While blockchain is best known for Bitcoin and other cryptocurrencies, there are many other uses that are possible with blockchain. To simplify what blockchain is, it can be thought of as a large database that operates on a decentralized network. It essentially makes the data stored on the blockchain transparent and readily available to the public. Large amounts of data can be added onto without any issues with security. Once data is stored on a blockchain it cannot be changed or destroyed by any entity or person.
How does blockchain apply to digital advertising?
There some widespread problems that digital advertisers are familiar with. Some of these problems include ad fraud such as bot traffic. This eats away at advertising budgets and compromises the integrity of campaign data. There is also a huge lack of transparency with data and a lot of issues concerning brand safety.
The use of blockchain in digital advertising can help to tackle these issues with its open source appeal, and transparency. Also the fact that data can’t be altered has high appeal.
One such company tackling this issue through the use of blockchain is adChain. What adChain offers is the adChain Registry. This registry is a smart contract on the Ethereum blockchain, which essentially whitelists legitimate publishers with real human audiences. 1
Blockchain is still a very new and developing technology. There are still issues around it especially concerning scalability. Although the technology is still in its infancy, there is a lot of interest around blockchain and many companies are investing millions of dollars towards the development of applications based on blockchain technology. Within the next 5 – 10 years we may witness some serious disruptions to digital advertising as a result of innovative blockchain applications.