The Blockchain Economic Forum offers the technology’s tricks and treats
The New York City event showcases the best advantages and the worst hype of this promising emerging platform.
It’s perfectly appropriate that the opening day of the Blockchain Economic Forum was held at a New York City hotel on Halloween, since the event highlighted the emerging technology platform’s tricks and treats.
Fortunately, the treats are plentiful. Blockchain provides a distributed, verifiable and secure way to record all the steps in a transaction, and the details are available almost immediately to participants.
Although blockchain is still relatively slow for the fast-paced ad tech space, Kochava and NYIAX, to take two examples, are among those planning to use blockchain as a way to solve the problem of transparency in the ad tech industry.
Additionally, blockchain enables Smart Contracts, which are programmatic agreements that generate their own settlements. In other words, the Smart Contract captures the understanding that this ad of yours will run in that web page for this many impressions, and, when it does, the Contract automatically generates the payment. Obviously, agreements that trigger their own settlements could cut out a number of middlemen.
And there’s blockchain’s capability to generate cryptographically protected units of value, whether as tokens whose value can be set or as a kind of market-determined currency, like bitcoin. Warsaw-based influencer-marketing firm indaHash, for instance, is planning to generate its own bitcoin-like Coins to pay influencers across multiple countries, so as to avoid dealing with multiple banking systems.