Blockchain in Digital Advertising

When it comes into the financial market segment, Blockchain is nothing less than the technology underpinning Bitcoin. The innovation of Blockchain for Bitcoin made it the first digital currency to eliminate the issue of double-spending without the need for a focal trusted authority or server. We could say that the innovation of Bitcoin gave a new derivation to financial transactions in terms of decentralization, security, transparency, and reliability. The immutable record of transactions between a network of participants made the whole process simpler and quicker.

Today, blockchain is widely implemented across many segments like document verification, supply chain, logistics, health care, defense, security and so forth. The architecture of Bitcoin has inspired these business segments to adopt blockchain technology. If we look closer, we can see that there are many private blockchains that have been proposed for many business use cases. Private blockchains for media and advertising, academic document verification, identity management have mushroomed like never before.

In this blog, I have plotted a couple of benefits with blockchain in media and advertising space.

We know, today, the advertising industry is not only blooming but also becoming more dominant and significant like any other moment. We could simply say, the urge for advertising is getting higher and higher as time passes by. According to the studies conducted by Forrester, it is estimated that by 2021, the spending plans or the marketing budgets for advertisers in the United States alone, will move to an aggregate of $120 billion, which is quite large. And other countries are not that far from the United States. This simply indicates that there is no backing off from advertising at any point in the near future.

With ad works like Google, Facebook, Amazon, and Apple, online advertising is nothing if not pliant. Yet, this flexibility is the advertising’s greatest quality and its most prominent shortcomings.

While blockchain technology may not self-reliant to cure all of the advertising’s technical problems, however, it can play a significant role in the situations where there comes censorship and sides of the supply chain (i.e. publisher and advertiser) are dismayed at not having access to pertinent information. If you have limited to your imagination that blockchain innovation is just something that crypto-diggers and bitcoin enthusiasts needed to worry about, you should need to reconsider.

Blockchain encompasses various intriguing implications that the advertising and media space can merit.

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Originally published at https://www.blockchainexpert.uk.