Blockchain Technology is revolutionizing a number of industries. Today’s Digital Advertising industry faces a number of challenges and Blockchain technology can bring transparency, efficiency and reliable high-quality data.
The hype over blockchain technology has grown in bounds for the past few years. A lot of people have gained trust in this latest technology and have invested thousands of dollars according to recent statistics. Even though most investors have their eyes focused on blockchain because of digital currencies, there is much more that can be gained from blockchain technology such as advertising. In fact, many technology and financial experts believe that investing in the blockchain technology for the purposes of digital advertising could be a game changer in the advertising world.
Before going further on how advertisers can use blockchain, it is important for you to understand how the technology works. Blockchain technology allows digital information to be distributed and not copied. This implies that every owner can only have a single piece of data. This is one of the advantages of how blockchain operates and the reason why most companies prefer to use it for digital currency to secure information. It is basically a spreadsheet duplicated in multiple networks of computers which are updated from time to time.
New payout process for advertisers
In the case of advertisers, blockchain technology could easily be used when advertising platforms run adverts and payout distributor as well as publishers. Blockchain technology is design in such a way that makes it difficult for anyone to hack. As such, advertisers can have a system that is more secure when it comes to paying those publishing their adverts. Besides that, the technology will also make it difficult for fraudulent traffic.
Experts such as James Hercher believe most online publishers and advertisers can be used as a tool to expose malpractices within the digital space. The problem of cybercrime has been on the rise in the past few years and concerted efforts are being made to reduce if not eradicate the menace completely. There are also numerous cases of fraudulent adverts and online reviews which are meant to generate unrealistic website ranks. It is hoped that the introduction of blockchain technology will come in handy to solve some of these problems if not all.
Are there any live solutions so far?
There are a lot of discussions about blockchain products yet nothing much is readily available on the market. One company (the Richard group) recently tested its first blockchain advert with its client (GameStop) and another blockchain advertising startup, Lucidity.
In addition, Mediaocean and IBM also have a blockchain ad partnership with some of the top brands such as Unilever, Kimberly-Clark, Pfizer, and Kellogg. All these companies were already in the process of testing blockchain technology to manage their product supply chains as well as data security.
In general, blockchain technology has shown great potential not only in the digital currency world but also in the digital marketing sector. It is true that there are still a few challenges and areas that have not been properly dealt with when it comes to its full functionality in advertising. Nonetheless, it will only be a matter of time before we fully understand the potential that blockchain has in digital advertising as well as Digital Marketing.