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.

Blockchain and Hookers.. Who Saw That Coming?

Some of the greatest achievements of mankind owe a little something to sex. That should make the next announcement nothing new and nothing shocking. Blockchain and hookers have paired up for a match made in. . .heaven?

It’s not a huge shock, given the desire for relative anonymity that blockchain and hookers might be a comfortable pairing. The Next Web calls this the “worst named app of 2017.” SexService.Io features listings of barely clad men and women with pricing next to their name.

It does something that no other online brothel type site has ever done before. It protects the prostitute and his or her client by allowing them to hook up using blockchain technology. It is the closest thing to completely anonymous that you’re going to get. It uses no email, no user credentials of any kind and no one has any access to the data that is private, encrypted and stored on the blockchain.

It is a safer, saner and  according to the “experts” a much more secure way to get a hooker. The interactions are secure in every way and the platform uses a two step digital payment methodology to process the sexual transactions. “think of it as Coinbase for your junk.”

Proponents of prostitution say that   it is a 186 billion dollar global industry. For countries that are impoverished that’s a lot of money. Conservative estimates say that there are more than 3 million prostitutes in India alone. They are taking home about  8.4 billion dollars a year.

Prohibiting sex trades doesn’t seem to be working. Can Blockchain technology make them safer and help to clear up the issues that are rampant in the sex trade?

Every study available shows that a safer sex trade may be a better alternative than preventing the sex trades. Sex is big business and making it safer to get a hooker may be the answer to taxing the process and making a vast array of revenue for impoverished countries and areas.

While no one saw blockchain as the future of the sex trade and it’s a bit difficult not to laugh at “high tech sex” companies like SexService.io may be the wave of the future. What do you think?

What is BlockChain

Blockchain is a form of technology that had over $1 billion invested in it in 2016 alone. While this technology is far from new, it is one that grew in popularity thanks to Bitcoin. With it, a digital ledger is created that allows online records to record transactions, and ensure that all information is verified by another source to confirm accuracy. The network created by blockchain scans a number of computers within the same network. With each transaction, the size of the database grows and the number of users that access and manage the transactions increases.

Unique software is required for a blockchain to be run. When it is created, it is near instantaneous, and that means there isn’t the ability to alter transactions before they become recorded. This cuts down on the risk of fraud in most sectors which makes it appealing. It is also encoded and hashed in batches, so that the blocks of several bits of data create a chain. This allows for validation to occur at the same time, and protects the security of the system running it. Each time a transaction takes place, a unique transaction number is encrypted that show everything that took place in the transaction. Since several computers make up the different portions of the blockchain, it is nearly impossible for fraudulent activity to occur.

While Bitcoin and virtual currency is still where the bulk of blockchain is used, many companies are searching for ways to add it to their own applications beyond currency. This would help to reduce conflicts that are the results of disputes and even things like land rights, or legal items could be verified and the accuracy and lack of fraud would ensure that sensitive items such as these would constantly have more authenticity and reduce many legal woes.

However, not everyone is on board yet. Some companies are still concerned that since this technology is still in a relatively infancy, there is a need for proven transparency and someone to remain accountable for the data that is obtained. Since the process is also labor intensive, there would need to be dedicated users who solely work on the blockchain that is being handled. This would need to be people who have a basic understanding of IT and the way that it would be used for blockchains.

Another concern is the amount of resources it would take. There would need to be high end machines that handled the resource intensive nature of the software. Additionally, companies would need frequent access online to continue update and building the information. With more countries blacking out sections of the internet, this could prove to be a problem.

Blockchains are destined to become a more significant part of our industry. It is important that the technology is continued to be advanced, so more companies have a chance to benefit from it. After all, it is the technology that will help to boost security and ensure that there is something in place we can depend on. With Bitcoin showing it is already possible to succeed with this technology, there is little doubt that success will be had.