As digital technology continues to evolve, there are two major disruptions entering the marketplace: Artificial Intelligence and Blockchain.
In the past couple of months, the industry has seen massive penetration of LIVE AI beta products ranging from Chatbots, servicing from e-commerce to banking, to AI outranking the top-ranked Go player, Ke Jie. Similarly, a host of global banks are in the midst of discussion to testing ways to issue currency using blockchain distributed ledgers. Among the long list, Bank of Canada and The Monetary Authority of Singapore are the latest to issue a ‘tokenized’ form of currency on blockchains.
Among these two innovations, AI is easy to understand (for the most part by many) as the key driver is to boost the corporation’s profitability. In a recent report by Accenture, AI is forecasted to lead an economic boost of $14 USD trillion across 12 countries by 2035 – across 16 industries. Similarly, central banks in many countries are exploring ways to put existing currencies on blockchain or also known as “unaltered distributed ledgers.” Advantage for the banking industry to use blockchain is that it allows secure transactions between parties without the need of intermediaries. This process reduces fees as well as increases efficiency of transactions transparently.
Among the 16 industries being impacted, Blockchain brings inherit advantage to the growing $230 billion+ digital advertising we participate in. Currently, the industry is plagued with fraud and data supply chain challenges mounting to over $8 billion+ annually. It aims to revolutionize the programmatic marketplace by preventing fraud and by bringing much needed transparency to the ecosystem. The transparency provides the vendors the opportunity to facilitate a secure exchange of non-PII audience data. With the pending EU GDPR data regulation, this area has been a critical focus for DaVinci IITM to solve yesterday’s problem with tomorrow’s solutions.
Another low-hanging use case is how Smart contracts are enabled using a blockchain platform, allowing contracts to execute seamlessly when consensus is met.
Among many advantages, blockchain is a decentralized network, where host of peer networks verify each transactions. This process is a useful attribute in an ecosystem to overcome fraud, increase accountability, and address attribution challenges.
While there are many ways to solve the same problem, as various companies are looking to build “new standalone blockchains” with no supply or demand. However, at DaVinci IITM, we see blockchain as a necessity that sits on top of an established advertising technology stack. As the old saying goes, “Don’t reinvent the wheel. Just make the wheel better.”
This will ultimately lead to a new evolution of data-driven omni-channel marketing.
Stay tuned as we bring more on this latest innovation from our global DaVinci IITM leadership team.davinci11