Before now, not so much has been said of the role of blockchain in the advertising industry especially in the area of implementation and mainstream adoption. Blockchain technology is a powerful tool that promises to reshape the orthodox way of doing things starting from traditional finance.
Today there is hardly any industry that hasnt felt the disruptive native of blockchain, the advertising industry hasnt escaped this disruptive impact either. Digital marketing has changed a lot in the past decade, but that needed change hasnt been fully achieved as the industry is about to go through another revolution, thanks in large part to the blockchain.
With the aid of blockchain technology, transactions between two parties can be carried out without the need for third-party verification. The payment network and the ad metrics within an advertising structure can be greatly improved using blockchain transparently and efficiently.
Ultimately, blockchain decouples the presence of third-party within the advertising network. The technology is changing digital marketing by removing companies abilities to pull data from customers without also offering to reimburse them for its value. The idea is that it gives the value of data back to consumers.
How Big The Industry Can Become
The advertising industry is growing at a breakneck speed and as the industry surges, blockchain will unarguably play a crucial role in its long-term growth. According to data from Google Trend, the ad industry is expected to climb to $427.26 billion by 2022. Unfortunately, a large chunk of this amount is lost to fraud.
Relying on information obtained from Juniper Research, it is estimated that digital ad fraud will cost advertisers $44 billion globally in 2022, more than twice the $19 billion estimated for 2018. This is largely due to the lack of transparency that has clouded the advertising industry. This presents a strong use case for blockchain in the area of combating digital ad fraud.
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