Friday, September 18, 2020
Blockchain came into vogue in 2008 as the underlying technology for Bitcoins, which has been hailed as the world's first decentralized cryptocurrency. In the words of its creator (who used the pseudonym 'Satoshi Nakamoto'), Bitcoin was created since there was a need for "an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party"1. Bitcoin can be likened to a digital token having the nature of virtual cash, operating on a peer-to-peer network. Bitcoins can be bought, sold and traded on crypto-exchanges and can be used to pay for goods and services. Bitcoin holders use a decentralized peer-to-peer network based on blockchain technology to transfer their Bitcoins to each other or third parties. These transfers of Bitcoins...
A blockchain, as its name suggests, is a virtual chain made of blocks, where each block contains information. Alternatively, it can be described as a digital ledger, where each block of data represents a distinct transaction on the ledger, with the transactions occurring across a decentralized peer-to-peer network. This peer-to-peer network consists of a network of computers (each called a "node") connected together, which allows the participants in the blockchain to transfer information across the internet without the need to involve any centralised third party. Each block in a blockchain comprises of (i) the transaction data (ii) a timestamp recording the creation of the block and (iii) a cryptographic hash which is unique to each block, akin to a "fingerprint". When a node initiates a transaction, it sends across a message to the other nodes...
Influencer Marketing Social networking sites like Instagram, #YouTube, #FaceBook, #Vigo Video, offer a highly interactive and visually rich experience to users. Hence these sites have acquired immense popularity for product promotion. Influencers are the key drivers of this ecosystem. Oxford English Dictionary defines 'influencer' as "a person with the ability to influence potential buyers of a product or service by promoting or recommending the items on social media". The most persuasive element in influencer marketing is relatability to the influencer. Personal endorsement by an influencer yields tremendous authenticity to the quality and attributes of a product. Since influencer marketing does not look or feel like advertising at all, brands are strongly interested in exploiting this medium. It is here that lines between an honest appraisal based on personal usage of a product versus...
The Interactive Advertising Bureau ("IAB") defines 'brand safety' as "keeping a brand's reputation safe when it advertises online". The objective of brand safety is to ensure that the placement of advertisements is such that they are protected against surrounding content that is universally considered to be unsavory. It is intended to prevent potential negative associations with the brand due to particular types of 'harmful' content in the vicinity of the ad. For instance, an advertisement for a product such as Bournvita (promoted as a children or family based product), affixed on or displayed in the midst of pornographic content, would work to the disadvantage of the image of the brand. Substantial time and investment is made by brands on projecting a particular type of image, and when their ads are placed in the wrong context, it can damage their image in no time. It takes the consumer mere seconds...