The online advertising industry has grown at a furious pace. Papyrus is one of the companies that is working on a number of challenges that online advertisers face. Blockchain technology could help advertisers to create oversight, and make sure their online ad budget isn’t being wasted.
Papyrus is aiming their efforts at a space that creates tens of billions of dollars in revenue on a yearly basis. The online advertising industry has seemingly come out of nowhere. Unlike traditional advertising, online advertising campaigns can be spread out over thousands of individual websites.
Humans simply aren’t capable of keeping track of a major online campaign. Before blockchain, there wasn’t a straightforward system to make sure online ads were featured in places that benefit a company.
Now blockchain has developed to the point where it can offer solutions to the dilemmas that online advertisers struggle with. Papyrus has debuted a platform that would allow an advertiser to track where their advertisements are displayed, and reduce the amount of fraud that is a constant drain on valuable ad budgets.
Papyrus confronts the evolution of online ads
Most online ads take one of two forms. First, there is featured content on a Search Engine Results Page (SERP). Secondly, there are the dynamic ads that follow people around the internet and are driven by advanced algorithms that seek to tailor the content to individual users. Both forms of advertisements are increasingly expensive, and both are subject to waste.
Part of what plagues the online ad space is its evolution. When Google’s AdWords platform hit the scene, it was cheap. The Price Per Click (PPC) for popular keywords was measured in cents. Companies didn’t need a high level of oversight, because wasted clicks didn’t add up to much money. Today, popular keywords cost dollars.
Companies work to get their information in front of potential clients, but just because they get a click, it doesn’t mean they will make a sale. Google bills their AdWords clients based on clicks, which is a great business for Google. Companies that use the AdWords platform, on the other hand, need solutions to what has become a very expensive form of advertising.
Terrible associations are expensive
AdWords is expensive, but dynamic advertising can be downright dangerous. Contextual ads that are driven by user data are a one-way street. The systems that drive a platform like Facebook Ads are completely automated once the parameters are set, and they can be problematic for advertisers.
People form psychological associations unconsciously. For example; if a company’s product is displayed on a webpage next to an offensive advertisement, it could harm their brand identity. Most dynamic online advertising platforms don’t have any way for companies to track what advertisements are displayed next to.
Papyrus could be the platform that finally gives advertisers a way to make sure their ads are displayed in a way that helps their brand, and eliminates wasted spending that can actually harm their brand.
Complex systems made simple
Papyrus has described itself as, “the world’s first fully comprehensive and highly scalable decentralized ecosystem for digital advertising which radically improves programmatic advertising stack to provide efficient, transparent and mutually beneficial environment for users, publishers, advertisers and decentralized applications (DApp) developers using blockchain architecture.”
In simple terms, Papyrus has designed a system that will allow advertisers to dig much deeper into what is actually happening with their online ad campaigns. In addition to helping companies to optimize their online ad presence, they also built in privacy features into their platform which benefits internet users.
Abeed Janmohamed, CEO of Papyrus told Crypto Disrupt why he thinks online privacy is just one part of a bigger challenge, “In a world where data privacy is at the forefront of business – for blockchain technology to take hold in the advertising ecosystem it needs to address the concerns that brands, and more importantly, consumers have that their data is being managed in a secure way. Traditional blockchains don’t have the frameworks necessary to deal with this – at least not at the scale we are talking about in advertising – and as a result, we have developed our own architecture, which through our channel layer addresses these concerns and makes our platform one of the few that is specifically designed for advertising.”
The channel layer that Mr. Janmohamed references above is one of the most important parts of the Papyrus platform because it allows Papyrus to handle enormous numbers of transactions. Instead of trying to replace the entire global online advertising infrastructure with a new platform, Papyrus’ platform allows the integration of blockchain technology into online advertising without having to stop using the platforms that are already established.
Papyrus could grow into other markets
According to Abeed Janmohamed, “Advertising is, at its core, a supply chain, which over the years has become murky with a number of ‘middlemen’ and technologies, each taking fees between the buyer and seller of the media; it’s possibly one of the most fragmented supply chains in existence, and as a result, the technology we are building to simplify this could be used for other supply chain or logistics businesses.”
Papyrus has created a novel blockchain platform that could be of benefit to everyone who is involved in the ad cycle. Not only do advertisers gain from targeted ads that will reach their intended demographic but also people who view the ads will be rewarded for information that is currently given away. Blockchain technology makes this all possible and could help other industries with similar difficulties.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.