Last month, Amazon posted a job offer in LinkedIn. Usually that shouldn’t be so surprising, considering this is one the largest companies in the world, but this job specifically requested a software development engineer who must work on an advertisement blockchain.
Many people have afterwards begun to wonder why would Amazon need blockchain experts for its advertising division. Is there any way for blockchain technology to resolve the issues in the advertisement industry?
The answer is a very resounding yes. The digital advertising industry is in fact using very outdated, mostly manual and time-consuming processes when it comes to sales, settling payments, ID and online verification and many other essential functions.
Blockchain technology is the perfect solution because it can very efficiently, introduce a new and improved framework for digital advertisers. A new and unique unbiased platform with a common set of rules.
With blockchain technology, the issues in transparency, trust and verification can quickly become issues that the digital advertisement industry USED to deal with.
There are quite a lot of issues with the modern advertisement industry
Today, most marketers use a paper or digital insertion order for contracted terms of their ad buys. There is a big issue though, they aren’t trackable or enforceable. Blockchain-based smart contracts resolve the issue with a simple programmatic approach.
Basically, the smart contracts enforce what an advertiser is buying while simultaneously allowing the verification to take place at the end of the ad campaign. This will allow advertisers to legitimately get what they pay for on top of the added payouts to the supplier within the agreed timeframe.
Amazon seems to clearly recognize the value of blockchain at the foundation level of its advertisement model – billing and reconciliation. It’s only a matter of time before this model is shaped and used to increase efficiency and protect ad spend via tokenization.
Many experts have also begun to realize the potential of blockchain technology and state that top universities should provide better and more in-depth blockchain education.
This is probably why Amazon is looking into blockchain. The retail giant needs something to differentiate itself from its biggest competitors Google and Facebook which currently completely invalidate Amazon’s advertising platform.
If Amazon can simultaneously use blockchain technology to provide efficiencies around both Google and Facebook’s shortcomings, it would begin to drastically syphon off market shares from its direct competitors. Additionally, the advertisement industry would dramatically upgrade in a short amount of time.
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