Since the advent of blockchain technology, it has impacted various industries in a great way. This technology has completely transformed the way enterprises enact on data and how business processes are carried out. Companies are spending a lot of money on research and development, exploring different ways blockchain can increase efficiency and lower production costs.
Just like the dotcom era, we are witnessing another phase of a major technology shift. With an increase in applications in finance, supply chain, real estate management, health care, identity management system, security systems, etc., blockchain adoption rate keeps marching across industries and the advertising industry hasn’t escaped this disruption either.
This increased adoption rate of blockchain has been aided by the invention of blockchain’s smart contract technology. By functioning as an automated self-executing system, the novel smart contract technology is changing the way parties to a business contract exercises their duty.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. A smart contract is self-enforcing and is managed by a P2P network of computers. So far, smart contracts are the most utilized application of blockchain technology in this present time.
How Smart Contract Could Impact Business Processes
The advantages of deploying smart contract technology in today’s businesses are far-reaching and are considered to be an effective agreement execution strategy. It eliminates the need for a third party in a contract execution process. Think of this as a lawyer who handles the wishes of a dying man, and is only permitted to read those wishes or ‘will’ after his death.
In finance, a smart contract could serve as an escrow system that holds a certain amount of funds and is only permitted to release those funds when certain conditions have been sufficiently met or fulfilled. Smart contracts are executed in an encrypted environment, safely stored on a secured, shared ledger which creates a trustless unbiased system.
By totally replacing a third party in the contract execution process, enterprises can cut down administrative costs, increase process efficiency, and build a trustless system free from human sentiments.
With the aid of a smart contract, every agreement, business processes, milestones, and transactions could be digitally recorded and signed. This information is stored, shared and validated. To sum it up, a smart contract formalizes the governance rule which replaces day-to-day operational management with a self-enforcing code.
The Smart Contract Solution In Executing Advertising Contracts
Publisher and advertiser’s dissatisfaction have been rising relative to the inability of centralized ad networks to tackle the accountability and manipulation issues that have plagued the modern advertising industry. Centralized ad networks have wholly failed in meeting the esteem needs of their clients from various perspectives.
This problem has compounded because of the presence of a third party in centralized advertising networks. This is where smart contract implementation could bridge the gap between these inefficiencies. The SaTT advertising network is the latest project to have risen to the upper echelon of the advertising industry with its state-of-the-art smart contract-enabled advertising network.
To overcome the bottleneck plowing the advertising industry, SaTT sets a precedence of a decentralized ad network with the help of blockchain smart contracts.
With smart contract technology, SaTT could integrate a decentralized governance system that eliminates the challenges currently faced in the advertising industry. The smart contract has the capability of cutting down advertising costs, improving payment efficiency and relevant statistics to reach better marketing decisions.
How SaTT Aims To Achieve An Efficient Smart Contract-enabled Ad Network
The SaTT network relies on interfacing an oracle module developed by ATAYEN, Inc., this enacts on advertising data in a very unique way. The oracle module interfaces between the SaTT smart contract and the data source to convey analytical data on the performance of an ad campaign.
The SaTT daPP offers to remunerate publishers based on the performance of their publications.
Indeed, the SaTT smart-contract works like a calculator that remunerates publishers according to statistics provided by modules called oracles that certify the number of views, likes or shares on social networks. This allows to pay publishers on the result but also to retrieve the statistics on many platforms, today youtube, facebook, twitter or instagram, but tomorrow with the opening of the developer oracles program, developers from around the world will be able to create statistics oracles like the appstore on iphone.
There is more to this than meets the eyes but yet its a simple and efficient algorithmic process that eliminates frauds and breeds transparency between advertisers and publishers.
The Possibilities Of Smart Contract Technologies Are Endless
The power of the blockchain technology lies in the right application of its use cases, before now it was solely known as the technology that powers cryptocurrencies. But all that is changing very fast, as more industries are looking at leveraging blockchain’s smart contract technology to transform and revolutionize business processes.
The adoption rate of blockchain across industries might be very competitive, however, it’s becoming very clear that the advertising industry might have taken an advantageous position in this disruptive atmosphere.
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Last modified: March 5, 2020 1:49 PM UTC