What blockchain technology brings

Continuing from last time, we introduce the 10 major digital trends of 2018 from the "TOP 10 TRENDS" announced by Kara of Dentsu Aegis Network.

Blockchain, like AI and big data, is a buzzword often misunderstood. Blockchain is a technology that uses cryptography to create networks among trusted users. Its defining feature is the ability to record transactions between groups in a verifiable, highly transparent, and tamper-proof manner.

The most famous example using this technology is Bitcoin. This currency has no central authority or central bank backing its transactions. Instead, all transactions are backed by a shared ledger maintained collectively by the community.

Blockchain serves as the foundational technology or operating system for building applications called DApps (decentralized applications). In this sense, it plays a role similar to HTML or iOS, which are used to build services like Google, Facebook, and Instagram, used by billions of people. In 2017, over $800 million was invested in various projects to create blockchain applications that could transform daily life, much like the aforementioned companies.

Let's look at some early examples of blockchain applications.

・Food
In China, companies are tracking food products through various channels to provide consumers with simple proof of traceability from production sites to retail stores.

• Travel
It enables direct, one-to-one trust relationships between individual travelers and travel providers, eliminating the need for travel comparison sites.

・Media
It enables transactions between advertisers and media companies, delivering highly transparent and trustworthy messages to individuals.

Just as programmatic transformed the industry over the past five years, blockchain technology has the potential to reshape the media industry within the next five years. While still in its early application stages, brands need to understand the technology and consider how it can help solve challenges around trust and transparency.

Furthermore, brands across various sectors, including media, will need to understand where they fit within the emerging new ecosystem.

【Carat's 10 Trends for 2018】

1. E-commerce and Retail Converge
2. Customer Loyalty and Points Systems Continue to Evolve
3. Growing influence of Chinese brands
4. Target Niche Markets!
5. The Expanding Potential of "Voice"
6. Cross-Industry Partnerships Drive Innovation
7. Sharing Experiences Becomes Key
8. Augmented Maps Create New Experiences
9. Smart Cities Leverage All Types of Data
10. What Blockchain Technology Brings