Blockchain technology, as is known by all authorizes digital information to be distributed, but not mimicked and was initially being put in position for the digital currency, Bitcoin. However over some time, it has found other possible uses – also being utilized in the market of advertising and brands.
While similar to crypto-currency, new transactional use cases are appearing for blockchain such as buying and marketing digital or advanced TV ad inventory, fraud restriction; whitelisting authorized sellers of stock, campaign agreement, enabling the use of smart arrangements to simplify the IO process, licensing advertising assets, etc. Before exploring the opportunity for blockchain in advertising, one needs to appreciate its reason of existence, which is distributed ledgers bringing transparency and effectiveness at scale to an ecosystem where the concerned parties do not know each other.
One only requires to then shine a light at the problem fields in the advertising as well as marketing domain that could do with this emerging technology solution. The reach of blockchain in advertising lies in data management, alongside targeting, and commitment. Brands always look for agencies to advise efficient strategies to manage their media investments in connection with precise audience targeting. It’s a fact of the industry that more often than not, certain investments go untracked, and the ROI is ordinarily an estimation.
The blockchain technology assists in monitoring these expenditures closely with a fine tooth comb; optimize it in real-time, and get the best output for the money that has been spent in various projects and plans.
The extent and reach of blockchain is a game-changing one. It is all set to revolutionize numerous businesses in various sectors, and advertising will be one of them. Blockchain’s core is created on shared trust where no single body ‘s governing it all and this is very much required in the advertising world where questions on assurance, transparency, the realness of data, to name a few, has been challenged time and again.
If one takes a close look at the same, and if blockchain becomes as successful as it’s anticipated to be, then there will come a time when clients are undeviatingly able to reach their consumers with no middlemen, including Google and Facebook. However it may sound close to impossible, but that’s what blockchain has the potential to achieve.
Data is the main ingredients in order to build a thriving digital advertising ecosystem. From computation to targeting, players who obtain and put to useful use data have a growing authority over players who don’t. Not surprisingly, some are seeing at the ways blockchain technology can address issues and difficulties related to data.
Though it’s initial days yet for any mass level implementation, a few firms are already up and working, and have run incubators to at least address the explore potential applications and advantages of incorporating blockchain in the advertising industry.
For instance, Isobar began a new blockchain powered campaign to enable transparency during campaign delivery and performance for CEAT Tyres, in association with AdsDax to trace all payment transactions that are written to a permanent ledger for every valid ad impression. This allowed them to be assured with confidence that the KPIs of their campaign are met and reported unambiguously. Thus, allowing for reconciliation of their data with an independent ledger verified by multiple unbiased parties. A lot of organizations are showing a keen interest in using the concept of blockchain. But for it to work, publishers also have to get on board to create an ecosystem. Google and Facebook are secretive about their plans, and thus it is going to be a wait and watch the game.