Thought leaders from both the Blockchain and advertising scenes came together in New York City last week at the ad:tech conference to discuss the opportunities of this disruptive technology and how it could impact the industry, focussing on the inherent qualities of Blockchain technology: transparency, trust, automation, identity management, data portability – and explored how those qualities could be implemented to ultimately drive innovation and efficiency within the advertising industry.
David Bailey moderated the panel titled “Driving ROI through Transparency, Trust and Collaboration: Enter the Blockchain,” bringing with him a wealth of knowledge as the CEO of the Blockchain media conglomerate BTC Media. He was joined by Konstantin Richter, advisor to Gem (the leader in Blockchain healthcare solutions) and Wiredrive (SaaS for advertisers); Jim Wilson, President of Premion OTT (part of TEGNA media); as well as Steven Nerayoff, Blockchain expert and Senior Advisor of Ethereum. Also on the panel was Adam Helfgott, Co-founder and CEO of Madhive, one of the first companies to build their advertising and data platform on top of a Blockchain.
Bailey compared a Blockchain to the original double-entry accounting system that first appeared in the 1500s and revolutionized trade. The 21st-century difference is that a Blockchain is a distributed digital ledger, where all participants can see the data and all transactions entered into the common log. Essentially, a Blockchain is a distributed ledger built for the digital world.
Nerayoff emphasized how use of Blockchain technology streamlines transactions of any kind.
“The nice thing is the transactions between two parties all go through this protocol, which is the real beauty of the Blockchain. Anything you want automated, to cut out a third party, can be done through the Blockchain protocol,” says Nerayoff.
This technology could also assist the management of data by introducing an absolute integrity to information held within the ledger. In its current state, many aspects of the ad-tech industry are reliant on ‘trust’ between walled gardens of data, which is a state of belief rather than reliable proof.
“When you ultimately look at the chain from the consumer all the way to the brand advertiser,” added Richter, “there are a lot of systems interconnected across walled gardens and it is very difficult to reconcile that what you have is actual factual data, you just have to trust it.”
Madhive’s front-end product services the streaming video industry, where there is so much disruption while broadcast moves to digital. Said CEO Helfgott: “It’s an open playing field with more opportunities to build better systems around data targeting.
“The data from first, second and third parties are brought together for targeting and companies want to move it and act on it, across platforms and devices using the rules they already have in place. Using smart contracts governed by a private Blockchain, you can actually track everything that is going through the supply chain much more effectively and transparently.
Helfgott explained that in a private Blockchain setting “data partners and advertisers can lock and unlock data, making it transparent, but only to certain people.”
Richter pointed out that with the millions of dollars spent targeting each person per year the Blockchain would be a powerful tool for users to manage their own identities with certainty: “Decentralized ledgers allow the collection and management of data and identities, which could give people with the ability to own and manage their identities over different channels; this could be very powerful.”
Premion President Jim Wilson recalled a conversation he had that very morning in which the disparate data stores meant a company could not retrieve its own first-party advertising data.
“I was on a business call with a fast-food chain brand who wanted to find out specific data from all the platforms they are advertising on, but the platforms are all siloed in these walled gardens which cuts out interoperability. This is a challenge for us, but something we are intent on solving,” said Wilson.
Despite the problems these opaque data sets create for companies, all the panelists agree that the advertising industry as it stands is intentionally built on the monopolization of data.
“There is an inherent fraudulent nature in the process right now,” said Richter. “It’s a business model built around taking cuts of money so there’s no interest in transparency, but the Blockchain could be very disruptive to this model.”
Wilson believes the increased democratization of data will help companies individually, and the industry as a whole.
“At the end of the day the opportunity to distribute data out to your partners is so they can build a better service. With the companies I advise, I highly recommend the safe distribution or sale of data, not just to add value to the industry but to add value back to your company,” said Wilson.
While most of the panelists agreed that high-level commercial implementation of the Blockchain might is still in its infant stages, Bailey was able to draw on his early experience with Bitcoin to describe a possible future for the technology.
Helfgott explained that one of the things his company Madhive is working on is innovation around the payment systems using the ledger.
