Bangalore: The Advertising Club Bangalore recently held its inaugural edition of the ‘Knowledge Conclave – Driving Growth Through the New Era of Measurement’. C-Suite SME speakers from different spaces of the data-tech world spoke and interacted on some of today’s most important topics.
Gowthaman Ragothaman, CEO Aqilliz Singapore spoke on ‘Unlocking the power of blockchain for business growth’.
The industry today is facing challenges creating a perfect storm. There is a double spend problem, and therefore need for both authentication and authorization. Value is being exchanged on the Internet. While we are triangulating information to get authentication – proving something as true, genuine, or valid – thus solving concerns of trust and transparency; authorization – the action of authorizing or giving official permission – is needed to manage business better.
Blockchain provides information & value requested by multiple clients and granted by multiple hosts after authenticating and authorizing with intelligence. Marketing is faced with an asymmetric exchange. Brands get on platforms for reach. Platforms subsidize consumers for user base & attention. Consumers engage with brands for something in return. The expectations of these 3 stakeholders Brands-Platforms-Consumers are all different – leading to drop in efficiency and effectiveness. With Blockchain technology, Aqilliz is trying to assemble every single data that is possible onto one platform; and through an automated AI based rules engine, all databases are being brought down to smaller chunks that can be audited or settled. This through a two-layered process, one layer is to authenticate, other layers to authorize, so that things can be assembled and put together.
There are three key benefits from this. One is just by knowing how the value is exchanged across people. Second is of operational efficiency &protected transactions. We are able to do real time campaign management, and reduction of non-working media. This can be used to create a unified consumer ID. Genuine multi channel attribution and rich, real time personalization is possible. The third benefit is about value realization, one of the success stories being around loyalty programs. Consumers don’t encash their loyalty points due to cumbersome processes. For a marketer it’s a delight to offer loyalty programs, but it’s a CFOs nightmare because it sits in his P&L as a liability as it’s an incurred cost. Blockchain is enabling instant redemption of loyalty because the chain gives you both authorization and authentication.
Finally Ragothaman talked of the efforts across global industry forums to run pilots to see how this technology can be used for efficiency returns or consumer ID returns or loyalty settlements – and asked the industry in India to try the same. He shared the success story with Pepsi in Singapore, which helped show the opportunity ofoptimization with a benefit of up to 25%, visibility to the publishers helping them improve their yield&a hosepipe for multi-level attribution. The government of Singapore is very keen that this kind of projects are seen and made visible. So they are trying to include payments as well – which will help release a lot of cash flow in the system. We need to find a way in which multiple data streams can go on to the chain,have a smart contracting algorithm that does both authorization and authentication, and this unlocks value. That’s how blockchain can build both trust transparency and convenience and help grow the business.
Sanchayeeta Verma, Chairperson Knowledge Conclave 2019 said, “In our era of connected platforms, big data signals are being generated and data-driven tech are enabling businesses to harness them. The conclave helped understand how to do this and join the dots between the tech world and the world our brands play in”.
“Knowledge Conclave will now be part of our annual program. Watch out for the 2020 edition“ said Advertising Club Bangalore Executive Director, Arvind Kumar