Blockchain technology will change digital advertising
Blockchain technology is a digital decentralised ledger that records and safely stores transactions – think of a really secure database. Originally it was created to support Bitcoin where all transactions are recorded however, it has since found a new path in the digital advertising world. Essentially it is this technology that underpins cryptocurrencies which can be applied to ad transactions, thus allowing large amounts of data to be transmitted securely.
In fact, providing it becomes globally successful in the future, it will change the way marketers buy media online. This is because it makes purchases cheaper and much more transparent, all the while offering more security. Equally, this will also allow for a production of better quality data that leads to more accurate analysis on online media. For more information on blockchain technology, the pros and cons and more information on what it is more broadly, click here.
How can blockchain technology provide accurate data?
This new system is sure to improve online advertising in various ways. For example it reduces fraudulent advertising because it allows a shared access pool of data which improves ad targeting. It also offers users the opportunity to exchange their data for content access, offering an open window into the market. AdLeger will be the first blockchain consortium to focus on ad tech launches and although this is still in the early development stages the potential for such a tool proves enticing.
However, there are also some disadvantages to blockchain technology. As it is still in its infancy stage, the speed of transactions are slow and due to the instant nature of ad bidding it means that the technology still needs further improvements. Additionally, the concept of blockchain technology has yet to be accepted. However, Comcast, the world’s largest TV broadcasting company, is expected to go live with their blockchain platform in 2018. In fact, Mindshare – a global media agency – have also partnered up with Zilliqa which are a prominent blockchain platform in the Asia-Pacific. This means that companies specialising in this field may choose to expand should this platform prove successful.
Blockchain technology is especially valuable to Brightblue because it allows for more accurate analysis of ROI. It means we can see exactly what we are spending money on and where – an issue that many marketers will agree is time wasting. This could mean hitting all the right platform targets effectively and securing successful results with accurate feedback, enabling us to have better data for modelling.
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Brightblue Consulting are a London based consultancy which help businesses drive incremental profit from their data. We provide predictive analytics that enable clients to make informed decisions based on data and industry knowledge. Through Market Mix Modelling, a strand of Econometrics, Brightblue has a proven track record showing a 30% improvement in marketing Return on Investment for clients’ spend. If you are interested to find out more please contact us through email by clicking here and one of our consultants will get back to you shortly.