According to the latest tech blogs, affiliate marketing is one of the top forms of digital marketing. At the same time with the increasing popularity of cryptocurrency, the world was introduced to blockchain technologies. Blockchain technologies are quickly becoming more popular as the world is realizing its importance in various fields.
Imagine when these two popular concepts come together, sparks are definitely expected to fly. So what are exactly are these two hot and popular concepts?
Affiliate marketing is a form of digital advertising that involves an online publisher promoting a product on their website. When a visitor clicks through to the online store and purchases the product, the publisher gets a commission from the merchant who sold the product.
Blockchain technology, on the other hand, is a continuously growing list of records named blocks that are linked and secured by using cryptography.
The relationship between affiliate marketing and blockchain technology
Many companies have realized the capabilities of blockchain technologies have great potential within the affiliate marketing techniques. The introduction of this technology could open up a plethora of opportunities in this industry,
Blockchain could bring benefits to the publisher- merchant affiliate relationship. By offering benefits such as quicker transactions could positively impact the relationship. Other advantages such as audibility, transparency, and immutability just make this relationship between affiliate marketing and blockchain technology more perfect.
What Problems of Affiliate Marketing Does Blockchain Solve?
Currently, affiliate marketing has various problems such as no way of keeping track of whether traffic sources are sending the amount of traffic according to what they say they are. Lack of payment and not knowing whether advertising and networks are shaving your leads.
Along with this, the main problems are that affiliate marketing is currently abusing users, hurting the publishers and adversely affecting the advertisers. So how does blockchain resolve these problems?
Blockchain will not only ensure that advertisers get paid instantly and in a timely manner but they will also help users to surf the web anonymously and without interruptions from advertisements, thus helping them feel secure. Blockchain can also ensure that every conversion is tracked on a 3rd party ledger that can be tracked by everyone.
How to Leverage Blockchain Technology in Affiliate Marketing
Tech-savvy readers might have already noticed how this technology could be applied to make affiliate marketing more efficient and easier.
One of the most obvious ways would be to make use of bitcoins for transactions rather than standard money, thus simplifying the verification and payment process easy.
However, the real way that blockchain technology can be leveraged in affiliate marketing is for tracking and fraud detection which has become a real nuisance in digital marketing. Blockchain technology helps you track where clicks come from and also verify the authenticity of people rather than some sort of automated process.
The scope for affiliate marketing is tremendous and if done right could become one of the most powerful forms of digital marketing. However, currently, affiliate marketing has a lot of shortcomings which can be overcome by leveraging the blockchain technology.
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