The old saying goes: ‘Making prophecies is always difficult,’ especially about the future. However, the giveaway is that there will be a lot more debates on blockchain over the coming years. People have numerous views, on the effect that blockchain would craft in the advertising and marketing industry as the patent applications of this embryonic technology seem almost boundless. So instead of contemplating too hard and long into the gem balls, now it is a great time to take stock and stay attentive on some more genuine expansions and what they mean for the industry.
With an in-depth evaluation with some of the prominent industry stakeholders, about ‘How media currencies might look in five years,’ it was deliberated of how blockchain might work and how it would modify the way of businesses.
Firstly, what is blockchain?
In a crux, blockchain is a new way to hoard information. It is a digital record of all trades related to products or services. The transactions are chronicled and shared among a protected, dispersed network of stakeholders. Certain traits make blockchain technology predominantly smart to the advertising industry. It is undeniable blocks of transactions that are uninterruptedly time-stamped and certified by the network and once added, no single party can amend it. It is said that every party in the network can see the entirety, creating a translucent, single version of the truth. It is secured and encoded so that only those who settle can access the network.
At the early implementation stage, many have been quick to hedge on the blockchain trend, subsequent in some quite far-fetched applications which the industry may never embrace. However, some thought-provoking opportunities were discussed which would be oppressed sooner than later.
Two comprehensive tenders which immediately springs to mind:
1) The adaptable of agreements for buying and selling ad inventory
2) Enlarged consumer control over the context they are wide-open too. Could blockchain replace ad blocking?
Amending the transaction of ad inventory –
Talking about the existing issues around the murky supply chain in digital, it would seem that blockchain etiquettes are preferably placed to help greater transparency and liability. The stronger governance that blockchain offers would no doubt go a long way to imprint the deceitful activities such as kickbacks and arbitrage since the re-selling of the catalog would need to be approved by the entire network. So the augmented transparency would help concession of deals as well as normalize the agreed contracts. Everyone in the chain would know what they have agreed to and what is distributed. In addition to this, digital ads are implemented in fractions of a second, but blockchain is much more sluggish so it is challenging to see real-time authentication any time soon.
Could blockchain replace ad blocking?
In the coming years, consumers could be given more resistor over the type of drives and content they want to expose. Consumers could pick which blockchain networks they want to be a part of and later what content and ads they obtain. This would place more supremacy in the hands of the advertisers who can generate deeper relationships with their customers. An added benefit to this could be a noteworthy decrease of ad blocking from certain platforms wherein the consumer can choose which advertising they want to receive.
So while blockchain promises much of transformation, the building blocks of media dimensions will remain subject to their own development.