All about Blockchain
A blockchain is an incessantly developing set of records, called blocks, which are connected and secured using cryptography. The data that is copied, synchronized and shared across numerous servers and computers all around the world so everyone has access to it making it impossible for someone to edit and change the original records with everyone watching and using the same system. Each block typically contains a cryptographic hash of the previous block, a timestamp, and business transaction data. By design, a blockchain remains unaffected when someone tries to make any sort of modification to the data. It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
Blockchain was invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. Bitcoin currency was yet another revelation that allowed owners to transfer the currency digitally with no middle ground like banks.
Blockchains are potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability, and voting.
Benefits to blockchain for digital advertising
While blockchain is as big of an invention as bitcoin cryptocurrency was, it promises huge impact on the field of digital advertising and the various problems the field faces. Blockchain offers a track of every data, copied and connected to each server and system so no information is ever lost or unable to anyone. Addition to that it ensures that the data is resistant to any modification meaning it cannot be altered by anyone working in bad faith. Digital advertising is major industry that involves a large number of task force doing a lot of various work such as ad transfer and exchange, ad creation, design, managing network of DSPs, SSPs, ad networks, data management, ad servers. Under so many actions being generated, the industry faces regular inefficiency, fraud, lack of transparency, and lack of standardization. Blockchain is the perfect solution to avoid these frauds and ensure a clean slate and accurate data that can be easily tracked and visible to all.
Other advantages of blockchain
The data is visible to each and every one on the server with no difficulty and all access
Accurate and resistant to moderation
The data works on algorithm and technology making it impossible to be meddled with by a party or individual. It carries the data from start to end with no changes whatsoever.
The accuracy of the data and per unit calculation assures correct and reliable data.
Since the data is being handled by servers and networks and not on individual or party, it is protected. It can only be viewed by people who are a part of the blockchain with the help of a ‘key’.