As we all know, new technologies are constantly being created and old ones being updated in order to sustain the ever-growing business demand for the most cutting-edge tools. Recently, the blockchain technology has become very prevalent in various industries, including the advertising business. We strongly believe that blockchains are already changing the global business structure, and that these changes will facilitate growth for the digital market, and specifically for the advertising world.
So what is a blockchain? At its core, a blockchain is a large knowledge database. It’s basically a continuously growing list of records. As soon as a record is noted down in the chain, it becomes permanent and will continue to exist, unaltered, for as long as the chain exists. Furthermore, the blockchain is distributed to all the chain members and each user has access to the full copy of the chain.
The blockchain network does not have a centralized control point, or a single point of cancelation, as do other chains. That means that if one or several users are disconnected from the chain, the chain still continues to grow and the data is not lost.
This ability to keep complete records about all transactions in the chain, and to make these records available to all the chain members is what makes a blockchain so attractive and effective for complex problem solving.
Since the advertising industry has always been ahead of the curve, the blockchain technology is already being widely used in the digital advertising space. A non-profit research organization called iAB Tech Lab has recently assembled a team of experts in order to study the ways to use blockchains in order to develop standards for making advertising more effective and valuable.
Here at OrbitSoft, we have selected several of our own interesting projects to work on, based on blockchain technology.
- AdChain is an open protocol on Ethereum’s public blockchain. Its stated goal is to allow for building of decentralized applications, specifically for use in the digital advertising ecosystem.
- Adex is a decentralized ad exchange that utilizes Ethereum to address problems like fraud, privacy, and consent in the digital advertising space.
- The Basic Attention Token (BAT) utilizes the Ethereum blockchain to create a token that can be used to obtain a variety of advertising and attention-based services on a purpose-built platform.
Using the blockchain technology, we are hoping to make progress toward resolving issues such as fraud, discrepancies with billing, financial transaction risks, and verifying the validity of advertising resources.
Currently, the blockchain technology is going through an unprecedented growth spur, mostly due to the popularity of cryptocurrency. In order to stay up-to-date and to be able to offer our clients the latest and greatest technological possibilities, we are planning to incorporate cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) into our own products going forward. Stay tuned for more exciting updates!