It seems as if overnight, the media industry has gotten the blockchain bug. Today, there are events, panels, articles and conversations about how blockchain will save journalism and advertising and marketing. In fact, Adweek has one of its very own. But before we decide whether or not this technology will be media’s savior, we wanted to answer some pretty basic questions. We’re also introducing a weekly blockchain newsletter, which you can sign up for here.
Stay with us as we go on this blockchain journey. It’ll be decentralized AF.
What is blockchain?
At its core, a blockchain is a digital ledger shared among any number of stakeholders with an interest in keeping better track of information and transactions. Everybody gets a copy of the same distributed information. Nothing can be removed. And because a blockchain is a decentralized system, a consensus of stakeholders has to agree before something is added to the ledger.
Because it promises to create a more democratic and decentralized model for sharing data, blockchain technology has the potential to improve transparency among companies, countries and individuals that move along some sort of good or service—anything from a piece of paper or a coffee bean to a financial product.