Blockchain generally refers to cryptocurrencies (altcoins), digital ledger, and finance. It's because Blockchain allows digital currency or digital assets to transfer from one person to others in one of the safest ways, especially without the involvement of any third-party source. Nonetheless, blockchain technology has a lot more to offer than this. One such sector (industry) that Blockchain can influence is Digital Media through Blockchain advertising.
With frauds increasing rapidly in the online advertising landscape and for those concerned about having a transparent and fraud-free media sphere, Blockchain comes as a resort. Wondering how? Let's find out.
The online media sector is suffering and experiencing a slowdown in expansion because of ad frauds, bot clicks, and plenty of misinterpretations. Companies many times fail to interpret and evaluate conversion rates of ads they place and pay for in real-time because sometimes clicks on Ads are done by the bots. It leads to the wastage of a huge amount of money as Ads don't get monitored as they should have been. Here, Blockchain Advertising can prove to be a boon for digital media advertising as we know it's an encrypted and transparent technology. Hence, it can guarantee that the used Ad metrics are verifiable.
On an advertiser's end, blockchain technology can provide a trustworthy solution for tracking and verifying ad impressions. Moreover, publishers can gain the ability to control and retain the value of their content to achieve premium ad spending. Also, all the data pertaining to ad impressions will be stored on Ethereum which is popular for its immutability and transparency capabilities in the data supply chain.
Blockchain advertising can give unexpected results when it comes to bettering the cost of impression ratio. Not only this, it can even bring drastic changes in the ad process so much that publishers would directly pay their targeted clientele to see their advertisements, in return, bidding adieu to the ad-buying procedure.
Utilizing the blockchain approach can prove to be a comprehensive step as funds won't go into the hand of the intermediaries but to consumers only.
The present online advertising model requires a complete overhaul. Currently, advertisers gain information about their audience through various channels. However, with Blockchain advertising, advertisers can create a customer profile based on the data a customer is ready to share.
Ultimately, it enables them to market to customers' requirements. Also, they can spend the budget on the audience that is likely to buy their services or product.
Certainly, Blockchain can bring significant changes in the Digital Media space. Using the technology, it's possible to resolve issues pertaining to Digital Media Expression in the media landscape. Complex copyright conditions are very problematic in the entertainment industry. Here, Blockchain can secure songs, media files, cover, and workmanship in a robust, encoded, and encrypted format. Moreover, one can use "Smart Contracts" to allow automatic payment of the royalties.
Definitely, Blockchain has taken the world by storm because of its lying potentials in other sectors. Hopefully, 2018 will be seeing a wide range of blockchain applications across digital and cross-platform advertising. Also, increased CPM's and low volume can even intimidate TV and premium video and audio distributors. They may adopt Blockchain Advertising in the years ahead.