The digital revolution is killing the advertising industry. We are living in a time where many companies are skipping the traditional route of advertising. We are seeing a more direct ad promotion by companies to their followers on social networks, than paying a third party media buyers to endorse their products.
All is not lost for ad agencies, however. With every problem comes a solution. The digital revolution problem coupled with cynical consumers and a media industry monopolized by a handful of ad agencies can be resuscitated back to life by a blockchain-powered marketplace.
Blockchain, for people who are unfamiliar with the term, is a decentralized, encrypted system that has a verification and consent system that allows companies, agencies, and third parties to trade data and information. A blockchain-enabled marketplace empowers companies because of its complete transparency and accountability for all parties involved.
Businesses are in total control of their data as only they have the key to grant access to agencies or other third parties. Data or information then becomes intentional wherein data keyholders essentially have the power to terminate or revoke access at any given point.
With blockchain technology at the forefront of reviving the advertising industry, businesses can prioritize consumer interest. In a digital world governed by mobile devices, consumers, young and old, look for authenticity and transparency. Implementing a blockchain-enabled marketplace, companies can and will be able to provide a more humane approach to the advertising industry.
- Product Authenticity – In a blockchain-enabled platform, consumers are able to view a product’s history, from the source of the raw materials to the production line to the process of purchasing a product and its delivery.
- Product Transparency – Consumers are able to see as much information as they want in a blockchain-operated marketplace. Information such as where their coffee beans have been harvested or are employees treated humanely where their favorite sneakers are made.
Rather than going through the traditional top-down process of advertising, companies that are a part of a blockchain-enabled platform can succeed in a more democratic system that values them, their consumers, and advertising agencies. Having the ability to be more authentic and transparent greatly benefits small businesses and established enterprises as they are consenting their consumers access to their purchases.