​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.

TRANSCRIPT

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.