Home Blockchain What's Coming: Blockchain And Advertising

What's Coming: Blockchain And Advertising

6 min read
0
359

<div _ngcontent-c20 innerhtml="

Shutterstock

"Blockchain marketing" is the buzzword for 2018. So much so that the Interactive Advertising Bureau (IAB) released their "Blockchain for Video Advertising" whitepaper detailing how this new technology will revolutionize the digital advertising supply chain and have ripple effects throughout the marketing industry.

What is blockchain?

According to the whitepaper, blockchain provides a way for two parties to make a secure transaction on a decentralized network. It is an immutable, distributed and transparent ledger that cannot be altered in any way. This means that once the data is stored on the blockchain’s distributed peer-to-peer network, its authenticity cannot be brought into question and its value can be verified at any point throughout the network.

Special permission is required to write new entries into a blockchain database while the ledger itself remains publicly visible. Once you enter data into the blockchain, it becomes fully encrypted and the system distributes it to the network where it can never change. Not only can blockchain technology create absolute transparency amongst digital advertising services, but it can increase efficiency, reduce costs and eliminate fraud.

Where can blockchain help advertising?

Speed

According to an article on The Motley Fool, the most advanced applications on the blockchain can currently process in excess of 7,000 transactions per second. But that number still pales in comparison to figures recently put out by Visa, showing its capacity to conduct more than 24,000 transactions per second. Advertisers are hopeful that speed on the blockchain will continue to increase to where digital ad transactions may soon be processed in real time, much like they are for cryptocurrencies. As it stands today, however, blockchain is too slow to process real-time aspects of the digital ad environment.

” readability=”38.852284803401″>

Shutterstock

“Blockchain marketing” is the buzzword for 2018. So much so that the Interactive Advertising Bureau (IAB) released their “Blockchain for Video Advertising” whitepaper detailing how this new technology will revolutionize the digital advertising supply chain and have ripple effects throughout the marketing industry.

What is blockchain?

According to the whitepaper, blockchain provides a way for two parties to make a secure transaction on a decentralized network. It is an immutable, distributed and transparent ledger that cannot be altered in any way. This means that once the data is stored on the blockchain’s distributed peer-to-peer network, its authenticity cannot be brought into question and its value can be verified at any point throughout the network.

Special permission is required to write new entries into a blockchain database while the ledger itself remains publicly visible. Once you enter data into the blockchain, it becomes fully encrypted and the system distributes it to the network where it can never change. Not only can blockchain technology create absolute transparency amongst digital advertising services, but it can increase efficiency, reduce costs and eliminate fraud.

Where can blockchain help advertising?

Speed

According to an article on The Motley Fool, the most advanced applications on the blockchain can currently process in excess of 7,000 transactions per second. But that number still pales in comparison to figures recently put out by Visa, showing its capacity to conduct more than 24,000 transactions per second. Advertisers are hopeful that speed on the blockchain will continue to increase to where digital ad transactions may soon be processed in real time, much like they are for cryptocurrencies. As it stands today, however, blockchain is too slow to process real-time aspects of the digital ad environment.

Let’s block ads! (Why?)


Source link