Have you heard about blockchain? If you haven’t, hopefully, you’re not too claustrophobic living under that rock. If you did, you probably know that it is a technology that drives cryptocurrency – the digital coins that have taken a huge leap in value in the past few years. What you might not realize is that there are many more applications for blockchain technology than just simple monetary transactions. Indeed, the blockchain is useful in any instance where you would normally have to pay out fees to third parties to help you enact a transaction. The blockchain eradicates the need for those third parties, allowing two people or entities to do business in so-called peer-to-peer fashion.
One of the areas where this comes in handy is in the world of business advertising. The amount of money paid to third-party organizations in this area is staggering, yet, without them transactions would still be impossible if blockchain didn’t appear. Blockchain-based ad platforms help to revolutionize the way businesses make advertising connections, it removes the middlemen and improves campaign safety, protecting advertiser from click bots and transaction fraud. It is expected that in 2018, when the legal framework for such projects fully developed, blockchain-based ad platforms will gain much greater recognition, right now the market players can test-drive newly appeared decisions like SmartyAds.
If you’re not sure how all this works, that’s all right. You don’t need to know all the how’s, but the why’s will definitely show you pretty clear if your business needs this decision.
1. No Loss of Information
Two parties doing business through an advertising agency as intermediary might have to trade correspondence back and forth or make numerous phone calls, at any point during which a crucial piece of information could either go missing or be misinterpreted. The blockchain is decentralized, meaning that all of the information that is committed to it is stored on multiple computers across the network. That ensures that no loss of work takes place along the way.
2. No Change
Have you ever run into a dispute with another business who is trying to weasel out of a contract or change the terms of a preexisting one? In the past, the only way to get out of that situation would be to hire expensive attorneys, or else, you’d just have to sit back and suffer it. The blockchain will allow you to enact contracts that can’t change and which are “smart,” meaning that they automatically go into effect once the predetermined terms are met by both parties.
3. Immediate Payoff
If you have to go to the bank or credit card company to receive payment for your efforts, in the advertising sphere, you’ll probably have to wait until the next business day or the day after to see that payment on your account. When cash flow is crucial, this can be a big detriment. Blockchain payments with cryptocurrency show up in your account in minutes rather than days.
Those three examples are just a tip of the iceberg for what the blockchain can do for your advertising efforts. It is an entirely new paradigm for this age-old industry, and your business can get the jump on competitors by getting involved with it.
