New MediaPost Survey Reveals ‘Blockchain’ was Most Overrated Buzzword by Ad Executives in 2018
Ad execs surveyed by Advertiser Perceptions for MediaPost’s Research Intelligence have shown that Blockchain was the most overrated word of 2019 because it took a major share of the portion of the industry’s conversation.
As seen in the graph above, Blockchain was closely followed by AI and Programmatic. Crypto was the 4th most overrated word according to them.
Analysts have found that companies have started to withdraw “blockchain” in favor of “distributed ledger technology” (DLT). The study reportedly found that many firms are overhyping the usefulness of blockchain or using the name of the technology to repackage existing services, a practice the report describes as “blockchain washing.”
The term “blockchain washing” refers to when
“networks that are life or under development vary greatly and frequently lack key characteristics that many regards as essential components of a blockchain.”
The researchers said that, for some, the mention of blockchain technology can also carry negative “wild west” connotations associated with volatile cryptocurrencies.
The same study shows that the most important word in 2018 was transparency which is projected to be one of the most important words in 2019 too. Also, AI is thought to be the most important word of 2019.
Some companies have indeed capitalized on the hype around blockchain. While some went on to launch their own Initial Coin Offerings (ICOs), others just added the word “blockchain” to their name and saw success.
One famous example is the former beverage production company, Long Blockchain Corp. The firm joined the blockchain world in January 2018 by changing its name from “Long Island Iced Tea,” a move which resulted in a 500 percent increase in the company’s stock price in a blockchain-induced euphoria.