Blockchain in marketing: Workshop by Jaspreet Bindra

Bindra takes the audience through the history and future of Blockchain.

Jaspreet Bindra, founder, Digital Matters, conducted a workshop in TOI’s Star FLOW Fest 2020. The theme of the workshop was ‘Blockchain in modern marketing’ and saw Jaspreet share some crucial insights on the relevance of Blockchain marketing and its modern-day relevance.

The workshop aimed to sneak-peek a snapshot of the philosophy behind Blockchain marketing and underlined its utility in sectors as diverse as agriculture, government, education, apart from finance, and very critically showcased the potential for its future uses.

Blockchain is a distributed digital ledger system where transactions of various types between parties are recorded redundantly in a multiple of databases which are slow but secure. Illustrating pointers that govern Blockchain transactions, Jaspreet expounded on four ingredients to the procedure – Consensus, Security & Trust, Provenance, Immutability, and Smart Contracts.

Delving into the history and the advent of nuanced transactional methods, Jaspreet illustrated how such procedures can affect marketing in terms of credibility and consumer convenience. Demonstrating the concept of Blockchain transactions, Jaspreet cited a light-humored analogy of a ‘Kitty Party’. Pointing out how parties involved in a kitty party feel secure about their money deposits in the group, Jaspreet related it to Blockchain transactions saying, “Just like a kitty party, Blockchain is a distributed ledger where parties can rest assured their money is secure and traceable. There is a sense of immutability.”

The workshop included videos and slideshow presentations on the topic and sought participation from the audience in activities and question and answer session.