"Truth, Trust and Authenticity": a summary
"Why Blockchain Really Matters for Brand"
Last week, I was lucky enough to attend the Gartner Marketing Symposium in San Diego, California. For those not familiar, Gartner is a sort of think tank that advises businesses in key functions like Marketing, IT, and Sales.
One of the sessions was titled what I called this article. I thought it might interest this community to know what non-blockchain people are thinking about it all.
Marketers have a set of issues:
- Concentration of media power
- Corruption of the media supply chain
- Control over personal data
- Distrust in media & marketing
The Promise of Blockchain, then, is to Decentralize control of media power; to make transactions transparent thereby combating corruption, allow Flexible smart contracts so personal data can be better controlled; and to "tamperproof" data.
The Trouble with Blockchain, though is that the scalability of resources has been an issue; transactions have latency, personal data persists even when requests are made to delete it; and we have not yet reached a critical mass or tipping point.
In attempting to answer the question "Can blockchain fix what's broken"? the answer was "probably yes, within 5-10 years"
Overall, the recommendation was to consider "Blockchain Inspired Solutions" that are permissioned & private, with rules for mutability (with permission), the cryptocurrency aspect is not seen as important. Key applications are seen as secure low-trust environments; supply chain efficiency; and contract automation.
51% of US Senior Ad Execs think blockchain will reduce the number of intermediaries in the supply chain (Source AdLedger)
73% of people worry about false information or fake news being used as a weapon (Source: Edelman)
70% want brands to intervene (Source: Edelman) ... to exercise control over what appears on each platform
While 69% of US adults use social media, only 30% Trust it (Source: Pew Research Center)
They created a proposed decision tree for purchasing or piloting solutions (noting that as the area is in its infancy it is very much a buyer's market)
My favorite of the Recommendations: "Use blockchain values to highlight current shortcomings of industry solutions and drive pilot investments"
What do you think - does this resonate with you (knowledgeable people)?