Right on the heels of our CEO Owen Hank's in-depth interview on MarTech Series, he writes for the group's sister site, AIthority, about how blockchain can meet consumers' demands for greater privacy. This holds promise for marketers who are rising to the challenge of addressing consumer privacy issues head-on, especially as large brands like Apple make it part of core business strategies. Owen states that the intense focus on consumer privacy has two main causes: “We can certainly attribute a big part of it to consumer demand, as the population becomes more concerned with protecting their personal information. Additionally, people are starting to understand that their data is a valuable asset, and are tired of giving it away for free.”
Owen touches on three main approaches for marketers to keep in mind:
“Data minimalism: a method in which you only collect what data you need and if unsure, you don’t collect it.” Collecting as much data as possible has been the goal for quite some time; but now marketers must instead think about only collecting the data that serves a purpose, while keeping the integrity of consumer data in mind. Personal information has very high value, and must be safely stored.
“End-to-end encryption and ‘zero-knowledge’ service providers. How much of your job can you do without having access to unencrypted data?” In short, how can marketers still get the data they need without putting consumer information at risk. Owen also says, “Fortunately, along with the interest in blockchain and bitcoin technologies, we’ve seen considerable advancement in cryptographic techniques which enable new opportunities for secure communication.”
“Device-local data processing absolves organizations from direct data ownership.” This lets consumers choose when and where to store their own information. For example, they can decide whether to keep it on their phone or in the cloud. “Now the focus shifts from taking measures to keep the database-stored data secure, to finding new ways to connect with the respondents,” Owen points out.
Owen concludes his article with: “Consumers will see that more is possible when it comes to protecting their own data, and demands will become even greater for others to provide the same level of protection [as Apple is promising].” The focus on consumer privacy will continue to motivate marketing companies to increase their safety practices, so that they can successfully meet the consumer’s needs.
You can read the complete article at: https://aithority.com/guest-authors/navigating-the-consumer-privacy-landscape-new-approaches-offer-solutions-for-marketers/