It is reported that advertising companies lose about $51 Million each day on account of “cheating advertisers with falsified stats…” This translates to a whopping $19 billion in a single year. The menace of ad fraud has been endemic for quite a long and it rides on the fact that the online advertising industry is based on very old models of pay-per-click. Scammers have learnt to subvert the system by use of spambots that generate much of the traffic.
In an attempt to remedy this mess, Bitmain, one of the leading players in crypto-currency mining, has undertaken to provide an alternative platform through which advertisers will conduct their business securely. The company intends to achieve this end by investing an amount of about $3M in TribeOS, which is planning to launch a digital marketing platform that will be fully automated and will be based on the digital ledger technology. The platform seeks to revolutionise the online advertising industry by revamping the manner in which ads are run. The company believes that this is line with its belief that the crypto-currency ecosystem should be free and fair and that it should be grounded in transparency.
The amount Bitmain has injected in TribeOS are intended to be useful in the development of an “AdShield” that is purposed to act as the first line of defence against elements that perpetrate ad fraud. There is reason to be very hopeful in this innovation because it has so far successfully performed the intended tasks with sterling results in the tests that have been run. Additionally, TribeOS seeks to deepen the quality of transparency in contracts by providing pee-to-peer network that enables a kind of transparency that is auditable.
The foray into the advertising industry by Bitmain is a testimony that many firms are becoming aware of the problems in the industry and that there is an emerging consensus that seeks to put an end to the reign of scammers and fraudsters. This is not only an effort aimed at earning more profit for the industry players but also cleaning up the marketplace.