“At the moment payments and chargebacks can take from 30 to 90 days, but with a decentralized protocol this could be solved almost immediately,” he said. However, he is realistic that this “would require infrastructure changes within these organizations so this is an application that could be applied in the future.”
BTC Media CEO Bailey brought the discussion back to the enormous and potentially revolutionary power of Blockchain technology:
“The technology is such that it could vaporize entire business models. When someone figures that out, you see partnerships with startups that are leading innovation. It took three years before commercial institutions started taking bitcoin seriously, but nine months after the first major financial institution made a partnership, 300 other institutions had followed suit.”
ad:tech is the original industry authority for marketing and media technology, where marketing, technology and media communities assemble to share new ways of thinking, build strong partnerships, and define new strategies to compete in an ever-changing marketplace. Several annual events around the world deliver immersive education through keynote speakers, timely topic-driven panels and hands-on workshops as well as showcasing the latest products and solutions to help deepen understanding and create new ideas that will drive innovation. Attendees leave ad:tech inspired by what’s new and what’s next, armed with the tools and techniques they need to shift and re-imagine their own businesses. For more information, visit http://www.ad-tech.com. Follow @adtech on Twitter.
About BTC Media
Headquartered in Nashville, Tennessee, BTC Media LLC is the publisher of Distributed, Bitcoin Magazine and yBitcoin. The company is the world’s largest provider of multimedia educational and informational resources about the Blockchain and digital currency industries.
Headquartered in New York City, MadHive is a video advertising and data platform that allows brands and publishing partners to build audiences in innovative ways and target those audiences across multiple screens and platforms. MadHive’s back-end product uses Blockchain technology to safely allow brands and publishers to work together in new ways by leveraging the inherent trust and verifiability of a Blockchain network.
Wiredrive is a secure media-sharing and collaboration tool designed for creative professionals. More than 1,500 agencies, brands, production houses, and entertainment companies rely on Wiredrive to effectively collaborate with teams and privately share video. Tailored for professionals who create video, Wiredrive has faster upload and download speeds, industry-specific workflows, robust search capabilities, custom branding, insights into user activities, metadata search and enterprise-grade security.
TEGNA Inc. is comprised of a dynamic portfolio of media and digital businesses that provide content that matters and brands that deliver. TEGNA reaches more than 90 million Americans and delivers highly relevant, useful and smart content, when and how people need it, to make the best decisions possible. TEGNA Media includes 46 television stations and is the largest independent station group of major network affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide. TEGNA Digital is comprised of Cars.com, the leading online destination for automotive consumers, CareerBuilder, a global leader in human capital solutions, and other powerful brands such as G/O Digital and Cofactor.
- First Ever Real Estate Project on Blockchain Launches in Amsterdam – ICO Today - June 26, 2017
- World’s first decentralized speech recognition platform plan to raising up to $3M on ICO - June 26, 2017
- A2B Direct to Launch a Blockchain Platform and Hold an ICO - June 24, 2017
- The ‘under the radar’ ICO, Populous. A platform tackling the Multi-Trillion Dollar international billings industry. - June 23, 2017
- Blockchain Startup TrueFlip Reinvents Business with 600 Year Long History of Fails - June 23, 2017
- EXMO exchange lists WAVES Blockchain Project - June 23, 2017
- Blockchain Startup DECENT Launch Date Announced - June 23, 2017
