- The digital advertising industry is projected to hit $427.26 billion in 2022
- Blockchain is set to change the advertisement industry with its decentralized system to usher in an era of transparency and reliability
- Firms like IBM, Microsoft, and Oracle have made the giant leap to Blockchain advertisement
Blockchain: New On The Block, Yet So Powerful
Blockchain, a relatively new piece of technology is rapidly changing the world as we know it and the advertising industry is not being left out. Statistically, the global blockchain market is projected to hit $23 billion in 2023 and a huge chunk of this estimate comes from blockchain’s foray into the advertisement industry.
Similarly, due to the affinity of blockchain technology, the digital advertisement sector is projected to hit a whopping $427.26 billion in 2022.
Here’s How Blockchain is Changing The Game One Step At A Time
Blockchain technology gained an entrance in the advertising space as a solution for data inflation and fake news circulating the internet.
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It comes on the scene as an alternative to popular platforms such as Facebook and Google ads which have already garnered a negative reputation for manipulating data for their gain. Here’s how Blockchain is revolutionizing the future of an advertisement, one step at a time.
Blockchain allows the buying and selling of ads without a third party platform. These third-party platforms are notorious for wielding power and monopoly over data and blockchain stifles this monopoly by providing a decentralized system.
Furthermore, using blockchain the right audience can be reached through automation. Reaching the right audience will generate genuine leads and subscriptions.
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With Blockchain technology in advertisement, advertisers can exercise greater control to limit the frequency of ads that a person can see, greatly reducing ad fatigue. Also, if the privacy of data is of utmost priority to you, you should consider Blockchain technology as an alternative to traditional methods.
With Blockchain technology, permission is required before you can use the personal data of customers. With Blockchain dispensing with the need for third parties to verify ads, a lot of valuable time can be saved by advertisers.
Without third parties, the cost of digital advertising becomes cheaper and can be easily affordable by advertisers unlike in the traditional methods where “middlemen” charge a premium to reach customers. Finally, Blockchain technology promotes reliability and transparency surrounding the origins of a product or the veracity of the news.
On The Flip Side
- Kris Henley, communications manager with the Centre for the Digital Economy at the University of Surrey warned that blockchain technology is too complex to go mainstream.
- Blockchain has a lot to prove in its performance,” says Peter Hiom, deputy CEO at the ASX trading exchange, citing its peer to peer nature as a reason for transactional delays
Companies at the Forefront of This Revolution
Several companies have already made the transition to blockchain-enabled advertisements like IBM Corporation, Amazon Web Services, Microsoft Corporation, Oracle Corporation, McDonald’s, Nestle, and Virgin Media to increase transparency and trust amongst users.
RadPay, a startup dedicated to pushing blockchain mainstream is at the forefront with its wide application in marketing applications. Similarly, Singapore based startups like Aqilliz and Affle are working round the clock to achieve a seamless switch to blockchain-based advertisements.
