Can Blockchain Restore Our Faith in Advertising?
Advertising has faced disruption on a major scale for years. The old days of spinning text and emboldened logos flashing in our faces are alive only in the work of those who are living ten years in the past. The speed with which things have changed since the onset of the internet is shadowed only by the disparity of the audience at which the advertising must be targeted.
Audiences are harder to reach and harder still to retain.
Harvard Business Review recently showed retention rates in advertising had dropped from about 90 percent in the mid n nineties to less than 25 percent in 2017. The size of the audience has also changed, dropping dramatically in the last thirty years. The 80s saw about 2/3 of the world tuning in to the newest and most popular television show. Today that number is less than 5 percent.
Likewise we’re finding ways to get past the annoying advertising that we’ve seen bombard us online. About 90 percent of the ads online–according to the experts–are being blocked or are being scrolled past so that people simply are not seeing what we’re trying to sell.
Making our advertising more informational, more readily viewed and something that people want to see is only a part of the problem. The online world, the many different ad blockers and the way in which people now have a better understanding of how to avoid advertising means that advertisers and marketing staff are going to have to work twice as hard to be seen today by an audience which has grown consistently smaller.
Now it looks like one of the most unlikely methods/entities to come along in year may be what saves advertising and the advertisers. Blockchain is beginning to restore people’s faith in advertising. How is that possible?
It’s not a question of whether the online advertising model is broken. It’s not even up for argument. It is broken and it’s been broken and regulating content and veracity in an online world is nearly impossible with so many different channels by which to advertise. The question is how to fix it and how to make people trust it again.
Bitmedia.io has begun helping a broad array of blockchain companies to advertise and get their message out to investors. Starting about three years ago, blockchain has also been used to help advertising become more trusted by people in the industry. According to Bitmedia.Io, “The use of an open source distributed ledger (or blockchain) would enable users to confirm the trustworthiness and validity of those people participating, their backgrounds and interactions with others. Fake accounts or suspicious individuals without any background could be easily identified by publishers who could see which accounts are trusted and have numerous interactions with other members of any given blockchain.”
Blockchain is also going to transform the monetization of content as well as other online methods of advertising. Online advertising is very vulnerable to unfair manipulation. Blockchain technology can offer an open source distributed ledger, vendors can engage with publishers directly and place content that viewers can see is legitimate. It can be seen to be from a trustworthy source rather than being unverified and artifice that was designed to see as opposed to being real testimonials or customer provided content.
For the industry to begin to trust online advertising it must embrace blockchain and allow it to work for them.