When we talk of Blockchain, it generally translates to cryptocurrencies, finance, and digital ledger. Obviously, that makes sense because Blockchain is the technology that drives Bitcoins and enables digital coins or digital assets to move from one person to other in the safest way possible and also without an involvement of any third party. However, Blockchain has a lot more potential than this, and one such sector that will have promising results is Blockchain Advertising.
How can Blockchain Advertising bring change?
With online ad frauds increasing at alarming rates and for those compelled with a vision of transparent and fraud-free media landscape, Blockchain will come as a resort. Let’s find out how.
1. Digital Ad fraud shrinkage:
The Digital Media industry is suffering immensely because of ad frauds, bot clicks and a dozen of misinterpretations. Companies most of the times are unable to evaluate if the Ads they place and are paying for are converting in real time because sometimes click on Ads are created by the bots. This actually leads to a vast amount of money being wasted as Ads could not be monitored as should have been. Blockchain Advertising will prove to be a solution as the entire Blockchain is encrypted and transparent and hence guarantee that the Ad Metrics are verifiable.
For the advertisers to get an actual return on investment, Los Angeles based startup, MetaX is the first of its kind to utilize Blockchain against Ad frauds. On the advertiser’s end, it provides a trustworthy solution for tracking and verifying all ad impressions. Also, they offer publishers the control and ability to retain the full value of their content to attract premium ad spent.
MetaX with its subsidiary, AdChain uses native token for identifying fraud and blacklist them in real time. Plus all the ad impression data is stored on Ethereum making it immutable and ensures transparency in the Data supply chain.
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2. Eliminates Middleman:
Blockchain can perform better when it comes to improving the cost of impression ratio. It can even change the ad process entirely so much that the companies would directly pay their target clientele to view their advertisements, in turn, bidding farewell to the ad buying process altogether. Utilizing a Blockchain approach is a beautiful concept altogether as funds will not be placed in the hand of the intermediaries, but consumers themselves.
3. Targeted Advertising:
The present advertising model is highly unsustainable and requires a major overhaul. The concept of targeted advertising along with decentralized engine will very likely turn out to be an effective tool for both consumers and small and large companies alike. In the past, the Advertisers used to gain information about their customers from various disperse sources. But with Blockchain, advertisers will have the capability to build a customer profile from the data customer is willing to share in a single scoop. This actually allows to market to customer needs and spend advertising budget only on customers who are most likely to buy your product and thus save a million bucks in ad spend each year.
4. The conception of Digital Media Rights:
Blockchain can offer to laud changes in the Digital Media space. It will actually resolve issues pertaining to Digital Rights Expression in the media industry. Confused copyright conditions are very troublesome in the media and entertainment segment. Blockchain comes as a rescue as no single entity in a network can ask for ownership rights. Blockchain can secure media files, songs, cover and workmanship in a highly encoded and encrypted format. In fact, it offers “Smart contract” to enable automatic payment of the royalties.
5. Data Privacy and security:
With people becoming more vigilant to Data privacy nowadays, Blockchain will find its need. Advertisers can find the need to inculcate Blockchain in the targeted advertising model. With the use of Blockchain, each interaction would be traced to an address rather than a name. Blockchain can bring a level of transparency into the data and information sector which at present is not accessible to Digital Media users. You can decide which information to pass on and whom it is being sold to. This will certainly build a revenue model for Digital Media users who would be directly compensated for the information they are sharing.
Fortunately, Blockchain has taken the world by surprise because of its immense potential in other market segments too. 2018 will be the year that will mark a wide range of Blockchain applications across digital and cross-screen advertising. Also, high CPM’s and low volume can even cause TV and premium video to switch to Blockchain Advertising in the coming years.
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