News

December Mini Buzz

Blockchain: Cryptocurrency or Just Plain Cryptic?
What’s the lowdown?

The cryptocurrency chatter is nothing new. We’ve all heard of Bitcoin, but its underlying technology – blockchain – has been making quite the splash within the industry lately. If you’re having a tough time understanding what blockchain is exactly, think of it as a secure digital ledger. Blockchain keeps track of transactions involving anything of value on a shared and decentralized platform that can be accessed by anyone. The industry is hoping that blockchain will help remove bad players by reconciling campaign results and facilitating supply chain payments. Additionally, blockchain could be a useful tool for data privacy allowing advertisers to validate and verify their own data without relying on third-parties.

What does this mean for you?

Blockchain will offer brands and agencies a decentralized and independent way to verify spend throughout the supply chain. Blockchain would run in tandem with existing ad delivery, data targeting and yield management functions, providing a clear understanding of where the advertisers ad dollars are going. Simply put, blockchain has the power to provide marketers with something they’ve been asking for: transparency.

Our thoughts?

While blockchain offers a potential solution to many ad tech issues, success will depend on the widespread adoption and integration across all players in the ecosystem. Currently, the number of advertising dollars transacted through blockchain is near zero and blockchain ad tech startups remain in closed beta and test phases. We’re a long way from mass adoption but once brands and agencies that control significant ad spend – and their consumers – call for transparency to safeguard their digital activity, the rest of the industry will have no choice but to transition to this new way of transacting.

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