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"Chain, chain, chain … chain of fools" it is not just a brilliant song by Aretha Franklin (RIP), some say it also describes the advertising of Blockchain; something that can have a lot of potential, but in its current form, it's more like building "Castles in the sand" (a gem of Jimi Hendrix … today I'm on fire!)
Well, to those opponents, I say: "Oh you of little faith, get ready for the revolution …"
It is not yet known whether the creator of Blockchain is a single person or a group of people; all we know is that they pass by the pseudonym Satoshi Nakamoto – now that he's a villain of the comic book waiting to happen.
Blockchain can be described as a decentralized, distributed and open public ledger, consisting of a sequence of "blocks" that are "chained" by means of a cryptographic hash.
Confused? Let me simplify a little bit.
Consider it as a crowdsourcing program, where anyone can upload information, but everyone checks things to make sure the information is correct. Sounds familiar? This is because I have just described Wikipedia. The technology of Wikipedia and Blockchain has a lot in common.
Wikipedia is an online encyclopedia, which although centralized on a single website, depends on the collaborative work of contributors known as wikipedians, to keep the website up-to-date. This ability to add information and view previous changes is something that Blockchain shares with Wikipedia. Wikipedia has surrendered the role traditionally given to scholars of a given subject to the public. Likewise, Bitcoin has surrendered the role of the intermediary traditionally given to banks and financial institutions to the public through Blockchain.
One of the failures of Bitcoin is that it does not exist in physical form, which means that there is no "refund" after a purchase. If you want to return a product and get your money back, it would be treated as a new transaction, which means there would be deductions. However, unlike virtual money, for example a credit card, there are no additional costs. Pay the exact amount due to the other party; their & # 39; account & # 39; is a set of randomly generated characters, unique to each transaction. You have something like a PIN, the number you use to confirm the sale, and voila, it's done!
One of the failures of Bitcoin is that it does not exist in physical form, which means that there is no "refund" after a purchase. If you want to return a product and get your money back, it would be treated as a new transaction, which means there would be deductions. However, unlike virtual money, for example a credit card, there are no additional costs.
These chains, where bitcoins exchange hands, are what we call Blockchain. It is a rather ingenious invention; originally designed to buy and sell Bitcoin and other crypto-currencies, it has led to the evolution of a new type of internet, in which digital information could be distributed but not copied.
Blockchain is particularly suited to any industry that is full of intermediaries, so it's no surprise that digital advertising may be the first platform to capture the benefits of Blockchain.
With the increase in online advertising and the huge amount of money flowing through multiple payment platforms and processes, there are often more intermediaries and inevitable delays and, in the process, they leave out little publishers and new channels. Two recent initiatives have consolidated the relevance of Blockchain. The first was in 2017, when Mindshare collaborated with Zilliqa (a Blockchain-based payment processing and a decentralized application platform) to help reduce false news and tackle privacy issues in advertising. The second initiative was at the start of this year, when Kodak announced the launch of the KodakOne platform, which uses a digital ledger to protect photographers' property rights. This announcement has more than tripled the price of Kodak shares.
Furthermore, the first users (beta testers) started experimenting with Blochchain and the results seem promising. There have been proof-of-concept implementations and reports have required a reduction in fraud, cost and time reporting, as well as improved reporting accuracy in the advertising supply chain. As more and more companies are choosing the Blockchain advertising route, traditional agencies will have to find ways to reduce costs and prices if they want to stay in the game. Examples of early adopters include:
Two recent initiatives have consolidated the relevance of Blockchain. The first was in 2017, when Mindshare collaborated with Zilliqa (a Blockchain-based payment processing and a decentralized application platform) to help reduce false news and tackle privacy issues in advertising. The second initiative was at the start of this year, when Kodak announced the launch of the KodakOne platform, which uses a digital ledger to protect photographers' property rights.
AdChain: A protocol open to the public Ethereum Blockchain that helps people create decentralized digital advertising applications.
Adex: A decentralized advertising network based on Blockchain and smart contract technology.
Basic attention token: A token that can be exchanged between publishers, advertisers and users on Ethereum Blockchain.
Bitclave: A decentralized search engine powered by Blockchain that compensates users rather than advertisers.
Indahash: An influencer technology platform that launched a crypto-currency in 2017 with which brands can pay influencers.
KR8OS: A Blockchain-based analysis and attribution platform.
LeadCoin: A Blockchain network that allows companies to sell unused leads to others.
MadHive: A decentralized Blockchain-based advertising network and a platform for data exchange and collaboration.
Mavin: A micro-influencer network that should launch its own Blockchain currency in the coming weeks.
MetaX: A company that creates Blockchain-based protocols and decentralized applications for advertisers and digital publishers.
Papyrus: A decentralized online advertising ecosystem that uses Blockchain and aims to improve the programmatic advertising industry.
provenance: Use Blockchain to help manufacturers, suppliers and retailers monitor and monitor supply chains.
State: A decentralized mobile operating system with integrated chat and wallet functionality.
Truth: An advertising agency based on Blockchain technology that promises advertisers full transparency.
Jeremy Epstein, former VP Marketing, Sprinklr, a social experience platform, firmly believes that Blockchain will usher in a new era for advertising. During the recent Martech conventions in San Jose, he spoke at length about all the great things that will happen, thanks to Blockchain. From his point of view, in the end everything will be tokenised, including the attention of the consumer, encouraging them to visit the pages of the ads to earn more tokens. Whether or not this happens, what is certain is that Blockchain is here to stay and things are about to change.
Nyda Ahmad is a freelance writer. [email protected]
