A blockchain is a public, distributed, anonymised ledger of transactions that is supremely trackable and traceable. It is the technology that underpins digital currencies like Bitcoin – but, in theory, those “transactions” don’t have to be monetary.
Over the last year, businesses of all kinds have explored the potential it offers to record every action and modification in a distributed ledger. Chad Andrews knows.
“We did a joint venture with Maersk,” says the global solutions leader, advertising and blockchain, at IBM. “Just by digitizing the global shipping supply chain process, the World Trade Organization said that is deployed at scale, we’ll have a 5% overall impact on world GDP, which is about three and a half trillion dollars.” For advertising buyers and sellers, who, over the last couple of years, have been plagued by the creeping realisation that much of their money is siphoned off by intermediary platforms without full disclosure, that could be mana from heaven.
Blockchain could shine a spotlight on every fraction of a cent that might be taken by links in the chain. “If you look at the media buying supply chain, it’s just wrought, particularly with digital inefficiencies,” Andrews adds.
“We all know somewhere between 50 and 60+ cents can disappear between the advertiser and the publisher, and 75% of ads are viewed for less than a second. With blockchain, IBM, and several other smaller companies also now offering blockchain-for-advertising solutions, aim to find out. Read more from beet.tv…
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