Awareness is growing that blockchain is the next-generation technology that will usher in the next industrial revolution—much like how the steam engine, machines for mass production and the Internet have transformed global society.
While individuals and businesses alike are being educated about the real benefits of blockchain, adoption is the next key step in order to truly feel the positive changes that blockchain would give to the world.
Blockchain technology revolutionizes all kinds of industries, from having the ability to create a global healthcare database that doctors and scientists could use to track symptoms and diseases—maybe even use the comprehensive data that will become available to cure cancer or create a more effective COVID-19 vaccine—to being able to offer people much-needed respite from busy life through a highly immersive gaming experience.
The BSV Global Blockchain Convention held in Dubai last May 24-26 has the goal of spreading awareness and educating people about the world of good blockchain can provide. It also showcases the early adopters of blockchain—businesses from many different industries that are building on or already using blockchain for their platforms and applications.
The marketing industry is one that serves to benefit greatly from the many creative executions that will be made possible through blockchain. A panel composed of executives and innovators in the field has taken the stage on Day 3 of the convention, discussing in detail what can be done in the future and what is currently already being done when it comes to marketing on blockchain.
Moderated by BSV Blockchain Association Head of Marketing Martin Coxall, the expert guests include investment firm Oceanside Digital Assets President Chad Anderson, gaming platform Haste Arcade Co-Founder and CMO Joe DePinto, social marketplace Mijem Inc. Chief Strategy and Purpose Officer Phuong Dinh, and promotional marketplace TonicPow Co-Founder and CEO Luke Rohenaz.
“One of the things that we would be doing in today’s world is something called proof of attendance protocol. And that’s something that a lot of people are doing in the NFT space now, where you come in and you scan in with your QR code. And then, this would be something that people could earn rewards on from attending multiple events and get into different tiers the more they attend,” Anderson said.
“You go on Instagram, you get a ‘like,’ that’s like a dopamine hit. And that keeps you coming back. It keeps them wanting to post. With us, we’re using micropayments as that kind of dopamine hit where you play a game in our arcade; you make a leaderboard; you’re going to start getting these micropayments at fractions of a penny. Sent instantly, you get a notification on your phone, that becomes addictive,” DePinto added.
These creative executions that incentivize customers as a form of loyalty program hinge on a blockchain’s ability to send micropayments, which allow the sending of even just one cent to customers for actions performed or items bought.
Micropayments are possible only if a blockchain is scalable. This is because scaling allows a blockchain to meet the data demands of individuals and businesses around the world. Furthermore, scaling is what makes it possible for blockchain to be used in a way that is cost-effective.
“I think that with today’s modern consumers where people are pivoting more towards ESG, making sure that… they’re consuming legit drugs or want to know that a certain luxury good they’re consuming is valid or whatever, this is where blockchain provides that public ledger where records can be on a chain. But we need a chain that’s very cheap to do that functionality,” Dinh revealed.
“One of the things that we would be doing in today’s world is something called proof of attendance protocol. And that’s something that a lot of people are doing in the NFT space now, where you come in and you scan in with your QR code. And then, this would be something that people could earn rewards on from attending multiple events and get into different tiers the more they attend,” Anderson said.
“You go on Instagram, you get a ‘like,’ that’s like a dopamine hit. And that keeps you coming back. It keeps them wanting to post. With us, we’re using micropayments as that kind of dopamine hit where you play a game in our arcade; you make a leaderboard; you’re going to start getting these micropayments at fractions of a penny. Sent instantly, you get a notification on your phone, that becomes addictive,” DePinto added.
These creative executions that incentivize customers as a form of loyalty program hinge on a blockchain’s ability to send micropayments, which allow the sending of even just one cent to customers for actions performed or items bought.
Micropayments are possible only if a blockchain is scalable. This is because scaling allows a blockchain to meet the data demands of individuals and businesses around the world. Furthermore, scaling is what makes it possible for blockchain to be used in a way that is cost-effective.
“I think that with today’s modern consumers where people are pivoting more towards ESG, making sure that… they’re consuming legit drugs or want to know that a certain luxury good they’re consuming is valid or whatever, this is where blockchain provides that public ledger where records can be on a chain. But we need a chain that’s very cheap to do that functionality,” Dinh revealed.
According to the World Economic Forum, it is estimated that 463 billion gigabytes (GB) of data will be generated on a daily basis by the year 2025. A blockchain must be able to accommodate this gargantuan amount of data being generated at present and in the future. Limitless scaling is the only way to do this efficiently.
Now, imagine the transaction fees of recording and storing this 463 billion GB of data on a blockchain. It would be highly impractical to spend $11.44 or $1.24 in fees per transaction as what Ethereum (ETH) and Bitcoin Core (BTC) are charging now.
But because the Bitcoin SV (BSV) Blockchain has unlocked its ability for limitless scaling, it is currently averaging fees of just 1/20 to 1/100 of a cent per transaction. And this is just the beginning, as the network continues to scale, 1/10000 of a cent is even possible. This is the true power of a scalable blockchain; and its potential for good is endless.
“The fact that we’re putting loyalty points and things like this on a blockchain now, they can take new forms. They could be more useful than they were before. They can be interoperable with other companies. You can easily make a deal with some partner that is a really good complement to you… You can redeem points over here and vice versa because we have a universal database that we can check it against. Whereas before, they were all independent systems,” Rohenaz said.
Where would the world be now if the Internet did not scale, remaining at a dial-up speed of just 56 kilobyte per second? Ponder about it for a moment, because the same is true for blockchain. And blockchain is going to be more revolutionary than the Internet as it is already using it, strengthening its weaknesses and filling in what it lacks.
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