Recently, in our podcast, we interviewed a blockchain enthusiast, James Tyler. During our discussion, we learned that James was working on a blockchain-powered advertising platform. We were inspired by his passion and in this piece, we’m going to cover why James and his team’s blockchain-based advertising platform is a game-changer.
Next-generation advertising is coming to the world of blockchain, and companies are already taking advantage of its potential. In this article, we take a look at four different projects that are disrupting a $3.8 trillion industry with the help of blockchain technology.In addition to the financial sector, blockchain is also changing the marketing and advertising industry. In fact, it was the most popular advertising trend of 2023. Blockchain advertising is gaining momentum because of the significant changes it is bringing to the industry.
How did it all start?
The introduction of Blockchain in advertising began with the need to reduce the rampant monopoly that existed in the digital advertising space. The large amounts of data available to some organisations leave less and less room for accountability in advertising itself. Blockchain-based advertising platforms then presented themselves as the solution.
As the amount of user data in digital advertising increases, so does the need for greater security in the handling of that data. The way a number of projects and companies have implemented blockchain advertising has brought significant benefits. It has also contributed to the burgeoning blockchain advertising industry, which has not emerged as a panacea, but rather to fill in some of the gaps in digital advertising.
In this regard, a number of projects are underway, such as B. a blockchain-based advertising platform that contributes to the global development in this field. This article presents some of the most important contributions in this field.
What are the benefits of using blockchain in advertising?
By first understanding what blockchain brings to the advertising industry, you can better understand why its use is beneficial.
- A big problem with digital advertising is that fraudulent ads, false information, etc. are common. Blockchain advertising offers the best solutions to eliminate this problem.
- This not only helps users, but also advertisers, who can use the capital at their disposal to better tailor ads to specific audiences, the reach of which can be further enhanced with a tool like blockchain.
- One of the main reasons for the growth of the blockchain advertising industry is that it can provide a higher level of data security than has been the case with digital advertising.
- Some of the biggest companies like Amazon, IBM, Infosys and Microsoft are using blockchain-based advertising techniques.
What are the key projects in the blockchain advertising sector?
There are a number of projects underway in the blockchain advertising industry. Each covers different aspects of a topic and makes a unique contribution to the overall system. Their main field of activity may be different, as well as their worldview. Some of them are beginners, but pioneers in their field.
Overall, the blockchain advertising industry is evolving in a way that will surely lead to great contributions for the space and its users. Or there will be very impressive models to imitate or avoid – either way.
Some of these projects have emerged from growing concerns about privacy in the context of digital advertising. Questions were raised about privacy, security and more ethical use of data. A number of initiatives have been launched in response to this situation. One of them is Radiance.
Lucidity was primarily aimed at creating an arena for greater transparency in the blockchain advertising industry. It helps companies use their media and advertising budgets more efficiently. It has popular clients such as Toyota, Saatchi & Saatchi, etc.
Some projects, such as the Parmi protocol, are very user-centric. They provide a large decentralized identity sphere and create private domains for themselves. It aims at better control of user data and information. It also provides a good report on user engagement and aggregates data from across the web. In general, the Parami protocol has been praised for maintaining reliable sources in the marketing field. It attaches great importance to confidentiality and the verification of data. The scope is broad and is considered in all dimensions of advertising itself.
Another project called AdEx network is one of the most popular options for a blockchain-based advertising platform. They have taken blockchain advertising to the next level and are working to eliminate ad fraud and use data in ads more efficiently and ethically. What makes them unique is that they are controlled at every step of the process. This makes them more reliable than traditional advertising options.
An interesting project called NYIAX offers users a trading platform where they can sign ad contracts. The commercial aspect makes the market more transparent and prevents interference from third parties.
In short, the application of blockchain advertising is something that is just beginning to be explored. Many of its dimensions are still being studied. These projects give a good impression of the different possibilities that are available. The whole ecosystem continues to grow with each new project.
. He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology.
Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.
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