Blockchain technology, which initially emerged to disrupt the fintech sector, has now brought the storm in the world by reconstructing how businesses, organizations, governments, and individuals communicate with each other. The technology comes with the potential to remove expensive intermediaries by providing a single source of truth.
Blockchain is poised to validate any transaction, building trust and simplifying the movement of assets, information, and money globally. With its capability to provide security, accountability and transparency, the technology is also ready to transform the way digital advertising works nowadays. Marketers and publishers have been experimenting with blockchain to combat fraud and trust issues in the digital marketing industry.
It was announced on September 2017 by the Interactive Advertising Bureau (IAB) that a working group would commence discovering ways to leverage blockchain to enhance efficiency in digital advertising.
Blockchain would allow consumers to gain control over their buying data and personal information. From purchases to marketing value, delivery, measurements, and advertising efforts, everything can be impacted by blockchain-based solutions in the field of digital marketing.
Though it may lead to expensive consumer data, it will result in better ROI for marketers and advertisers. Let's understand the disruption of blockchain in digital advertising in more detail.
Here’s how Blockchain will transform the digital advertising sector:
Increased trusted ad buys
Currently, digital marketers and advertisers understand that it is impossible to obtain accurate data. You have to wonder always if these clicks are actually real or not. Team or bots hired to increase traffic can inflate statistics to raise their rates.
Billions of dollars get lost because of bots. Therefore, it is currently expensive and complicated to get the clarity of your ad buys.
Blockchain technology can redefine it by offering transparency and security with each block created, validated, secured and recorded on the chain. Since the chain of records would present better transparency, advertisers will be able to get accurate target audience views. It could save the money they lose because of wrong and unproven data.
Similar to the cryptocurrency world, blockchain can bring transparency to the world of digital advertising. All the popular networks in the space, including Facebook, Amazon and Google have earned a huge amount of money in this field that has not been transparent enough.