What is the Future of Blockchain and Advertising?
As the amateur investor's likelihood of becoming a multimillionaire has continued to fall with the downturn of cryptocurrencies, the underlying technology, blockchain, has been gaining massive traction.
Blockchain has slowly been investigated as a core technology for the future of banking, communication, internet privacy, everything – but could it be the future of how ads are delivered to you? Maybe.
Experts at CES 2019 got together in a roundtable discussion to talk about how blockchain might play a role in the future of digital advertising for both advertisers and the end user. This article takes a closer look at that discussion.
There are two key problems that arise in the media and digital advertising world that could be solved through blockchain tech: clarity on delivery and billing verification.
Anyone outside of the digital advertising space likely just fell asleep, but anyone involved in the industry might recognize the problem. When a company spends a dollar on digital advertising, it’s surprisingly hard to determine exactly how that dollar was spent. It’s also murky to determine who owes what and whether they are actually owed that amount.
Digital advertising powerhouses like Facebook and Google have positioned themselves as a siloed solution to advertising with little insight into the behind of scenes. Blockchain could effectively verify that what an agency claims to have happened actually did and also give insight into how that happened.
Ultimately, the way that you as a user are able to enjoy Facebook, social media, or many free platforms on the web in the modern age is because you are the currency.
The profit comes from this ad delivery to you going from the advertiser’s pocket to the content producer. This isn’t an inherently bad thing, but there can be inefficiencies in this functionality of the modern internet.
In essence, every internet users time and data is the currency that lets the modern internet economy turn. Blockchain can bring clarity on all sides as a neutral third party verification tool to serve on the user and the buyer side. Take for example the new internet browser, Brave.
This browser gives you “tokens” for viewing content and allows you to allocate tokens to your favored creators. It’s been applauded as the way that internet browsing is headed, and it’s effectively implemented the blockchain into web browsing.
Participation on the internet has been monetized and verified through the use of the blockchain within Brave.
This fairly new technology is indicative of where the industry is headed, more transparency, more choice, more control. All this new control is riding on the back of the digital advertising economy streamline user and advertiser control.
Blockchain brings a wealth of digital verification that underscores a lot of concerns of users and advertisers on the digital front. Each party wants transparity and the ability to verify that their data is being usely as they please and that their ads are being delivered as they want them to be, respective to each party.
Blockchain technology will soon play a driving role in web growth.
Sophy Wong, a multi-disciplinary designer specializing in wearable technology and digital fabrication for creative expression, spills the tea on becoming a wearable fashion designer.