Nowadays, the DOOH industry is maturing from highly centralised systems to a more flexible and open global framework. A lot of people start to recognise the potential of blockchain but very few of us really understand what blockchain really is.
Blockchain is a decentralised database that is governed by many actors without the need for centralised third-party administrators. Immutable records of every transaction made between brands and their customer are contained in the blockchain.
Simply put, the individual transactions or data and information such as date, time and amount of recent are stored on the blocks.
What makes it immutable is that it is not controlled by one central source but rather it is connected together in a peer-to-peer network. Hence, any changes can be easily tracked down and self-corrected by the main network.
Blockchain in the OOH realm
The first blockchain was created by Satoshi Nakamoto, the anonymous creator of bitcoin, to securely record and process bitcoin transactions. However, blockchain has grown beyond bitcoin to many areas including the OOH industry. Now, more advertisers prefer to integrate blockchain technology into their OOH media planning, buying and running process as it enhances transparency, and allows cross-border payments.
Transparency in the supply chain.
Blockchain gives the scalability that will allow stakeholders to verify the performance of their campaigns in real-time, enabling greater cost efficiencies across DOOH media supply chains. The form of tokenisation between business and consumer can be actioned by a smart contracts which gives people immutable ownership of their DOOH content.
Besides that, the recorded customer’s impression in the blockchain will provide more direct and transparent evidence of a campaign’s effectiveness and successfulness. Blockchain helps validate the confirmed impressions of the Digital OOH campaigns, thus allowing advertisers to check on the result of their campaign themselves.
The verification system integrated into blockchain technology has ensured the data advertisers are receiving is independently verified with genuine factual reporting.
Preventing double-spend fraud with advertisements
Blockchain gives the ability to storing data through decentralisation and consensus in which hash cryptography is applied. User cannot change input values as it will create a whole new hash value which will invalidate the entire block.
In an OOH industry, advertisers and marketers collect data and information to measure their campaign effectiveness. Thus, the integration of blockchain will validate the data collected and ensure its credibility as transparency is maximised along this process.
foodpanda's pilot DOOH verified blockchain campaign
Recently, Moving Walls partnered with Aqiliz, a blockchain solution to facilitate the world’s first blockchain-powered digital out-of-home advertising pilot for a global mobile food delivery giant, Foodpanda.
The campaign ran across 2750 digital displays in Singapore including condominiums, housing board blocks, in taxi screens and lift lobby screens. Aqiliz’s blockchain platform was able to capture and verify the promised spots and impressions in near real-time.
This enabled the advertisers to no longer be reliant on intermediaries for campaign performance. In this case, Foodpanda has three different pieces of content and was able to independently track which creatives played at which locations.
This brings a new level of confidence in the performance of DOOH campaigns, as DOOH will benefit from these transparent, immutable ledger of transactions.
Despite the digital innovations that have taken place in DOOH, campaign measurement still remained in the silo. Transparency and verification issues need to be addressed where third-party measurement that can hold media owners accountable. Every transaction between media owners and advertisers recorded in the blockchain will be accessible and transparent to both parties.
Hence, any changes made by any parties can be tracked and identified easily. Blockchain technology gives the campaigns another means to verify ads-delivery.
Learn more on how we have adopted blockchain to maximise its usage in the industry here: Moving Walls runs blockchain-powered DOOH pilot for Foodpanda.