Blockchain, the technology phenomenon, has its benefits on the general people, however, it can also disrupt, be a blessing or even give birth to some organizations and innovations.
One of the technological alternatives that the blockchain brought is Initial Coin Offerings (ICO’s) which gave birth to the word on everyone lips, Cryptocurrencies.
Other known new blockchain technologies are smart contracts. These technologies can be of a high advantage for a business or disrupt their work.
Chris Mifsud, Executive Director of Marketing Communication agency MPS, explains below how blockchain should be tackled in any industry by companies and how the trust of the general people can affect the technology growth.
“Blockchain itself, it is a possibility to decentralize marketing because, via the actual blockchain, you can do a way with Google Adsense for example, you can advertise on a blockchain”
One of the main industries that Blockchain can effect is marketing. Due to its decentralization, blockchain can help marketers to target their customers better while also earn the trust of adverts viewers due to privacy concerns being settled with blockchain. This happens due to the customer and viewers deciding what to happen with their personal information.
ICO’s can create new opportunities for the venture and equity investments. WIth ICO, people can invest with cryptocurrencies or even create new cryptocurrencies.
For example, a hairdresser opens a new website and white paper to explain how this new crypto works. In this instance, a hairdresser takes the money and gives back, HairCoins, which can be used in the shop with the hope other hairdressers uses this way and so the Crypto can grow.
“Malta seems to be putting itself quite on the map, there’s a lot of skepticism about it but there’s a lot of hope….Obviously, the future will tell”
With Malta being in the map for Blockchain and Cryptocurrencies, it’s people need to understand that right now it is “hot air” but it also can be the next big thing to happen to our daily lives. Just like the internet and e-commerce.”
One of the major problems that companies that want to operate in the Blockchain faces are the trust the people have on such technology. This is due to the lack of experience around. One clear instance is cryptocurrencies. Some people will stay skeptical of Cryptocurrencies unless a bank starts to operate or offers cryptocurrencies.
Companies need to understand that although it’s in the early stage, this technology is happening and need to start preparing how it will affect their business model.
Blockchain can be compared with e-commerce. E-commerce destroyed some shops while also gave birth to a comfortable idea to the people. Also, some companies stayed unfazed with E-commerce such as lawyers.
When it’s all said and done, Blockchain will also give birth to new technologies and ideas which we never thought it was even possible.
MPS has been established in 1972 and are the only in-house, full service, multidisciplinary media-buying agency in Malta. The agency operates in many sectors mainly FMCG, Retail, Tourism, Environment, IT and Professional Services. More information on https://mps.com.mt/