Despite widespread public interest in blockchain applications and a significant rise in the number of blockchain startups, the technology has yet to make a dramatic impact on the advertising industry.
US stock exchange Nasdaq has won a patent in which it describes a blockchain platform for sharing time-sensitive information.
Nasdaq has looked to blockchain technology in the past. In March of last year, it announced a partnership with blockchain-based trading platform NYIAX to create a single platform that allows publishers and advertisers to buy, sell, and trade future advertising inventory.
Apps, search engines and social media networks have a constant presence in most people’s everyday lives. Years ago, these sites and apps seemed harmless and helpful—they were strategically designed to appear this way to the average person. But as the amount of data they’ve been gathering on users has been brought to light, public opinion has shifted. Unfriendly terms such as “data monopoly” and “threat to democracy” are currently setting the tone of discussion around companies like Google and Facebook.
Miratech Group, a global IT services and consulting organization, will be hosting the second session of their annual networking event M-Force, taking place in New York on September 26-27. The theme of the conference is Value Innovation. Now in its fifth year, M-Force18 NY brings together attendees from over 10 countries. The conference connects global enterprise innovation with startup innovation, enabling attendees to accelerate the adoption of new technologies.
Big names, including Unilever and AB InBev, are dabbling with the distributed ledger technology. But the year has been in some ways quieter than many might have expected. When blockchain — and cryptocurrencies like bitcoin and ethereum that are powered by the distributed ledger technology — reached a feverish peak of hype in second half 2017, marketers couldn’t help but get caught up in the excitement. The buzz is understandable, but has not always translated into concrete solutions this year, with marketers in many ways being slow to glom onto the trend.
Blockchain technology cannot be ignored, whether the public loves it or hates it. Even having a discussion at Cannes about it is enough to incite a screaming match among the truly passionate. However, many consumers wonder of all of the hype has the potential to support various industries, bringing them the transparency and protection from fraud that every business needs.
Are blockchain companies ready for the spotlight? And what work needs to be done before marketers or publishers can begin buying and selling media on blockchain-based platforms?
NYIAX, for instance, built a blockchain media exchange where publishers can trade inventory futures, but it uses Rebel AI to verify ad transactions and is in discussions with other blockchain technology companies for media-buying solutions like viewability measurement and payment processing, said CEO Carolina Abenante.
The biggest asset an organization can work with is trust. Trust in a brand and its messaging, aka marketing, is what makes marketing successful and credible.
The blockchain performance and scalability become relevant when it comes to getting real time insights into an ad campaign. This gives an edge to platforms like NYIAX and Papyrus, or MadHive, when it comes to video advertising.
Digital advertising has a serious problem: fraud. Widespread fraudulent practices are inflating measures of the traffic that digital ads attract, leading some advertisers to pay higher rates than they should. Can blockchain fix it? A handful of blockchain startups believe so. They argue that a shared digital ledger to authenticate and safeguard advertising data, a transparent exchange for trading digital ads, and a special ad-focused browser that pays its users in tokens could each help fix that multibillion-dollar problem.
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