Blockchain can do all sort of things for marketers, like providing better metrics and protecting their customers from theft. But it’s not all peaches and cream.
We asked a number of experts to sound off on some of the challenges slowing adoption of blockchain in marketing.
1. Steve McGarry, Co-founder of AC3
“Many companies are trying to put the “wagon before the horse” with features while blockchain technology is still being improved on daily. My co-founder John Fields has called it “Innovation on top of innovation aka innovation Squared.” A big challenge is dozens of projects raising millions in the space that I've spoken to over the last 5 years are pitching concepts that are at least 4-5 years out from being something widely tested/available and possible for users to interface with. That being said, on a positive note over the next 2-4 years, there are going to be massive improvements in the tech which will really benefit the early movers. The smartest people I know and respect are actively building in this space.”
2. Stephen Duplessie, Co-founder of Pangea Blockchain Fund
“Currently, the largest adversity in overcoming challenges of blockchain adoption in 2019 will be perceptions of negativity related to the cryptocurrency hype cycle. To overcome this adversity, general knowledge that the underlying technology powering cryptocurrency is blockchain technology must be adopted. Educating outsiders of this fact is one of the largest challenges for blockchain adoption in marketing.”
3. Carol Lin Vieira, VP Corporate Marketing and Communications at BX3 Capital
“Blockchain adoption in marketing operations has a way to go before becoming widely used. There are plenty of amazing projects out there that will change the landscape of marketing channels like social media, for instance, (ReddCoin comes to mind), but we are still in the early stages of funding and full development. Once we see blockchain adoption, acceptance, and success, in those sectors, we'll see the larger marketing software players enter the fray.”
4. Jonha Richman, Advisor, PR and Partnerships for Litecoin Foundation
“Every industry has to go through various cycles in terms of marketing and even product development. The challenge is always about creating a great product and communicating it simple enough for the users to understand the message and ultimately help spread it organically.”
5. Ella Cullen, CMO of Minespider
“To encourage the mass adoption of blockchain solutions, there needs to be a far greater focus on user interface (UI) design. Users should be able to actively monetize their attention and data; choosing which ads they want to see and which companies they want to share their data with.
What they shouldn’t need to do is understand blockchain, especially when it comes to more complex UX issues such as remembering private keys. We need improved interfaces that allow users to carry out tasks as easily as they would on the web or their smartphone.”
6. Ian Kane COO and Co-founder of TERNIO
“It’s a lack of education or knowledge on the subject of blockchain. Many people hear about blockchain as a way to solve various problems, but the devil is in the details. They need to buy in to the philosophical concept of decentralization vs centralized systems.”
7. Amy Fox, Product Director at Blis
“Since the decentralized ledger that forms the foundation of a blockchain keeps getting bigger with every block added to the chain, blockchain has an innate scalability problem. Mass adoption can’t occur if the ledger can’t scale because people will not accept slower applications than they’re used to just for the sake of the ledger. As blockchain picks up popularity in other industries, this problem will grow exponentially.”
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