Blockchain Technology, a Solution to Today’s Industry Challenges
Earlier this year I shared my thoughts on Blockchain and its impact on the Global Economy and discussed the potential for utilising the technology to establish an era of trust, accountability and transparency in the advertising ecosystem.
Six months on, the realities of blockchain technology are coming to the fore with the likes of IBM working alongside other large businesses such as Airbus, Amex, Deutsche Bank, Accenture etc) to build a version of Blockchain technology fit for enterprise called Hyperledger.
For Blis, Blockchain technology is now a viable solution for solving industry challenges and one that we are developing with IBM’s Blockchain team to bring data provenance, compliance and transparency to location data.
Hyperledger Blockchain Technology
The way in which Blockchain technology works is important as today we and pretty much the rest of the industry operate ledgers that are not transparent and can be changed.
Through our work with IBM, all incoming data transactions will be recorded and verified. Verified transactions will be made by other members which can be either Agencies, Publisher or Data Providers.
Once a verified transaction is validated, it can’t be amended or manipulated.
The Benefits of Blockchain
Transparency has been at the forefront of discussions in the media for the digital, and especially programmatic industry at the moment and Blockchain technology is designed to provide transparency and accountability to whatever technology it is applied to.
Blockchain technology will empower advertisers and data providers by giving them access to a transparent blockchain that is immutable and verified for the buying and selling of data.
Advertisers will now have the ability to see the originating source of all location data used across their campaigns, whether within our platform or through their own in-house DSPs.
Publishers, who act as the original data providers, will benefit by having access to a blockchain powered record of the activation and usage against the data they provide for both tracking and reporting purposes.