A New Survey Provides Insight into Blockchain Adoption in Advertising

Advertiser Perceptions Reports on Survey Results

Advertiser Perceptions, an intelligence company in the advertising industry, recently reported the results of a survey commissioned by XCHNG, a blockchain based digital advertising platform. To complete the report, Advertiser Perceptions surveyed 300 advertising decision-makers. The focus of the survey was to determine how these decision-makers feel about blockchain technology, specifically media solutions related to it, including advertising.

One of the primary highlights of the survey is the finding that just 11 percent of advertising executives have bought ads utilizing blockchain technology. Considering the prevalence of blockchain, this is a particularly interesting figure. After all, this figure indicates that just over 1 out of 10 executives have utilized blockchain technology in ads. Despite the low level of execution, interest is high.

In fact, when questioned, almost half of those responsible for making decisions in advertising indicated that they see strong potential for blockchain technology. Specifically, the report found that these decision makers feel that blockchain may help them overcome issues such as inaccuracies across the supply chain and a lack of transparency. Since both of those factors currently negatively impact 70 percent of advertisers’ return on investment, according to the survey, the potential for using blockchain is there.

While the survey indicated positivity toward the potential applications of the blockchain in advertising, it also pinpointed some of the issues holding back widespread adoption. Two-thirds of the professionals surveyed by Advertiser Perceptions indicated that they are skeptical about solutions for media involving blockchain. The report found that this skepticism is the result of the mixed and negative information regarding cryptocurrency.

In addition to capturing overall sentiments regarding blockchain advertising as a whole, the survey also asked some targeted questions to those who have already discussed potential solutions with a blockchain provider. Of those who have taken this key step toward execution, the majority do plan to buy data via blockchain technology within the next two years.

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Image Credit: XCHNG/xchng.io

XCHNG’s Interest in the Survey

As mentioned, XCHNG commissioned this survey and report. XCHNG is a unified and open-source blockchain-based framework that is specifically designed to work in the ecosystem for digital advertising. Kochava, whose CEO, Charles Manning, is also the XCHNG CEO, designed and deploys the XCHNG framework. With XCHNG, advertisers can target as well as activate audiences, take advantage of a next-generation record system, enhance the transparency and efficiency of advertising spending, and allow for tokenization of the framework.

As such, XCHNG has a great deal at stake based on the interest in blockchain technology used for advertising. An indication of high interest in the adoption of blockchain tech for advertising helps to show the potential of the XCHNG framework. XCHNG can use the interest levels indicated in the report to indicate its value to contributors and partners. At the same time, it can utilize the concerns mentioned in the report, such as the hesitation to adopt blockchain technology due to the occasional negativity surrounding crypto, to determine areas that it must improve upon. Simply put, the report provides XCHNG with valuable insight into the specific industry it hopes to target.

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Cedric Jackson is a contributing writer at BlockTelegraph. His writing draws on his rich life experiences, time spent traveling, and years working with the written word. He is passionate about cryptocurrency and blockchain technology, finance, and markets. When not busy writing, he spends his time traveling, reading and keeping up with world events.

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