Blockchain has become the business buzzword for the day, even a dinner table conversation for that matter. In marketing and advertising, it has the potential to reduce ad fraud and also bolster up the efficiency of ad budgets.
As per inResto co-founder, blockchain brings 4 key benefits to the table as far as advertising is concerned, “Blockchain ensures Immutability of Data. Once data is recorded on the blockchain, it cannot be changed. It is decentralised and therefore also highly transparent. Data on the blockchain is there for everyone to see. Finally, it is secure. To introduce a malicious block, one needs to change all the previous blocks and one needs to do it in more than 50 per cent of the nodes in the blockchain, which is almost impossible.”
Lets have a look at these 4 areas:
Reduce Ad Frauds
About $10 million of the $200 million digital advertising market is lost to BOT traffic. Blockchain provides a way to track and verify all advertising impressions. There is end-to-end transparency for all data. MetaX is a platform that provides such service already.
The biggest cost cutting would be connecting publishers and advertisers directly without need of any middlemen. A decentralised exchange can ensure efficiency and creation of smart contract with required transparency as well.
Valuing User Attention
A new blockchain token-driven ecosystem with 3 stakeholder, namely, users, advertisers and publishers, can be formed. Advertisers pay publishers with tokens, advertisers pay the users for their attention, which users can use to access premium content of the advertiser. This way advertising isn’t lost on apps like AdBlock.
Transparent Data Analytics Platform
Most importantly, the blockchain bus is continuously fed with data from all stakeholders, and this is reliable and authentic data as in the decentralised system, manipulation of data would require altering it on 50% of the nodes, which is nearly impossible. This makes the case for data analysis which can yield more targeted and efficient results.