Blockchain Facts: What Is It, How It Works, and How It Is Futuristic

What Is a Blockchain?

They are best known for their crucial role in cryptocurrency systems for maintaining a secure and decentralized record of transactions, but they are not limited to cryptocurrency uses. Blockchains can be used to make data in any industry immutable—the term used to describe the inability to be altered.
Because there is no way to change a block, the only trust needed is at the point where a user or program enters data. This aspect reduces the need for trusted third parties, which are usually auditors or other humans that add costs and make mistakes. <br><br>
Since Bitcoin’s introduction in 2009, blockchain uses have exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.

How Does a Blockchain Work?

While the marketing industry has been moving slowly towards more flexible working arrangements for a while now, almost three quarters (74%) of marketers have been working from home since March.
The impact of such a rapid and fundamental shift in work model is far reaching, as are the effects of 2020’s many social and economic challenges.
But even through adversity we are already seeing benefits emerge that have the potential to shape the growth of the marketing industry in a positive way for years to come. Key takeaways include:

Account Managers and Brand Managers are almost twice as likely to have experienced improved productivity levels than their senior leaders when working remotely
Younger marketers have found remote creative collaboration significantly more challenging than their older colleagues
1 in 5 marketers believe opportunity for career advancement has actually improved during the pandemic
42% of managers believe that communication with their team has improved while working remotely
Working from home has normalized remote work, and the majority of marketers say this will affect their hiring plans moving forward
Agency staff are much more keen to get back to the office than their in-house counterparts
Many marketing professionals under 35 believe remote training and onboarding will have a positive impact on the industry – as do 40% of agency staff
A quarter of agencies expect fixed retainers to disappear altogether with a significant increase in demand for project-based work’
Direct mail and out-of-home are the channels marketers expect to die out in a post pandemic world, but there’s already some growth in paid social activity, digital advertising and podcast sponsorship
Unveiling a rebrand during a pandemic is a risky move, with 37% of marketers expecting it to have no impact at all
The majority of marketing professionals are confident that their own brand will take (or has already taken) meaningful action following anti-racism pledges, but they are much less confident that other brands will follow through on their promises

Productivity in a remote setting

Surely working from home makes us all more productive? There’s less distraction from the fancy coffee machine, no need to tend to the office plants, and no chatting with your desk mates.
Well, yes and no. It’s definitely not one size fits all.
Almost a third (32%) of marketers said their productivity improved working from home, while just under a quarter (23%) said their productivity had taken a nosedive. Everyone else said their levels remained about the same.
But when you look more closely at the specific roles of marketers and how their productivity has been affected, there’s more to these figures than meets the eye.
Almost 2 in 5 (38%) Account Managers and Directors and 44% of Brand and Marketing Managers said their productivity had improved while working from home. On the other hand, half of C-Suite and Agency Owners said their productivity levels had stayed the same, with only 25% reporting an improvement.
The do-ers seem to do better remotely while senior leaders have maintained similar levels of productivity compared to their more junior colleagues. While experience means more senior team members have likely refined their working style and already found a balance that works for them, the type of work could well play a role.
In short, executional, hands on work has the opportunity to thrive in times of increased focus and decreased interruptions (pets and children notwithstanding!).

Creativity and collaboration

A similar split can be seen when it comes to creativity.
30% of all marketing professionals said that they found creative work and collaboration on creative projects more difficult since working from home, but a similar number (31%) said they actually found it easier remotely.
However, when you look at the breakdown of responses by age (and therefore typical levels of seniority), a pattern emerges: younger people have found remote creative collaboration more challenging than their older colleagues.