Blockchain in digital advertising
Blockchain is poised to revolutionize digital advertising in ways that bring a transparency to the industry that's been sorely lacking for quite some time. Previously, the method of purchasing advertising in New Zealand -- like much of the world -- consisted of an agreement between the client and the agency regarding the type of media to be used. With the advent of digital solutions, programmatic advertising and ad tech that paved the way for a range of measurement metrics and ad servers, the pathway between a client and their advertising has become murky.
Blockchain Improves Trust
The very makeup of blockchain builds transparency and trust because it's made up of a huge database that's constantly being updated. Once a transaction has been validated, its details are instantly recorded across all the network databases. Another layer of protection lies in the fact that blockchain's inherent design that doesn't allow its data to be altered after it's been validated and committed to the network. Blockchain provides clients with an accuracy and transparency that work together to reduce the possibility of manipulation.
Increase Productivity by Using Blockchain
Just as the internet broke down communication barriers and brought people from across the globe closer, blockchain could be a transformative element in the NZ advertising industry. Not only will it help advertisers project transparency and build trust, it can boost efficiency in some basic ways. For example, streamlining contracts and improving invoice processing while reducing the costs of transactions add up to an increase in production.
IBM: A Leader in Blockchain Technology
IBM's iX, the company's digital agency arm that focuses on providing personalised experience via a number of services such as wearable, scalable digital, mobile and analytics platforms, leads the way in building blockchain solutions that will solve many of the issues that digital media experiences. Partnering with Unilever, IBM Blockchain utilized smart contracts that are able to validate figures instantly. This allows any discrepancies to be addressed right away instead of them taking weeks or even months to be worked through. By testing their historical data, IBM has confirmed that blockchain technology is able to provide a unified and reconciled view of media buys.
Not only will blockchain technology reduce the amount of fraud experience within the NZ advertising industry, it will usher in an improved set of measurement standards. Blockchain is the key to the advertising industry of the future.