In my previous article, I had given a introduction on how blockchain can help the Digital Advertising industry (https://whatclicks.in/blockchain-in-digital-advertising/).
This is mostly highlighting how blockchain may help give end users control over their data.
Let us start with some numbers.
- In 2017, 73% of the digital advertising spends were on Facebook and Google in the US.
- It is estimated that digital advertising spends will be close to $280bn for the year 2018.
- This is higher than the entire market cap of cryptocurrencies, which is around $270bn as of writing this article.
While players like BitClave, Basic Attention Token, AdEx, etc have been trying hard to make a dent in the ecosystem, they are still a tiny speck in this universe.
Let us forget the blockchain bit for a minute and think about what has been making news in the last couple of weeks? If “Cambridge Analytica” doesn’t come in your list, then you are in the wrong industry. Now you may ask how is a data leak associated with blockchain? Well it is not directly, but now if you take a look at the first point in the numbers above, you can clearly see how much the system is dependent on 2 key players who hold and control all our data.
Now one of the reasons why this happened is because, this is a “free” platform and users with/without their knowledge ended up “giving” their data in exchange to use the platform for free, which of course indirectly means that a platform like Facebook now knows their persona or digital identity. And in return, these platforms makes its money by running ads in its ecosystem.
To simplify the equation, end users give their data to use the platforms for free so that these platforms can make loads of money, to the tune of billions of advertising dollars by selling your data to advertisers.
So now you must be wondering how can blockchain help here? While blockchain as a technology, has it merits in terms of transparency, fraud and efficiency as mentioned in my previous article, in light of the recent data breaches, I believe another biggest factor to consider is that it will quite possible give the control of your data back to you. What I mean to say here is the you, the user, will have the ability to choose how you want to sell your data or in simpler terms, what ads you want to see and even get paid for “selling” your data to the brand. You will probably end up getting a piece (however) small it may be of the $270bn and rising pie.
Imagine the cyberspace where you will be asked permission to be shown an ad, where you will get paid to see an ad, where you will know how many people like you have seen the ad or have been shown the ad, maybe even a situation where you get to rate ads and get paid for its relevance, where you are the decision maker for your data and not the platform you are on.
The future as I see it should let the users be in control of the data and how they choose to monetize it if they need to. Blockchain is probably the technology that will help achieve this. But like it is rightly mentioned here, “Blockchain has given hundreds of projects the silver bullet to take down the reigning intermediaries – the question is if they have what it takes to build the gun and actually shoot it.”
Views, data and other information have been derived from the original article published by Coin Central