Digital advertising platforms include Facebook and Google are most commonly used by advertisers and at present they hold duopoly in the market. Not only this, at times, there may be sceptical views of posed data scandals in the digital marketing scenario.
The users as well as advertisers feel that the data is not directly under their control and the cost of advertising is also high. But with the development of blockchain technology, the advertising scenario in the digital world is becoming more easy and economical. This is predicted to get more common in the coming years with newer avenues of advertising, more authenticity and ease of corporate communications.
Blockchain is a technology that involves a set of digital records called blocks linked together without the use or need of third-party verification. This is the same technology that got popular with the use of Bitcoins, as most of the cryptocurrencies (including Bitcoin) operate using Blockchain technology.
With the use of Blockchain, advertisers can easily utilize its positive attributes such as data protection and transparency, which are some of the key factors most customers are looking for in today’s internet-driven economy.
Mediaocean, an advertising software company, has already partnered with IBM to bring transparency to advertising spend using blockchain on top of their existing platform.
According to statistics from Statista, research on the blockchain is currently in progress in diverse industries including media, telecommunications, and technology.
The Statista report shows that 40% of the companies researching the use of blockchain technology are in the awareness stage while 30% are already experimenting with the technology, and 12% have already deployed and began using blockchain technology in their operations.
When comes to digital marketing, blockchain technology will make it more convenient to do keyword research with real numbers as it is more accurate and capable of accounting for all inconsistencies most marketers regularly face when creating reports.
Not only this, it also helps to get more qualified leads. This is because blockchain transactions are decentralized and allow marketers to get data straight from the consumer.
Ad frauds are also being fought successfully by companies such as AdChain using blockchain. They use AdChain Registry, which is a smart contract based on the Ethereum blockchain to ensure that all ad impressions and clicks are authentic.
Marketers who want to remain competitive should definitely look into the processes that blockchain can simplify or even monetarise.
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