Blockchain technology has the potential to trigger a new era of digital marketing accountability that will revolutionize the industry.
Blockchain and cryptocurrency have become buzzwords far beyond the worlds of digital marketing and technology. Experts predict the blockchain market will grow to nearly $40 million by 2025. But while crypto-related buzzwords have become impossible to avoid daily, not everyone is fully aware of what the shift toward blockchain technology will mean for brands, consumers and digital marketers.
What is blockchain, and how does it work?
Blockchains are electronic ledgers or databases. They are shared between different connections in computer networks and store information in a digital format. Blockchains differ from other databases because the technology at their core guarantees that records are kept secure.
Another difference between a blockchain and other databases is how the data is structured in the ledger. As the name suggests, blockchains group data together in blocks. Think of them as the individual rooms or compartments of a storage facility. Once one block reaches its capacity, it is closed and linked to the previous block.
This is how a chain of blocks is created. Any information added once a block is closed must be stored in a new block. Once that new block is complete, it is added to the existing chain, and so on. Besides creating a chain, blockchain storage also creates a chronological timeline of when data was added.
A few years ago, blockchains were far from being a household name. That changed with the advent of cryptocurrencies. Since the likes of Bitcoin have grown in popularity, so has the use of the blockchain as a ledger for transactions. One of the most significant differences from other databases is that blockchain-based data is held by all users collectively rather than in one centralized organization.
Continue reading: https://www.entrepreneur.com/article/433245
Blockchain and cryptocurrency have become buzzwords far beyond the worlds of digital marketing and technology. Experts predict the blockchain market will grow to nearly $40 million by 2025. But while crypto-related buzzwords have become impossible to avoid daily, not everyone is fully aware of what the shift toward blockchain technology will mean for brands, consumers and digital marketers.
What is blockchain, and how does it work?
Blockchains are electronic ledgers or databases. They are shared between different connections in computer networks and store information in a digital format. Blockchains differ from other databases because the technology at their core guarantees that records are kept secure.
Another difference between a blockchain and other databases is how the data is structured in the ledger. As the name suggests, blockchains group data together in blocks. Think of them as the individual rooms or compartments of a storage facility. Once one block reaches its capacity, it is closed and linked to the previous block.
This is how a chain of blocks is created. Any information added once a block is closed must be stored in a new block. Once that new block is complete, it is added to the existing chain, and so on. Besides creating a chain, blockchain storage also creates a chronological timeline of when data was added.
A few years ago, blockchains were far from being a household name. That changed with the advent of cryptocurrencies. Since the likes of Bitcoin have grown in popularity, so has the use of the blockchain as a ledger for transactions. One of the most significant differences from other databases is that blockchain-based data is held by all users collectively rather than in one centralized organization.
Continue reading: https://www.entrepreneur.com/article/433245
