As you get bombarded by digital ads, have you ever paused to think about all those companies that benefit from collecting, buying and selling your personal data to then target ads at you? Thinking back to the “Equifax” fiasco where there is so little accountability in securing sensitive data for little people like you and me?
Then imagine a world where companies pay you to use your data to serve you only ads that interest you, and you get paid when viewing these ads? The answer is BLOCKCHAIN. Before your head starts spinning upon hearing “BLOCKCHAIN”, take a journey with me, and I promise there is no tech jargon.
BLOCKCHAIN = secure public ledger (secure public storage of information and record keeping of transactions). Security and public access seem to be at odds with each other, but it is achieved through the pairing of “lock” and “key” (for those well versed in BLOCKCHAIN technology, “lock” = private key, “key” = public key).
What I envision is a platform where little people like us can store our personal data – only the ones that we want to share, and make them available for companies to purchase and then use that info to serve us only the relevant ads. When companies pay, we give them the “key”, which then can be used to unlock the stored personal data that we want them to see. The transactions are conducted via transfers of a chosen digital currency (such as bitcoins or something else). Then combining the already available digital media tracking technology with this BLOCKCHAIN powered platform, we can record the viewing of the ads and get paid.
You might ask “if this is so revolutionary and amazing, then why aren’t companies already doing this?” Two reasons:
- BLOCKCHAIN technology is new, and companies and individuals are still crafting viable use cases, think about internet back in early 1990’s.
- Most early adopters approach BLOCKCHAIN as a piece of technology – a platform to build things on top of, but there is no marketing campaign to raise awareness and adoption. That is why among the thousands of digital currencies out there, most have only head of Bitcoins, Ethereum and maybe Litecoin. The coin closest to what I have described is BAT coin, have you heard about that before this? Exactly, because there is no marketing efforts to educate, drive awareness, and encourage adoption.
BLOCKCHAIN can revolutionize many aspects of our lives, and advertising is one of them. I would love to see it being leveraged one day to improve the whole ecosystem.
Summary: BLOCKCHAIN can help revolutionize digital ad serving. Winners – little people like you and me (we get paid and we see the ads we want to see), companies that want to advertise to us (higher ROI on their dollars and cheaper price tag on personal data), publishers who serve ads (their sites will be much less cluttered). The losers – 3rd party data broker, ad tech giants like Google, Facebook, etc.
Credit: my POV is a derivative of the article my colleague Louie Bacaj has written. Here is his original article containing a lot more great details.
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