It might still be early days for digital currency, but marketers are increasingly piggybacking on the rise of tender like bitcoin and applying those concepts to digital advertising. In a nutshell, they’re seeking a more transparent and efficient way of running online marketplaces.
Tech companies, publishers and media buyers have begun experimenting with marketplaces built on blockchain—a digital ledger that records transactions using encryption for security and accountability. And although it’s still uncertain whether blockchain is a game changer or a pipe dream, some say the system has the potential to create the kind of transparency that advertising desperately needs by cutting off bot traffic and protecting brands from unsavory content…
For the past six months, Purch and a dozen other publishers and advertisers have been testing a new blockchain-enabled advertising marketplace using technology created by Nasdaq, which is expected to launch in the fourth quarter of this year. A separate company, New York Interactive Advertising Exchange (NYIAX), will allow media buyers to purchase and sell future advertising inventory. Richard Bush, NYIAX’s chief product and technology officer, said the advertising industry, in some ways, missed a part of the automation revolution that Wall Street got right.
Read the full article by Marty Swant on AdWeek.