With the introduction of EU's General Data Protection Regulation (GDPR), which came into effect recently, the digital advertising industry will be undergoing a huge transformation. The GDPR requires advertisers and publishers to be fully transparent about their data collection and mining practices. But publishers often don't even have access to or control all the details of the information their website collects. Accountability and traceability are some of the challenges faced by the digital marketing and advertising industry, which is valued at over $250 billion dollars in 2018, as per Statista report.
NYIAX (New York Interactive Advertising Exchange), the world’s first advertising contract exchange, is using NASDAQ’s blockchain technology to combine a financial matching engine and trading concepts with advertising technology. This makes the exchange a transparent marketplace for buying, selling, and re-trading of future premium advertising inventory as guaranteed contracts.
Similarly, The MetaX platform powered by AdChain offers end-to-end transparency for all data in the supply chain of digital advertising. The MetaX platform provides buyers with a scalable and trustworthy solution for tracking and verifying all advertising impressions. While AdChain, uses its own native token to establish a trusted ad space where users benefit from campaign auditing and cryptographically secure impression tracking. Basically, it means that companies can make sure they get the advertising they pay for.
Even BigTechs are banking on blockchain technology to offer digital advertising solutions. For example, IBM iX has partnered with software firm Mediaocean to launch a blockchain-powered tracker for digital media transactions. While, Ubex is focussed on mitigating frauds in advertising by applying blockchain technology and pay-per-action model to track down different actions starting from a website user registration, leaving contact information and even purchasing products.
Looking at its potential, Blockchain Technology can do wonders for the advertising industry. It can be the tech that will enable to create a better future for digital advertising. With so many features to offer, it may be prudent for many industries including the advertisement industry to adopt it and reap its benefits.
Credits : Akhil Handa,Manish Kulkarni