Programmatic advertising, or the use of software to automate the purchase of digital advertising, is a growing section of the advertising market. Globally, spend on programmatic ads grew from $5 billion in 2012 to $39 billion in 2016.
The appeal of programmatic is the promise of making a brand’s ads more targeted and relevant to their specific audience, therefore increasing efficiency.
However, the market has a serious transparency problem. This is perhaps most famously personified by The Times investigation that found that ads for many large brands appearing on YouTube videos of extremist content.
This lead to Google issuing a public apology.
EnvisionX, an independent advertising technology company, has announced a blockchain programmatic ad solution aimed to add an extra layer of security to the industry.
Solving buyer problems
The company’s new BitCasts platform wants to leverage blockchain technology to solve two major problems that programmatic buyers worldwide face.
Firstly, by adding cryptocurrencies capabilities, buyers could purchase ads without the need to use dollars and face exchange rate complications.
Secondly, the platform hopes to increase transparency by allowing users to see exactly what their spend is and when and where their campaign is delivered. The publisher will also be able to see exactly how much the buyer has paid, thereby helping to avoid fraudulent activity.
Zheng Zhang, EnvisionX CEO and founder, said:
“We are radicalising the digital advertising space by leveraging the power of blockchain technology with progressive programmatic advertising. There are a few pioneers in advertising who have built a basic cryptocurrency based ad network.
“However, by combining our existing advanced programmatic ecosystem with blockchain technology, Bitcasts is set to really bring online advertising to the next stage and help us to continue working for the greater good of the industry as a whole.”