The growing instances of internet fraud are creating a negative impact on the members of the online community. People are reacting strongly – they demand answers! Actions have been taken such as writing articles on fraudulent activities, posting information of fraud exposed in digital advertising on blogs and websites – but we are still waiting for answers, for solutions to how these destructive events can be prevented in the future.
Blockchain technology is making miracles, taking the world by surprise and appealing to several industries – making the organization structure more democratic, efficient, transparent and secure.
Data shows that in 2018, blockchain is implemented by banks and financial market institutions on a commercial scale. Blockchain, as we all know by now, is a decentralized ledger which operates on a peer to peer network, keeping an immutable record of every single transaction that takes place. Blockchain network solves issues, keep everything functional in a safe and secure way
Blockchain benefits the digital advertising industry in more ways than one.
1. Experience of customers
Online advertisers gather database from several sources. The process of gathering information of target group of audience is complicated and time-consuming. Marketers, with the help of blockchain technology, can create a customers profile, by obtaining all the necessary information from the customer himself. Blockchain facilities the sharing of information by individuals voluntarily in exchange for compensation. This helps companies to reach out to the people who are interested in their products and services and willingly their information. It is a win-win situation for both the parties involved – interested individuals getting paid for their time and information and companies getting easy access to the database of the interested group of individuals.
2. Database management
Digital advertising industry depends on data which acts as the lifeblood of this sector. Blockchain facilitates meaning of issues and challenges data management in the digital advertising field. This technology aims to improve the functionality of the infrastructure of digital advertising, so as to achieve better planning and targeting, along with efficient execution globally.
The US-based company HashCash, one of the largest blockchain products in service providers are designing a blockchain based application to facilitate programmers and advertisers to match data sets in a more efficient way. This application powered by blockchain aims to build and execute strategies to target audience segments across the globe. With the help of this app, programmers would improve target accuracy across screens and the quantity and value of monetized inventory could be enhanced. It would result in creating a new perspective to earn revenue for participants for data insights which they have generated for themselves. This app ensures complete privacy of the huge database which is offered by participants and which cannot be controlled without their permission.
3. Fraudulent activities in online ads
Online ad frauds have hampered the reputation of the media industry, more specifically the digital marketing sector. This industry uses automated technology making facts unclear regarding the placement of ads in the online media. This leads to wastage of money, as efficient monitoring is lacked. Blockchain offers transparent and encrypted data which facilitates enterprises to monitor how many individuals are viewing their ads and whether they can be converted into potential consumers or not.
Blockchain is helping digital advertising companies to improve their marketing strategies by accessing the accurate information contributed by potential target group of customers.