Blockchain is not just for cryptocurrency. The technology can be used to transform the marketing industry by increasing the speed and confirming the details of digital advertising transactions. It’s also an innovative way to draw customers or information from multiple channels, like kry.care , using creative designs with robust, back-end interfaces.
Currently, advertisers process digital ads at lightning speeds with hundreds of thousands to millions sold per second. The blockchain speed isn’t there yet, but new applications are in development that may rival those used in current digital ad sales.
A blockchain is a network that has no central control. Once stored, information or entries into the database are permanent on a peer-to-peer network. Some block chains, like Ethereum, can create agreements between many parties. In most cases, every exchange, interaction, and contract on the blockchain is publicly visible. It’s a method to securely exchange value.
In marketing, this system would stamp out fraud. The current processes can cause disagreements between online marketing platforms, publishers, and advertisers who are at odds over the exact number of impressions an ad may have received. An advertising platform built on top of blockchain technology ensures transparency. The technology records each impression, making it visible to every stakeholder, and traceable to its source.
Ethereum is also working to create more transparent smart contracts. A smart contract is a computer code that generates an agreement between parties. The deal is set up by triggers, such as expiration dates. In the future, blockchains may automatically update statistics about impressions or begin payments at the end of an advertising campaign.
The security and transparency of blockchain may eventually allow for lower cost online advertising options by ending the need for current advertising platforms. A decentralized blockchain mechanism can create a system of advertisers and end users interested in valuable trades based upon preference, and triggered by information stored in the database.
Blockchain has multi-faceted uses in media. Publiq, an online content platform, uses the technology to pay writers when they finish an assignment instantly. AdToken is a cryptocurrency used by an adChain listing that whitelists reputable publishers for brands that are trying to make informed buying decisions. Comcast, Disney, and other companies target ad buys from content producers by using information stored on a blockchain platform to make decisions. Soon, brands will be able to exchange future advertising inventory utilizing the technology.
Convenience, accuracy, and functionality give blockchain technologies a leg up on traditional multimedia designs. Unfortunately, many projects are still in the developmental phases. Blockchain has yet to be embraced beyond the use of currency. However, the increasing popularity of the technology ensures that companies will continue to develop new applications.