Jeremy Epstein has written an ebook called The CMO Primer for the Blockchain World. It deals with how the blockchain “trust machine” has an impact on branding, customer experience, advertising and more.
In the book he confronts the diminution of trust in business and how blockchain can improve trust. Only some 43% of people in nearly 30 countries have much faith in governments and their institutions. In America it is even worse, with only 2 in 10 having much trust and 8 in 1o having less or little faith in “fake news,” according to Pew.
But things may change with Blockchain technology which forms a computer-friendly, open-ledger to aid the reliability of transactions. Big companies are already using the “trust machine.” These include JP Morgan Chase and Walmart – even though it can be most disruptive to business-as-usual, especially “paper-pushing” functions.
Some $380 million was placed into technology in the first half of 2017, and the investing continues. Blockchain is a significant technology and the book puts together numerous top technologists who share their thoughts and admit they don’t have all the answers by any means.
The goal is to help with preparation and assist in the transition. In one of the book’s forewords, Jeremy Skule, chief marketing officer for Nasdaq talks about how the world is challenged by a crisis of trust.
He freely admits there’s a “loss of faith in the system, a sense of unfairness.” The question becomes, “what steps are needed in order to re-establish trust and confidence in many of the things that we once took for granted?”
He says that at his company there is a commitment to use the newest powerfulo technologies like blockchain, even though – actually because – it is disruptive.
He quotes Fredrik Voss, Nasdaq’s Vice President of Blockchain Innovation, as saying, “We’ve taken it upon ourselves to be a leader in terms of encouraging people and companies to explore this technology and understand it better.”
Skule also says blockchain technology can make settlements and transfers of securities safer and faster. And he says he is making markets safer by increasing surveillance using blockchain.
We are integrating machine learning and other cognitive computing capabilities with our SMARTS surveillance solutions to monitor trade data alongside unstructured data elements, like electronic or audio communications taking place in chat rooms, social media or email to enable the detection of any wrongdoing more quickly.
He says Nasdaq is just starting to scratch the surface with blockchain. And that it will help people reintegrate control of their own data.
In fact, in another foreword, Dave Rishi, CMO of Dun & Bradstreet, says this is why decentralization is becoming popular. Big cloud-based websites will gradually die, which will “pose a huge challenge to marketing teams.”
But he doesn’t see this as a negative. Instead of raiding clouds for information, companies will have to get data the old fashioned way by delivering “real, authentic value to customers so that they are willing to voluntarily part with their valuable personal data.”
Contrast this with today where companies like Facebook, Google, and Amazon have such centralized power that consumers have no choice but to share their data with them, even in ways against their wishes when these sites demand it.
Throughout the book, this idea that blockchain will give people more control and allow them to be more in charge of their own data is regularly repeated. In fact, blockchain’s revolutionary qualities are similar across industries. Blockchain allows people to collect information at one time in one place. And the information, while widely dispersed, can be considerably safeguarded.
The downside to all this is just what has been mentioned above in Skule’s commentary about the increased surveillance that blockchain and SMART tools make possible. The problem with blockchain is that it does what its users ask of it. And most users at large companies are using it to reinforce the company’s status and dominance.
Blockchain is surely a radical way of pursuing commerce, but it can also make the more oppressive parts of big business even more efficient. On the other hand, Epstein’s idea of community driven marketing is a good one. The community itself will end up with considerable control as a result of blockchain and SMART contract operations. And even more importantly, individuals within the community.
The result will be an empowered community that runs contrary to the surveillance and overreach of big business. But if Epstein really wants to see his ideas properly communicated and entrenched he will have to deal with the largest issues facilitating the bigness of these huge corporations.
These include intellectual property rights, corporate personhood, central banking and regulations. They need to be confronted at the same time, even while community driven marketing advances.
It is a local consensus that may prevail if the circumstances are appropriate, but the very largest firms will have to be stripped of judicially granted powers. At least such will have to be reduced.
This does not mean they need to be turned into fully regulated entities like the telephone company once was. The impetus of blockchain is, rather, towards deregulation. The natural evolution of Community Based Marketing along with its disruption will be strengthened by such a move.