As the world is turning into a digital, so is the digital advertising market is growing rapidly. In 2017, the surprising rise of the cryptocurrencies like Bitcoin was in the trend which keeps coming in the first week of this year.
When you hear cryptocurrency, the first thing that comes to mind is blockchain as many millionaires and billionaires have observed that this technology could transform markets instantly as it offers transparency and efficiency to the advertisers.
Most of you know that blockchain is the technology that supports Bitcoin; however, many of you are still don’t know that blockchain has a huge potential to disrupt and resolve issues persist in marketing and advertising sectors. This defines that this tech seems to have a tremendous power to transform digital marketing industry.
Here are some ways through which this technology could change the digital advertising:
Targeting And Engagement
Many advertisers have invested a huge time and efforts on the ad platforms they have worked upon just in finding the right methods and acquiring data that enables them to deliver the right message to the right user and that too at the right time, which results in the action. For instance, BitClave envisions a Consumer Activity Token that a consumer earns by adding their data to the blockchain. When a search is made through BitClave’s decentralized search engine, the businesses that are willing to reach to them will compensate them.
Data Management
Data management is the spine of the digital advertising. From measurement to targeting, the participants who acquire data have an advantage over those who don’t. It’s not at all surprising to know that some participants are looking at the blockchain technology ways that could address data-related issues and challenges. An example to give you a clear idea on it- last year, Comcast had announced that it is developing a Blockchain Insights Platform aiming at improving the efficiency of premium video advertising in order to have a better planning, targeting, execution and measurement on across all the screens.
Fraud Prevention
Ad fraud is one of the most common and the biggest concerns among advertisers. Unfortunately, it is not possible to stamp it out as the digital ad ecosystem has become more complex and opaque in recent years. Although, the major Ad vendors and publishers are after IAB standard Ads.txt which is still not perfect. Some sellers are tricking publishers to adding them to their Ads.txt files; however, Ads.txt doesn’t tell the type of inventory a particular seller is authorized to sell, which opens the possibility for a vendor. For instance, adChain, a smart contract on the Ethereum blockchain that maintains and stores a record of a publisher domain names that are accredited as a non-fraudulent.
Buying And Selling
The most intriguing part of this application is to use the blockchain to enable publishers and advertisers to buy and sell directly or with fewer intermediaries. It is not required to mention that the blockchain based smart contracts could effectively automate every aspect of the delivery and payments easily.
Food for Thought
As after going through this post you must have understood the ways that could benefit advertisers. Hope you like this post.