The rationale is an intriguing one. Consumers need trust in their advertising. Blockchain technologies focus on the aspect of trust. How can we marry the two?
One company looking to focus on this is Permission.io. The company rebranded from Algebraix.io earlier this month to ‘reaffirm its commitment to create a new digital ad model based totally on permission’.
Naturally, this is achieved through its token – formerly ALX, but also rebranded to ASK. If users engage with ads, they get rewards through Permission’s cryptocurrency.
Plenty of research has been undertaken on how blockchain technologies will affect digital advertising. In July, the Interactive Advertising Bureau (IAB) Tech Lab put together a working group and a whitepaper to determine an industry-backed, practical validation of its value for advertising.
Writing for sister publication MarketingTech earlier this week, Greg Isbister, CEO of Blis, argued that blockchain ‘could very well guarantee transparency and accountability when there are various parties involved in a series of transactions who do not necessarily trust each other.’
“The media has been saturated by discussions on transparency within the digital and programmatic industries, and blockchain technology is designed to amend this issue,” wrote Isbister. “Advertisers will be able to source the provenance of the location data used within their campaigns, whilst publishers will reap the rewards of a blockchain powered record that oversees the data they have used for both tracking and reporting.”
“This rebrand gives clarity around what our company has always stood for and what users and advertisers on the platform can expect,” said Charlie Silver, Permission.io CEO. “TIming is right for a completely different model.
“Our model is founded on transparency and permission in order to deliver trust,” Silver added. “It’s refreshing, and we think both customers and advertisers will see the benefits right away.”
Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.