What is blockchain?





Blockchain,
better known as a financial market term, is the technology behind Bitcoin that
has many other innovative uses. It is an unchangeable record of transactions
between a participant network. The ledger entries are governed by certain
specific rules that are validated





by the network. The system can be public like
it is for bitcoin or private.





The benefits of blockchain
in media and advertising





Advertisers and businesses are having problems
with ad agencies and other players over a lack of transparency in digital
advertising. Digital ad revenue is increasing year over year, and in such times
transparency is something that is very important.





Enough information is not available with the
advertiser regarding which platform they are buying and how much they are
paying for the ads viewed. For example, Duracell after finding out that much of
its money goes as hidden fees as compared to the actual amount spent on ads,
took steps and built its own advertising audit system. The new system of
Duracell relates directly to a demand-side ad platform and brand safety vendor,
only to get more informed of its advertising moves.





Thus, advertisers are looking for a better and
more transparent way to connect with their customer and audience.





As we know, the digital advertising supply
chain is complex. Blockchain
technology can offer here greater efficiency coupled with reliable and
high-quality data.





Blockchains have the power to create an
efficient medium using which completely anonymous or semi-anonymous parties can
make various kinds of transactions at a low cost. Blockchains are decentralised
peer-to-peer networks, and hence, there is no single loophole for failure and
no access point for hackers, which enhances the safety and security of the
data.





By keeping an entirely valid and unchangeable
database, which is available to all members of the blockchain, it provides a
significant trust and a transparency layer not available with media and
advertising entities. Again, while blockchain won’t be able to cure all the ad
tech problems, it can surely be beneficial when there is censorship, and both
sides of the supply chain are deprived of access to that information.





Thus, for buyer side transparency, blockchain
can be used for auditing and for seller side transparency, blockchain can be
roof-of-view against fraud.





How can blockchain be potentially used in
media and advertising?





New transactional use cases for blockchain
like buying and selling digital TV ad inventory, campaign reconciliation,
enabling the use of smart contracts, fraud prevention, whitelisting authorised
sellers of inventory, validating advertising assets, etc. are emerging with time.


The post Blockchain in Media And Advertising appeared first on Home Biz Blogs.




Full article