Blockchain technology is gradually diversifying its importance in various sectors like healthcare, education, automotive, advertising, and many more. The limit of Blockchain was misinterpreted and being considered up to the financial sector after the hype of Blockchain-based cryptocurrency in 2017. As the unique features of Blockchain like decentralization and distributed ledgers were being noticed by other sectors, they started exploring it for their relevant sector. One of the sectors that we are going to understand in this article is Advertising and get into details of Blockchain advertising use cases. The advertising industry is facing accusations of data breach, congested networks, and many more. Blockchain is an emerging technology having the potential to provide solutions to the Advertising industry and revamping it.
Benefits Of Blockchain In Advertising Industry
As per the research report of Juniper, losses incurred by the advertising industry were $42 billion in 2019 and will increase to $100 billion by 2023. But as per the positivists of the industry, Blockchain can prove as the solution to reduce the losses. Blockchain can benefit the industry in the following ways:
Blockchain can develop the trust factor by assuring accountability and transparency in the digital advertising ecosystem.
With the help of Blockchain, Ad technology vendors can show comprehensive actionable opinions on the distribution and transaction of ads.
Advertisers could receive the rights of high-quality data with the reduced chances of alternation due to the distributed ledger approach.
Transaction costs can be reduced heavily as the transaction will be facilitated on a peer-to-peer network.
Ad platforms based on Blockchain can assure the secured transaction along with maintaining the privacy of users.
It can provide transparency by removing the middleman and tracking the media supply chain.
Blockchain Applications In Advertising Industry
Blockchain technology is emerging as a transparent, automated, and decentralized platform amid the ongoing tussle in the advertising industry related to trust and privacy-related issues. Blockchain industry applications in Advertising can be stated as below:
Elimination of intermediary while ad buying and selling: Blockchain technology can aid in solving issues related to transparency and trust in the ad tech industry by making the blockchain-powered online advertising platform free of intermediaries.
Prevention of fraud by making the ad supply chain transparent: Integration of tools with the help of Blockchain can help in finding and flagging sites with the discrepancy of clicks and bot infiltration that would turn the ad budget to the appropriate sites with genuine clicks.
Targeting the right audience: Blockchain can help ad tech platforms in automating campaigns based on the rules specified by the platform. Advertisers can judiciously use the budget to target the appropriate audience for their product or service.
Data Management: As per the digital era, data is the new oil that can be managed efficiently by Blockchain for the proper strategy of marketing and advertising.
Customized Ad Delivery: Blockchain adoption by industry can give the control to advertisers to maintain the frequency of ads as per campaign objectives and simultaneously reduce the multiple ads on the digital platforms.
Social media ads: Distributed systems of Blockchain can help in limiting the social media ad frauds and fake news also.
Data safety and privacy: In the digital advertising industry, data safety and privacy issues are prominent ones. With the help of the unique features of Blockchain, advertisers can assure the safety of data.
Ad Verification: The decentralization model is one of the features of Blockchain which is making it popular among the stakeholders of industries. In the advertising sector, Blockchain can help in reducing the role of intermediaries for the verification of ads, saving the time of advertisers.
Ad automation: The process of Ad auctioning can be made easier and transparent with the help of Blockchain.
Content management: Monetization, personalization, discovery, and creation of content can be made the hassle-free process for the companies using Blockchain.
Blockchain Projects In Advertising Industry
The advertising market has a number of Blockchain ad platforms. Tech giants like IBM, Amazon web services, Accenture, Microsoft Corporation, Infosys Ltd, and many more are investing in Blockchain technology. Companies like Kellog, Unilever, McDonald's, Nestle, and Virgin Media have started deploying Blockchain to increase the efficiency and transparency for online advertising. To reduce forgery in digital advertising campaigns, automobile giant Toyota utilizes Blockchain marketing. Let us know about the Blockchain advertising use cases or the Blockchain projects:
AdNode: Project which provides the platform for the automation in the buying and reconciliation process in digital advertising. AdNode integrates the existing ad measurement vendors of advertisers, generates invoices automatically along with enabling marketers for seamless reallocation of budgets.
Amino Payments: Blockchain-based Amino payments facilitate the platform to media players to track the record of spending on each vendor in the advertising industry. It also helps in exposing and eliminating the hidden costs related to buying contracts with the help of Blockchain.
Blockchain4Media: This platform provides the holistic approach for cleaning the programmatic supply chain and transparency into intricacies of each ad placement. It also helps in identifying and providing publishers with quality insights and details.
Blockgraph: This project aids blockchain-based digital advertising providers to control, connect and activate data at-scale. With the help of Blockchain, it allows each data owner to control data and connect shared identity layers without even exposing the third party data.
Fenestra: It is based on Hyperledger fabric and has the potential to record, verify, and reconcile the transactions in a trusted environment and also accompany Blockchain advertising companies with supply path optimization tools.
Many other projects like Kiip, Lucidity, MadHive, RebelAI, Ternio, and many more are trying to revamp the advertising industry with the help of Blockchain technology.
Blockchain in the media and advertising industry cannot stop the scandals related to digital advertising, ad frauds, bot traffics and many more in one go but the technology has the potential to renovate the digital advertising ecosystem. Blockchain advertising use cases can truly create hassle-free transactions, transparent supply chain networks, secured data ledger, and high-level privacy of the details of users. Thus, the adoption of Blockchain in the advertising industry will surely upgrade the industry while adding business to this rooster.