How Blockchain Will Help Advertisers Regain Trust And Improve The Customer Experience

How Blockchain Will Help Advertisers Regain Trust And Improve The Customer Experience
Retail

PSFK interviewed Aaron Brown, Chief Scientist at Madhive, an AdTech company harnessing blockchain technology to rewrite the foundations of advertising

Diana Woon
  • 17 september 2018

For consumers, the problem of modern advertising is the lack of trust and transparency. Shifts in the advertising space have given advertisers access to a trove of data that many consumers find alarming. After the Cambridge Analytica scandal surfaced for allegedly harvesting and using personal data, the lack of privacy has raised many concerns.

In the last several years,  “The shift in the advertising space has become more data driven. It comes down to who has the best data. The challenge, however, is that customers do not want companies to access all of their information,” says Aaron Brown, Chief Scientist at Madhive, a data management platform using blockchain to provide more fairness, accuracy and efficiency to the ad marketplace.

Brown believes that advertisers can address these issues by leveraging blockchain.

What exactly is blockchain? Brown explains it in the simplest terms: “It allows digital information to be distributed but not copied. Think of blockchain as a digital record: every record is a block which has a label stating the date and time when the record was entered. The information highly secured but also public.”

MadHive is currently harnessing  this technology to create a new, transparent way of advertising. Brown says that blockchain has the ability to store consumer data privately, allowing machine learning to offer more relevant  product suggestions to consumers,without allowing the advertiser to view the private data.

Consumers will now have a more personalized and helpful ad experience while retaining control over their own data. Brown says, “Blockchain can offer hyper-personalized curated experiences. It’s a direct and immediate curated personalized conversation between brand and individual consumer protected by layers of cryptography but yet they are so close. It’s like having an intimate conversation between advertisers and consumer.”

Madhive

For more about how brands can harness blockchain to drive business results, read PSFK’s archive of topical reports.

For consumers, the problem of modern advertising is the lack of trust and transparency. Shifts in the advertising space have given advertisers access to a trove of data that many consumers find alarming. After the Cambridge Analytica scandal surfaced for allegedly harvesting and using personal data, the lack of privacy has raised many concerns.

+advertising
+blockchain
+customer experience
+data management
+machine learning
+Madhive
+personal data
+Privacy
+Public
+Shopper Marketing & Promotion

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