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Can Blockchain Revolutionize Digital Advertising?
FREMONT, CA: Blockchain is most famous as the core of technology on which cryptocurrency is based. The implementation of cryptocurrencies, namely bitcoin, paved the way for a decentralized transaction system that not only ensured transparency but security and reliability as well. It eradicated the need for third parties to facilitate transactions, enabling the creation and storage of permanent records on an extensive network of node computers.
Since its advent, blockchain has been implemented across a wide range of sectors, including defense, healthcare, security, supply chain, logistics, and finance, among others. The success of bitcoin has urged many organizations to adopt blockchain technology. In the last couple of years, numerous proposals have been raised for the development of private blockchains for media and advertising, academic document verification, and identity management.
The advertising industry has witnessed a rapid rise over the last few years. Based on the study conducted by Forrester, the marketing budgets for advertisers in the United States are predicted to reach an aggregate of $120 billion by 2021. The growth is evident all across the world, which is a clear indication of the steady increase in investment in the marketing sector. Online platforms such as Google, Facebook, Amazon, and YouTube have made online advertising more flexible and effective. However, the advertisement sector is not without flaws.
Blockchain technology has not advanced enough to resolve all the problems of the digital advertising sector, but it can ensure significant improvements. Online advertising is one of the most robust forms of communication to connect with the audience. It enables brands to construct self-styled images and sell products and services effectively. However, there is nothing to stop fraudsters from creating sham advertisements.
The implementation of blockchain in media can enable the advertisers to connect directly with the consumers without the need for third-party services. As a result, they can secure their data from fraudulent bots, click ranches, and other types of extortions. Blockchain integration can also increase transparency, ensuring that the consumer has viewed the promotion before making payments.
Hence, the sophisticated architecture of blockchain advertising offers higher efficiency, security, and reliability. The decentralized peer-to-peer nature of the network eliminates malicious attacks or data manipulation, which will aid in alleviating the fraudulent practices in the digital marketing sector.