With governments around the world making use of blockchain technology, which drives cryptocurrencies like Bitcoin, not just the advertising industry but the world of business as a whole is going to embrace a major change.
Cryptocurrencies are threatening to change the economies fundamentally, even as fiat currencies and traditional banks won’t disappear anytime soon.
More and more companies across industries are taking the advantage of cryptocurrencies and their blockchain technology. For example, electric vehicle manufacturer Tesla has put Bitcoin in its books and also accepts the crypto as a mode of payment. There are many platforms where the exchange of cryptocurrencies is accepted as the standard mode of transaction.
However, since cryptos come with certain levels of uncertainty as far as government regulations are concerned, many businesses have reservations about digital currency and are focussing solely on its blockchain technology.
One of the major sectors that will be affected by technology is advertising and marketing, which has already gone through a lot of change in the past decade, thanks to the digital revolution.
The global digital ad spending could reach a total of $427.26 billion by 2022, a Forbes report mentioned. However, the digital advertisement world is not free from fraud and insufficient transparency.
According to a Forbes report, most of the experts associate digital marketing with things like Artificial Intelligence and analytics, blockchain technology may be the most disruptive innovation that can change the advertising landscape in perhaps even irreversible ways.
Blockchain, at its core, is a technology, which enables transactions between two parties without the need for third-party verification. But the underlying technology could be huge for marketing, the Forbes report mentioned.
Here are a few advantages of blockchain technology:
Power to viewers
One example of the advantage of blockchain technology is Brave browser. Rather than simply being swamped with online advertisements, Brave users can choose the advertisements they want to see and receive Basic Attention Tokens for them.
Ever wondered, whether the organic food packet you are buying after seeing an ad is actually organic? With the power of blockchain, companies are able to verify exactly where an item was manufactured or grown by how many workers and if they got paid for the work there or not.
The technology is also saving billions on ad spends for companies. The advertisers won’t need to spend extra on verification of digital advertisements. On the flip side, it could also put tons of companies, which are into ad-verification, out of business.