State of the Digital Advertising Industry & Blockchain
Lydian™: Digital Advertising & Blockchain
Digital advertising has been plagued with fraud due to lack of transparency for the past several years. Too often these practices lead advertisers to pay higher rates than they should, costing billions of dollars in loss of revenue. Simply put, there is no information available to the brand marketers as to what they are buying, how much they are paying and what the efficiency is on the viewed ads. It is no wonder that brands such as: Anheuser-Busch, AT&T, Kellogg's, and Bayer AG are among those that are starting to explore ways to track whether their ads are being viewed by the real people vs. bot traffic. Furthermore, the push is strong to figure out what portion of the ad spending is being siphoned off by the middlemen.
It is no doubt that the industry is in a dire need for a transparent mechanism to connect with the brand-customer with their engaged audience. The ad fraud and viewability part of the overall transparency issues.
Through blockchain, a campaign information can be stored in "blocks" along with its price, and viewability. Indeed, the digital advertising is one of several sectors where we see the most rapid adoption of this technology. Advertising lacks the transparency of quality data and efficient processes. Blockchain offers the transparency of the data and process. It is an encrypted, decentralized database of distributed and interlinked nodes, such that it is particularly suited for integration with digital marketing. Blockchain brings forth the ways in which to solve issues of data privacy, security and content monetization.
Data Privacy is even more essential to consider in light of the GDPR and recent data failure lapses across large social networking platforms. Blockchain provides a secure and decentralized platform, that advertisers can use to maintain an open and complete ledger of the data transactions involving the consumer.
Stay tuned as our team brings cutting-edge innovation to the industry that is now pegged to do over $120 billion by 2021.