Agencies Are Jumping On The Blockchain Bandwagon
As the ultimate marketing intermediaries agencies are always looking for ways to insert themselves into the latest AdTech/MarTech trends to add value for their clients and perhaps make a little extra green for themselves. With that mindset is it any wonder that blockchains are becoming the shiniest new toy agencies are currently chasing?
To understand this trend you might want a crash course in Blockchain 101. Blockchains are electronic ledgers designed to match buyers’ and sellers’ records to verify paperless transactions. The most common use case for blockchains is tracking cryptocurrency transactions – without transferring hard currency from seller to buyer blockchains are used to confirm the ownership change. The facilitator of a blockchain platform effectively becomes a clearinghouse who charges a small fee for transactions they handle. Becoming one of those blockchain clearinghouses for digital media is exactly what many agencies are attempting to do.
The primary goal of blockchaining in digital media is to reduce ad fraud. If someone can develop a ledger of impressions bought by clients/agencies and match them to impressions delivered by publishers they’ll have created a gigantic digital proof of performance system. This would be the ultimate level of transparency in digital media, which the industry badly needs. The only catch with this idea is that to date nobody has invented one these platforms at the scale needed to real time track billions of impressions being served. That’s exactly why agencies are racing to be the first one to crack the blockchain code.