- Adex, A Decentralized Ad Network, Taps WINGS Platform For Community Engagement, Token Sale Value Discovery And Social Promotion - June 23, 2017
- Comcast’s Advanced Advertising Group And Participants Announce Blockchain-based Technology Platform - June 22, 2017
- Online Platform for Gamers to Release a Cryptocurrency for In-game Skins Trading; Launches an ICO - June 22, 2017
- Colu Launches Digital “Local Pound, East London” Currency to Empower Local Economies - June 21, 2017
- bitJob.io is Building a Student Employment Program on the Ethereum Blockchain – Launching ICO - June 21, 2017
- Blockchain Project Waves launches landmark USD gateway - June 21, 2017
- Status.im Raises $270m in Three Hours – Shattering Token Raise Record - June 21, 2017
- World’s First Mobile Data Exchange DENT Seeks to Disrupt Telco Market with Blockchain - June 20, 2017
- Financial Inclusion Company Everex Takes Home RemTECH Award For Ethereum Apps - June 18, 2017
- SONM Raises $42 Million in Token Raise - June 18, 2017
- WISeKey partners with the Blockchain Interface company RIDDLE&CODE to develop innovative solutions for securing IoT via Blockchain technology and crypto-hardware - June 17, 2017
- Bancor Announces $153 Million Raise, Largest Token Generation Event in History - June 17, 2017
- CORION Announces Final Coin Sale Details to Build its Revolutionary Platform & Stable-Rate Currency - June 17, 2017
- Enhancing the value of history with ZenDao – ICO announcement - June 16, 2017
- FunFair Announces Token Creation Event on June 22 for World’s Fastest Blockchain Casino Platform - June 15, 2017
- Blockchain Technology Venture Nimiq Announces Token Sale - June 14, 2017
- Outlier Ventures Makes Multi-Million Dollar Investment in Distributed IoT Marketplace ‘IOTA’ Through Major Token Purchase - June 14, 2017
- Bancor Token Allocation Event Smashes Record – Raises over $150 Million - June 13, 2017
- Consensys Introduces Omega One - June 12, 2017
- MetaX and DMA Join Forces to Launch adChain: a Blockchain Solution to Digital Advertising Fraud - June 12, 2017
- Aeternity Raises $24 million Over Phase Two of Token Sale - June 12, 2017
- HyperChain Capital announces Collaboration and Investment in CoinDash - June 12, 2017
- Community-Driven Cryptocurrency Credits Announces First Public Release - June 12, 2017
- Bancor Protocol Foundation Announces New Partners Before Upcoming Token Allocation Event - June 12, 2017
- Investors from Russia are launching a venture fund formed on blockchain - June 12, 2017
- Bancor Adds Heavyweight Advisory Team to their Foundation – Token Allocation Event Kicks off Today - June 12, 2017
- Bancor Protocol Foundation Adds Author and Euro Designer Bernard Lietaer as Chief Monetary Architect - June 10, 2017
- Russian Billionaire Announces Business Incubator on Waves Platform - June 9, 2017
- Bancor Launches Crowdfunding Valuation And Promotion Via Wings Dao On Ethereum - June 9, 2017
- Coinsilium invests in Indorse.io Decentralised Professional Network - June 8, 2017
- Cofound.it Breaks Pre-Sale Record, Selling Out With Priority Pass Before Public Token Sale - June 7, 2017
- Cofound.it Token Pre-Sale Reaches $5 Million Threshold Within Three Hours, Announces First Three Projects - June 5, 2017
- Blockchain Startup DECENT Testnet #2 Launched! - June 4, 2017
- Blockchain Challenge Dubai Announces Winners- Awarded $45,000 - June 4, 2017
- Waves Ceo Sasha Ivanov: Blockchain Will Lead To Rapid Progress Not Only In State Administration, But Also In Business - June 4, 2017
- Exscudo ICO Successfully Concluded – $5M Dollars Raised - June 1, 2017
- Aventus launches Ethereum-based Event Ticketing Solution - June 1, 2017
- Brave Token Sale Blasts Records With $35 Million in 30 Seconds - June 1, 2017
- Japanese Blockchain Startup releases VALU – Social Media Value That Can Be Traded - May 31, 2017
- MetaX and ConsenSys Announce adToken Sale June 26, 2017 - May 31, 2017
- Blockchain Indy Production Start Up to make a TV Series about the Bitcoin Revolution. Fans invest to help tell the story! - May 31, 2017
- Chat Platform Kik to Integrate Kin Token as First Mainstream Adoption of Cryptocurrency - May 31, 2017
- VPN Blockchain Startup Mysterium Network Raises 68,629 ETH ($14,358,975 USD) in under 45 minutes - May 30, 2017