Blockchain In Media
It feels like blockchain is getting into every aspect of life media and advertisement is also not left behind.
What is blockchain?
It is the underlying technology of many cryptocurrencies like Bitcoin, Ethereum etc. it is a kind of Excel sheet on which the whole decentralized network works. It contains a large amount of information that can be transmitted but without compromising the security. The information contained in it cannot be altered not even for a single person.
What is it not?
Many people confuse Blockchain with Bitcoin as it the first currency that was built on the technology. the blockchain technology used for bitcoin is different, actually other uses of blockchain was developed much later. Using Bitcoin Blockchain one can do transactions anonymously but for other uses, it does not have to be anonymous. Actually, it should not be anonymous as participants need to tell from where the data came so that they can trust the source.
It is used in media
The writers and creators can distribute their content on the blockchain and can get paid immediately.
- Advanced TV
Blockchain technology can be used to buy and broadcast ads without getting it pooled at one place. The marketers will be able to use the data from the content producers and find the target buyers for the ads without receiving the actual data itself.
A chain registry is being set up on blockchain in collaboration with DMA and consenSys which are using a cryptocurrency “adToken” to incentivizes people to understand whether the publisher should be whitelisted or not. This will help the brands to decide and spend money on them.
- Ad buying
An interactive advertising exchange is going to be set up in New York here brands, publishers and agencies can buy and sell future ad inventory. The initiative is to support digital ad buy.
There are some barriers that media and advertising are facing to use blockchain as it is not yet widely used. As blockchain uses multiple nodes so it needs the participation of more number of people. In spite of having some technical barriers, blockchain has proved itself to be useful, robust and adaptable for various high impact use cases. Companies need to make appealing applications so that it can make a real impact. This has already started to happen it lets you trust the transaction without having trust on the counterparty. To know more click Ethereum Code.