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Hi!

This time we’re talking about blockchain, the technology everyone’s talking about.

It’s still utilized mainly for cryptocurrency but there are many applications a small to medium business owner could incorporate into their business plan.

In our last lesson, we talked about the shipping process and validating your supply chain.

Today, we’ll look at how you can use blockchain with intellectual property and advertising.

Protecting intellectual property is especially hard in the digital era.

Hackers and thieves abound on the world wide web and it’s hard to avoid running into them.

Using the blockchain to secure your business’ intellectual property would ensure it can’t be stolen from you, regardless of where, when, and how you publish it.

Blockchain is tamper-proof, so your property is marked as yours the instant you record the event.

There’s no way for anyone to claim it’s theirs because the blockchain proves it’s not.

Similarly, selling your intellectual property to customers can easily be managed through the use of blockchain technology.

Blockchain allows a safe sales process and you don’t have to worry about chargebacks (when a customer orders a product, then cancels the payment through their credit card, forcing you to “eat” the cost of the item or service you just sent).

Advertising is a three-ring circus nowadays, with new products hitting the market virtually every second.

How can you ensure your ads reach your target audience?

Blockchain allows you to track your traffic.

A consumer opening one of your ads creates a blockchain record for you, allowing you to check the circumstances of your ad’s delivery.

You can then target your ads more directly to those customers most interested in your products or services.

With the help of blockchain, ad tech platforms can automate campaigns based on a specified set of rules.

If the audience falls into those specific criteria, only then will an ad be visible to them.

However, this process goes both ways.

By using blockchain, you’re letting your customers see how you’re handling their data.

Use it wisely, and you have another strong tool to build trust with your clients.

The most imperative concern for today’s consumer is privacy.

Respect that, and you’ll have a solid and loyal customer base.

In our next lesson, we’ll take a look at smart contracts.