In addition to finance, the Blockchain has been altering the marketing and advertising industry. It was in fact the most popular advertising trend for the year 2020. Advertisement by blockchain is gaining ground owing to the significant changes it brought into the industry.
How did all this start?
The introduction of blockchain into advertising started with the need to reduce the rampant monopoly which existed in the digital advertising arena. The vast amounts of data at the disposal of certain entities were creating lesser space for accountability within advertising itself. Blockchain advertising platforms then presented themselves as a solution.
With the expanse of user data involved in digital advertising, there is also a requirement for more security in the manner that this data is used. The manner in which a number of projects, companies have implemented blockchain advertising has led to significant benefits. It has also contributed to the development of a nascent blockchain advertising industry, brought forth not as a panacea, but rather aiming to address some of the lacunae in digital advertising.
There are a number of projects being undertaken in this regard like say a blockchain advertising platform, which is contributing to the overall development in this arena. This article looks at some of the significant contributions in this regard.
What are the benefits of blockchain usecase in advertising?
Firstly, commencing with the understanding of what the blockchain advertising industry brings to the table would grant a better outlook into why adopting it has been beneficial.
- A major concern in digital advertising is the fact that fraudulent advertisement, incorrect information etc. is rampant. Blockchain advertising provides better solutions targeted at remedying this.
- Not only will it help users, but advertisers will also be able to use the capital at their disposal to make the ads more targeted to specific audiences, the expanse of which can only be further sharpened with the help of a tool like blockchain.
- One of the largest reasons why the blockchain advertising industry has seen growth is its potential for offering higher levels of data security than digital advertising did earlier.
- Some of the largest corporations like Amazon, IBM, Infosys, Microsoft are employing methods of advertising by blockchain.
What are some significant projects in the blockchain advertising industry?
There is a gamut of projects being undertaken within the blockchain advertising industry. Each of them covers different facets of the matter and contributes uniquely to the entire framework. Their primary area of focus may differ, as may their outlook. Some of them are nascent but trailblazers in their respective fields.
Overall, the blockchain advertising industry is growing in a manner that would either lead to an immense contribution to space and its users. Or it would provide some very impressive models to replicate or steer clear of- alternately.
A few of the projects came out of the mounting privacy concerns which surround digital advertising. Questions were being raised as to the privacy, safety as well as more ethical usage of the data. As a response to this, a number of initiatives commenced. One of them being ‘Lucidity’.
Lucidity was largely aimed at creating an arena of better transparency within the blockchain advertising industry. It ensures companies direct their media and advertising budgets in a better manner, and have some popular clients like Toyota, Saatchi & Saatchi, etc.
Some projects, like the Parami protocol, for instance, are extremely user targeting based. They provide a large sphere of decentralized identity and create private domains for themselves. It works toward establishing better control over the users’ data and information. It provides a good account of the user engagement as well and coalesces data obtained from the web at large. Overall, the Parami protocol has been lauded for maintaining credible sources in the marketing arena. It focuses highly on privacy, data verification as well. Its applications are vast and are being contemplated across dimensions within advertising itself.
Another project called AdEx network is one of the popular blockchain advertising platform options out there. They have taken advertising by blockchain to another level by working on remedying advertising frauds, making better and more ethical use of the data at the disposal of advertising. What makes them unique is that they are open to verification at every stage of the process. This makes them more dependable than traditional advertising options.
An interesting project called the NYIAX provides users with a marketplace where they can deal in advertising contracts. The trading aspect of this makes the marketplace more transparent and gets rid of third-party interference as well.
Conclusively, the application of advertising by blockchain is a dimension that has only now begun to be explored. A large number of its dimensions are still being contemplated. These projects provide good insight into the various possibilities which exist. The overall ecosystem continues to grow with the addition of each project.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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