Here’s how Bitcoin technology can change digital advertising
Governments around the world using blockchain technology, which drives cryptocurrencies like Bitcoin, not only the advertising industry, but the business world as a whole will embrace a major shift.
Cryptocurrencies threaten to fundamentally change economies, although traditional fiat currencies and banks aren’t going away anytime soon.
More and more companies in all industries are taking advantage of cryptocurrencies and their blockchain technology. For example, electric vehicle maker Tesla has put Bitcoin on its books and also accepts crypto as a method of payment. There are many platforms where cryptocurrency trading is accepted as a standard mode of transaction.
However, as cryptos present certain levels of uncertainty when it comes to government regulations, many companies have reservations about digital currency and are only focusing on its blockchain technology.
One of the main sectors that will be affected by technology is advertising and marketing, which has already undergone many changes over the past decade, thanks to the digital revolution.
Global digital advertising spending could reach a total of $ 427.26 billion by 2022, according to a Forbes report. However, the world of digital advertising is not free from fraud and insufficient transparency.
According to a Forbes ReportWhile most experts associate digital marketing with things like artificial intelligence and analytics, blockchain technology may be the most disruptive innovation that can change the advertising landscape perhaps even irreversibly.
Blockchain, at its core, is a technology that allows transactions between two parties without the need for third-party verification. But the underlying technology could be huge for marketing, the Forbes report said.
Here are some advantages of blockchain technology:
Power for viewers
An example of the benefit of blockchain technology is the Brave browser. Rather than just being inundated with online ads, Brave users can choose which ads they want to see and receive Basic Attention Tokens for them.
Have you ever wondered if the package of organic food you buy after seeing an ad is actually organic? With the power of blockchain, companies are able to verify exactly where an item was made or grown by how many workers and whether they were paid for the work there or not.
Technology is also saving businesses billions on ad spend. Advertisers won’t need to spend more on digital ad verification. On the other hand, it could also lead to the bankruptcy of tons of companies that engage in ad verification.