If there’s one thing we can all agree on about blockchain and cryptocurrency, it’s that opinions on the subject differ wildly.
On one side, we have the blockchain evangelists who believe it is set to change the world forever – while simultaneously making them personally rich beyond their wildest #privatejet dreams. On the other side are the people who think these people are delusional – riding their bubble-powered fairy-boats off the end of the pier of dreams. And then there are the people who just don’t care.
With such polar extremes of opinion and understanding, could blockchain be the branding industry’s biggest challenge?
For readers who have previously fallen into category three of the above, perhaps a whistlestop tour might help. If you don’t know your blockchain from your bitcoin or your crypto from your EOS, a basic explanation is as follows. Deep breath.
Blockchain is the digital technology behind all cryptocurrencies, perhaps the most famous of which are Bitcoin, Ethereum, and EOS. However, there are an almost endless number of cryptocurrencies, all of which are built on the blockchain. The blockchain is a shared public ledger where all transactions in these currencies are recorded and verified, which is distributed across a network of computers, making it virtually impossible to hack or tamper with.
A blockchain platform is a decentralized platform that allows for the creation, management, and execution of distributed applications. Every blockchain platform typically has its own cryptocurrency that is used to fuel transactions on the blockchain network. Anyone with the know-how can create a blockchain platform and therefore their own cryptocurrency.
Much the same as gold, diamonds, or pork bellies, cryptocurrencies are just another tradeable commodity, but unlike traditional currencies, they are not controlled or regulated by governments or banks, and the transactions are anonymous.
It was estimated there were more than 4,000 cryptocurrencies in circulation at the beginning of 2021 and more and more are being launched all the time.
So far, so wild west, right?
The challenge, arguably, for businesses looking to ride the blockchain bonanza is not only to get themselves taken seriously and to be understood but to achieve the same for their entire industry.
You might have the technology that will be the next big thing in blockchain and will change the world forever, but will this happen if the world doesn’t believe you, understand you, or simply isn’t interested?
Much of the business world is rightly cautious of false promises when it comes to blockchain. Investors and customers alike want their uncertainties to be overcome before dealing with a blockchain business.
For blockchain businesses, a starting point in addressing such cautions can lie in basic branding principles.
Number one, it’s not about you, the blockchain company, it’s about me, the customer or investor. It comes down to my “why”, not yours. So don’t tell me first about the technology and how clever it is, or how ground-breaking you are. Tell me first what’s in it for me.
But also tell me your brand story. Why are you different? What’s your why and how does that link to my why? Show me all of that intuitively through your visual assets and demonstrate your professionalism through their consistency and on-point messaging. Don’t just make me think you are the best option for me, make me feel it – on a deep, personal, emotional, and intellectual level.
Blockchain businesses that invest in brand are the ones that will remain standing when the market has matured. And, who knows, there might well be room for that #privatejet in the end.
Cover image source: DS stories