Good advertising does not circulate information; it penetrates the mind of the public with belief and desires. Advertising is persuasion and persuasion is an art. However, this creative strategy of marketing needs to undergo a revolution through the blockchain technology. Blockchain, the technology which made the world’s largest cryptocurrency, Bitcoin, is now transforming every sector from education to health and is all set to bring about a metamorphic change in the world of advertising. The technology entered into the mainstream through the crypto world but is now rapidly spreading its wings in other sectors as well. And when the question is about advertising, blockchain technology can bring about a rigorous transformation with the help of social media and smartphones.
In the past decade, the big tech giants like facebook, Big Data, and Google have dominated the advertising world. Studies reveal that Google has domination on the paid search adverting market while for display advertising, Facebook is the leading option. Statistics show that nearly 70% of the market of digital advertising is owned by these two internet giants.
Pros and Cons of Digital Advertising:
Although it seems that digital advertising is advantageous as compared to broadcast advertising and traditional printing method, it has certain loopholes as well. The main disadvantage of digital advertising is that it is less transparent and as such has drawn several negative feedbacks. Besides, there is also a concern regarding the engagement of actual customers rather than computer bots, because there is a chance that it is the bots who are viewing the ads instead of the target audience. As such it is perilous for the business owners and advertising agencies to emancipate whether their ad is genuinely reaching the audience or not.
Can Blockchain Technology Change the Digital Advertising Scenario?
Well, the answer is positive and in actual the blockchain technology has the potential to drive a change which will be beneficial for the advertisers as well as the customers. This is so because blockchain technology will aid in protecting the consumer data with a better security facility. Thus it will keep a check on the demographic information from being sold out in the market without any authorization. This can further aid the customers in owning and selling the information directly to the authentic organizations.
Advantages of Blockchain Technology in Advertising Industry:
In the advertising world, ad buyers are often perplexed with the amount of guesswork that they require before mounting any campaign. The Blockchain technology can eliminate this tedious task. Due to its transparency, blockchain technology can detect the computer bot clicks and numerous other threats which disrupt the course of an ad campaign. This will enable the advertisers that their advertisement is reaching out to the target audience and will also protect the ethnicity of the campaign. This is cost-effective as well for a longer duration. Transparency and trust are the two vital pillars of digital advertisement, and blockchain aptly fits in the paradigm.
The advertising market is already getting its benefits from the blockchain technology. For example, The Marketing Group firm has already launched the first ever blockchain-empowered advertising agency to infiltrate the advertising methods filled with spam which is prevalent in the market.
Other advertisers are also looking forward to promoting blockchain and bring about a radical change in the advertising market. One of the famous companies has of late announced the creation of a secure personal vault, which will enable the consumers to see whom their data is shared with and what the advertisements they can view are. Besides, the vault will securely store customer information and will enable customers to sell the information to their selected advertisers.
The main motive of blockchain-enabled advertising is that this will give more power to the consumers. They are the ones who will control the advertisements which they view and will provide the advertisers with proper feedback in order to produce leads of a higher quality. Moreover, blockchain technology will also make the ad-blocking software obsolete in future.