Business intelligence technologies have evolved with time and have now become an integral part of the most modern-day business. One of the latest additions in this front is Blockchain technology. Longtime entrepreneur and business consultant, Sami Raja, founder and CEO of Sami Raja Consultancy is the newest patron of this technology and its many advantages.
On talking about his interest in the Blockchain technology, Sami said, " I honestly believe that blockchain technology can help marketers explore better avenues in their business. Blockchain technology has proved its role and worth in managing digital identity by providing transparency to the supply chain. From a marketer’s perspective, this can be easily leveraged for marketing and advertising if implemented wisely." He further added, "As with any new business strategy, introducing blockchain into existing marketing techniques will require everyone to start from the basics. As a start, enterprises need to align their business goals to the capabilities of the technology."
The blockchain is a Digital Ledger Technology (DLT), which in its simplest form can be explained as a series of immutable time-stamped records of data which are managed by a computer network not owned or authorised by a single entity. These data blocks will remain secured and bound to each other using the cryptographic principles upon which they are built, giving its stable nature. Business visionaries like Sami Raja find its transparent nature, which allows every person involved with it accountable for their actions quite useful and fascinating for business uses.
Studies show that some of the existing issues in digital advertising like consent, user identification and transparency can be addressed with the use of this blockchain technology. However, widespread usage of technology will be slow and cautious, since much of its capabilities are still unknown. Surely with advances in technology, this DTL system can be utilized perfectly as envisioned by experts like Sami.