“If crypto succeeds, it’s not because it empowers better people. It’s because it empowers the better institutions”
(Founder, Ethereum)
A few months ago, my brand launched a new product. This time, my team and I decided that we would not choose the traditional route of working with an ad network for advertising. We wanted something more secure and transparent to run our ad campaign. So, we finalized the blockchain-powered approach.
We used the ethereum price blockchain to create transparent and immutable records of ad impressions, clicks, and payments. The outcomes were extraordinary and even better than what we had anticipated. Not only security and transparency, but it also helped us enhance customer experience and build more trust.
Nowadays, more businesses are shifting to this approach. According to Verified Market Research, the market size of blockchain in the media, entertainment, and advertising sectors will reach around $40 billion by 2031.
I’ll share all about its impact, benefits, and challenges we faced during this campaign. So stick to the end to learn about a better and more efficient way of digital advertising.
Before this, I have tried out various other methods of digital advertising and I can confidently say that this approach is much more fruitful compared to the traditional ones, due to the various additional perks it provides. Three major benefits that I feel are worth highlighting are –
We could keep track of every ad impression, click, or conversion through the blockchain records. It saved us from any false metrics and data manipulation by providing an immutable record.
Thanks to the verified ad inventory feature, it helped us ensure that our ads were being displayed on legitimate websites and apps, and we did not have to worry about unnecessary spending of the budget.
Fun fact
While some blockchains, like Bitcoin, consume significant energy, newer technologies like Ethereum’s proof-of-stake consensus mechanism offer more energy-efficient solutions.
Blockchains require you to ask for consent for data usage and every activity is recorded in it. This feature provided us with more transparency and accountability. It kept our minds at peace, knowing that our data was safe and all the regulations were being complied with.
Some features especially caught my eye due to the role they were playing in ensuring the effectiveness of the process.
I’ll be honest with you, this method of advertising provided us with numerous benefits, but that wasn’t all. There were some challenges as well that we faced during this, including-
After our first successful ad campaign through blockchain, I can confidently say that it has significant potential for transforming the advertising industry. It offers solutions to some of the most pressing challenges like fraud, transparency, data privacy, and inefficiency.
If we talk about some statistics, in 2023, the blockchain in the media, advertising, and entertainment market was valued at $1.1 billion, it is expected to grow at a CAGR of 80% and reach $40 billion by 2031.
Looking at the current landscape, it is safe to say that blockchain offers a promising future where advertisers, publishers, and consumers can benefit from more trustworthy, efficient, and user-friendly models of advertising.
As I mentioned before in this write-up, we yielded better results than we had initially expected. Yes, we had to face certain challenges but in the end, I believe that the transparency, trust, and effectiveness it provided was worth it.
At first, I was a little skeptical about trying this new technology. But now, after seeing all the results, I can confidently say that we are never going back to our traditional methods of digital advertising.
It can be said that, with blockchain systems, the digital advertising industry is in safe hands. By offering decentralization and new monetization models, blockchain can create a more ethical and efficient advertising system in the future.
