Brilliance In Marketing: Blockchain as a Brand Trust Machine
The American Marketing Association New York visited Ogilvy Consulting to talk to Laura Masse about how blockchain is brilliance in marketing. Laura, author of the book Unblocked: The Power of Blockchain Technology to Establish Trust, Build Brands and Transform Business, explains four aspects of how blockchain builds brand trust.
00:04 Lisa: The American Marketing Association New York visited Ogilvy Consulting to talk to Laura Masse. Laura is the author of the book Unblocked: The Power of Blockchain Technology to Establish Trust, Build Brands and Transform Business.
00:19 Lisa: Since trust is so core to brands, we asked Laura to explain how blockchain technology is a brand “trust machine.”
00:27 Laura Trust is the foundation of a brand. And trust is the foundation of the experience of a brand, of a consistent experience of a brand.
00:38 That a brand shares your values and expresses your values.
00:40 Blockchain technology is a digital decentralized database and a digital decentralized ledger at the same time.
00:50 It’s characterized by four aspects: Security, transparency, authenticity, and credibility. So all those four things add up to immutable trust and that’s why The Economist calls it a trust machine.
01:05 Security is incredibly important to a brand. Obviously securing someone’s personal
information but you can also think of it as securing let’s say supply chains
01:18 IBM and Walmart are working together to secure Walmart’s supply chain and to document the provenance of food in these immutable records on the blockchain.
01:29 Transparency is a really important quality of the blockchain and one of the reasons it can be so trusted because it’s an open ledger.
01:38 It’s an open database and anybody can read it; can read through and see it.
01:43 One of the major problems that nonprofits have is people are reluctant to give because they’re not sure then 100% of the donation is going to the victim or the people in need.
01:56 But via this transparent ledger, citizens donors can see absolutely that their $100 went all the way down to the hurricane victim.
02:06 Authenticity is being used by Everledger to trace the provenance of diamonds, blood diamonds are all unfortunately common and
02:19 So Everledger has taken on the responsibility of tracing authenticity and being able to track on the blockchain where a particular diamond was mined.
02:28 Credibility is so key to a brand for instance VW, years ago, had a problem with incorporating flawed parts into their cars.
02:37 Blockchain technology could have helped with that because they could have vetted their suppliers based on the history of the suppliers
02:45 And the transactions and the credible way that they had delivered materials to other companies.
02:49 They could have understood where there might be liabilities or problems
02:57 If you combine the security the authenticity the transparency and the credibility, you’re talking about ensuring privacy for your customers.
03:06 You’re talking about building brand loyalty. You’re talking about building efficiencies and ultimately serving your customers better.
03:16 Lisa Clearly brands are beginning to use blockchain technology to build their brands and their businesses. And that’s brilliance in marketing.