ICO Today Magazine News
Data is the currency of the internet. Our browsing history, digital footprint and intention behaviours have created an online data economy that is worth a staggering US$42Bn today and is forecast to grow1 to US$106Bn by 2027. At the core of this economy is a digital advertising supply chain whose aim is to serve ads on a vast scale across the internet via an auction based bidding model known as programmatic. The data on which this system runs generates huge amounts of money. Currently, browsing data is harvested, processed through sophisticated algorithms, aggregated and then sold to advertising agencies and companies that want to sell to users, often without adequate consent. This does not benefit the people being targeted and is equally inefficient for the advertiser. Data can be wildly inaccurate2, and is subject to hacking, data leakage, general re-selling and regurgitation3. This makes digital advertising annoying and intrusive for everyone. One of the key market challenges is trust, between consumers, media platforms and advertisers. The Facebook and Cambridge Analytica exposé in 2018 raised serious concerns about the effect that misusing data—in particular, the storage, acquisition and use of it—can have on the world.