In an age of ever-growing mistrust in the majority of our interactions with banks, the media, government and the advertising and marketing industries have become prevalent, blockchain provides trust. It doesn’t come too much of a surprise that Amazon has shown interest in it.
There is very little in the way of doubt that Amazon reigns on a tall throne when it comes to online retail. The company accounted for roughly 44% of all eCommerce sales in 2017, and a spectacular 4% of all retail from within the United States.
A job posting on LinkedIn last week suggested that Amazon has plans to bring blockchain technology into its advertising products. With global ad fraud predicted to cost an unprecedented $23bn this year, blockchain has been a much-touted solution. The open-source ledger tech at the core of cryptocurrencies such as Bitcoin could also give brands more transparency over their media buys.
An ad exec with knowledge of Amazon’s ad workings said it will have difficulty handling the blockchain trilemma finding the balance between scalability, security, and decentralization.
The underlying philosophy of blockchain is an existential threat to centralized companies like Amazon. The B2B realm has a much more developed ecosystem for blockchain to take advantage of, and Amazon's existing platforms are already optimized to incorporate the technology with little friction.
While it was initially tied for a long time to cryptocurrency performance, the technology has since shed this relationship and become a power unto itself, making it a key driver of innovation.
A world where the transactions made on your behalf when purchasing such things like AdWords, Facebook Ads, Media buying are all recorded, with a trail that fully discloses the costs, right through the real live data, of what that spending generated for your business.