Josh Sklar speaks on blockchain and why their role in advertising
Entering the year 2018 officially signals the 10th anniversary of the conceptualisation of blockchain, the foundation of Bitcoin.
It took a whole decade for the world to come to know of its existence.
President of Heresy, Josh Sklar explains what is blockchain and what it has to do with marketing.
In case you don’t feel like flipping straight to Google and receiving the answer of a blockchain is an “open, distributed, decentralized public ledger.”
Each transaction posted to this ledger is recorded in a unit called, that’s right, a “block” that is linked to the previous block forming, you’ve got it, a continuous “chain”.
This linking is then accomplished via an unwieldy long unique string of characters called a hash.
The transactions are verified by a community of people called “miners” who write programs that run on powerful, energy-sucking computers to solve crazily complex cryptographic puzzles just to confirm that the hash character string in the new block matches the one in the previous.
He also goes on to explain why blockchains exist. It functions by securing online transactions made “peer-to-peer” (one person or entity to another) while cutting out any middlemen or “trusted intermediary” who may take a cut of the transaction and/or impose cumbersome, time-consuming and costly regulations.
Lastly, Josh brings it all back together in why would these information interest advertisers….
New groups such as the New York Interactive Advertising Exchange (NYIAX), in partnership with Nasdaq, are using it to create fully transparent, open platforms to list and direct-sell future ad space inventory without third-party fees or the fear of fraud.
Another example would be the company, adChain. They are also using the blockchain to completely eliminate ad buying deception by tagging a creative piece to allow the agency, publisher, and advertiser all know when someone has looked at the ad and what actions they took, without having to rely on someone else to tell them.
Curious to know more about blockchain and their role in the advertising industry? Click here.
The Malaysian Media Conference 2018 is INTERACTIVE
The Malaysian Media Conference is about Conversations.
Conversations before, during and after the Conference.
The best way to learn is when someone answers what you want to know.
With 15 speakers and moderators, the event will cover everything that is important for Media, Marketing and Digital moving forward.
Date: 8 February 2018
Time: 8.30am – 6.00pm
Venue: The Grand Ballroom, Sime Darby Convention Centre, Bukit Kiara, Kuala Lumpur.
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