IAB Europe has today published its ‘Blockchain Demystified’ White Paper to shed light on a topic that despite its potential to revolutionise the digital advertising industry, is still largely shrouded in mystery and misconception.
Tapping the expertise of industry leaders from a wide range of organisations, under the guidance of the IAB Europe Education & Training Committee, this white paper covers key elements to provide a better understating of the technology and its application in digital advertising. The IAB Europe members who contributed to the white paper are Adform, eBay, FreeWheel (and Blockgraph), IAB Italy (and its members, Ligatus Italia and MainAd), MetaX, Mindshare(GroupM), Publicis Media, and Rubicon Project.
“In recent years, a lack of transparency and thus trust within our industry has been an ongoing theme in discussions about the current state of the media business. Most experts believe that blockchain’s potential applications for marketing and advertising may provide an opportunity for all participants in the media supply chain to demonstrate transparency and to rebuild trust. This white paper impartially examines blockchain’s potential value for our industry, shedding light upon its current capabilities as well as its challenges and limitations. We believe this very detailed and in-depth resource will set the basis for future thinking on how blockchain may enable increased efficiencies and a more trustworthy supply chain for our industry”, said NeslihanOlcay, Chair of the IAB Europe Education and Training Committee and CEO of Wavemaker Turkey.
The whitepaper also features a range of use cases to show Blockchain’s application to the current advertising industry. These include IBM for Unilever’s pilot program that tracks the digital ad buying ecosystem via blockchain to enable increased efficiencies and a more trustworthy supply chain, and Comcast’s FreeWheel group’s industry initiative to connect data insights across the entire TV ecosystem.
As part of the 2019 work plan on educating the industry about blockchain and sharing best practice use cases, IAB Europe’s Education and Training Committee will also organise a webinar this summer to feature the white paper’s contributors and industry experts. This follows up from the 2018 Blockchain webinar which first addressed the impact of this new technology on the digital advertising ecosystem.
“Blockchain is the disruptive technology of today that many claim will revolutionise the industry. Ultimately, even if the promises of trust, transparency, and security don’t fully pan out, hindered by the hurdles highlighted in this white paper, blockchain may become a trigger and the catalyst for some bigger and more complex projects to modernise clunky and still partly digitised ecosystems in marketing and advertising. It is in this that an intrinsic value to blockchain lies, beyond the obvious benefits it can generate,” said white paper leader Anton Kopytov, Partner Technology Consulting, Mindshare Worldwide and Chair of the IAB Europe Research Committee.
The white paper discuses not only the basics of what blockchain is and how it can be applied in the digital industry, but also looks at common areas of confusion, such as the difference between cryptocurrencies and blockchain as a whole. It investigates the current limitations for blockchain and the hurdles it needs to overcome. The Blockchain Demystified white paper aims to provide a crystal ball looking into the future of the technology and its possible developments, applications and struggles that are still to come.