When you are running a video ad on YouTube, how can you be sure that a bot won’t click on it and spend your budget? When you are promoting a blog post in Taboola, how do you know it won’t show up on a fake website? When you getting subscribers via a Facebook Lead Ad, and they unsubscribe the next day, were you targeting the wrong audience?
Blockchain is the technology behind bitcoin. In a nutshell, a block represents a piece of information that is hashed and validated and becomes part of a blockchain. The blockchain is stored in a decentralized manner, using a peer-to-peer network infrastructure… yes, like Napster.
This mechanism brings all the peers (computers connected to the network) to a high level of accountability: you can’t modify a block without changing the entire blockchain, and for that, you need the help of all the peers in the network.
Why blockchain technology has the power to change the ad tech industry? You don’t need Google or Facebook to target users. They will be able to willingly and openly share any personal information they want, and it will be validated by the rest of peers. Because blockchain can be used to move money as well, you don’t need financial institutions as a middle-men to collect payments.
If you sell drones, you can target drone enthusiasts in the network, with enough crypto money set aside for an expensive hobby, looking to buy a drone within your price range.
Removing Google or Facebook as media channels, and financial institutions as money managers sound like a utopian imagination. One thing is clear: there is a clear need for blockchain technology in the digital advertising world.