Can blockchain technology disrupt today’s woefully outdated online ad tech? Let us know what you think in the comments below.
Even a decade ago, television was the sole king of advertising, while the internet had to take its dust together with billboards and radio ads. Over the years, however, the situation has changed: last year, online advertising has outgrown television for the first time in history, with more than $200 billion spent on ad campaigns on the internet.
It is fairly obvious that the internet provides advertisers with an incomparably wider range of tools that TV could possibly offer. Television is incapable of allowing them to address to a specific audience, and the coverage of TV ads is gradually declining as more and more people prefer to use the internet for entertainment. Still, television has one significant advantage over the online environment when it comes to advertising: it has never seen as many problems as the internet related to ad campaigns.The Plagued Industry
There are numerous issues plaguing online advertising that old-fashioned media could not even imagine. They include but are not limited to various frauds, lack of user consent to see ads, imprecise targeting, banner blindness, and privacy concerns. All in all, the model widely accepted in the existing online ad industry has let down both advertisers and audiences.
Added to that are thousands of intermediaries and utter intransparency of payments that tangle the matter even worse. For example, existing real-time bidding platforms that enable advertisers to compete for the chance to show you that ad you’ve already gone really sick of before that YouTube video you really want to watch, never disclose the bids or provide any other substantial information to prove that the highest bidder is actually the highest bidder. All they do is state the highest bid, and that’s it.