information since we are able, by dividing it into small packets, to transfer it anywhere very quickly and without too much failure (today) .
By information, we mean: email, payment, photos, videos etc….
The blockchain attacks another founding element: transactions and contracts.
Today a contract is a document or a series of documents (sales receipts, warranty contract, certificate of authenticity, etc.) but which is easily lost, which can be easily falsified, which cannot be really transmit easily either.
The blockchain is a database where we will store contract information with the guarantee of a date and content, while ensuring that it is not falsifiable over time.
The example Frédéric takes up in the podcast is the purchase of drugs, for example, and the need to check that they are not counterfeit. A vital need in many countries
Via the blockchain, I will be able to verify that the number has indeed been given by a laboratory, that the product must be in the pharmacy in which I am currently, the date of creation and expiry and that it has not been copied by someone else.
In short, it is the assurance of a digital representation of a physical object.
Here an article for more on the impact of blockchain on healthcare systems) if you want to dig deeper.
Crypto currencies are the currency of machines
Many people consider bitcoin and more generally crypto currencies as currencies supposed to compete with the dollar, the Euro or the Yen … this is undoubtedly due to the fact that we speak of “currency” and also because of the speculative bubble around these.
I sometimes hear people say to me “when I could buy bread with crypto currencies, we will talk about it again” or “I am willing to believe in blockchain but not in crypto currencies” but, obviously, for Frédéric Montagnon, these statements are proof of a misunderstanding of this new stage in the development of the Internet.
Finally, it is important to understand the logic behind the blockchain.
As this article, which appeared in recent days, and as Frédéric also explains, explains perfectly, the web has been funded by a few companies (GAFA in the West, BATX in Asia, etc.) and consequently, they have almost all of the infrastructure that support Internet but therefore also own all private data.
Hence the increasingly present discussions of the dismantling of these empires.
If you listen again last week’s podcast on innovation in Africae, so you will also understand why the model of innovation on this continent can give a way on how we should envision innovation tomorrow.
Anyway, this poses real ethical questions and the blockchain is an answer in the sense that it allows decentralization.
But to avoid falling back into the past, these technologies must nevertheless find an autonomous mode of financing that is independent from the world and crypto currencies are there for that.
They allow micro transactions to validate interactions, the application is therefore intrinsically linked to its cryptocurrency.
It is indeed a machine-to-machine currency and not a man-to-man or man-to-machine currency, and each blockchain has a specific use.
As Frédéric reminds us, there are severalBlockchain and marketing
With the understanding that the blockchain can make it possible to create a tamper-proof digital representation of a real object, we better understand that this could make it possible to create an intelligent link between the brand, the product and the owner of the product.
The latter is also to be differentiated from the person who bought the product.
For a brand, this means being able to communicate directly with people who own such and such an object made in such and such a year, etc.
It is therefore an in-depth transformation of CRM and customer relations, but also the virtual certainty of eliminating the counterfeit or in any case of making it much more complex.
So it’s smarter, more direct and more efficient to connect with people.
The Blockchain will generate a large number of articles, conferences, training in the coming months and you will not be able to miss it.
But as Frédéric reminds us, the major concern today is that developers who have perfect mastery of the blockchain are too rich to need to work and that newcomers do not yet fully understand all the technical details of the latter. It will therefore take a little time before exploding, but once the balance has been made, the revolution will be rapid.
It’s up to you to hang in there because this will inevitably have strong impacts in your way of considering marketing but more deeply your daily life.
Gregory Pouy is the founder of LaMercatique, a digital transformation consulting firm focused on the marketing part. Based between New York and Paris, he is a marketing “expert” for FrenchWeb.fr. To follow his writings and discuss with him:
His blog: http://www.gregorypouy.fr
His account on Twitter: @gregfromparis