There has been a lot of discussion around blockchain and its framework in the financial services world. However in our organization’s continuing research as well as operations with our clients we are beginning to uncover specific opportunities that span into the media space. We feel blockchain can and should serve as a universal and cost effective foundation to address data management and insight decision management – regardless of organizational size, output, or industry.
There have always been three distinct challenges in our collective experiences here at True Interaction:
1. Data aggregation and normalization:
With more and more linear and digital channel fragmentation, the process of aggregating and normalizing data for review and dissemination has weighed down efficient insight decision making. One way to look at it is: you spend 40-60% of your time aggregating and normalizing data from structured and unstructured data types (PDFs, emails, word docs, csv files, API feeds, video, text, images, etc.) across a multitude of sources (media partners, internal systems, external systems & feeds, etc.). This leaves little time for effective review and analysis – essential to determining any insight.
2. Data review, reporting, dashboards:
Once you have your data normalized from your various sources you can then move to building and producing your reporting dashboards for review and scenario modeling. This process is usually limited to answering questions you already know.
3. Insight and action
Actionable insight is usually limited, usually because the most time and resources are allocated to the above two steps. This process should entail a review of your data systems: are the providing you with insights outside the questions you already know? In addition, where and how can “rules” or actions into other processes and systems be automated? Today the are plenty of business situations that exist where manual coordination and communications are still needed or utilized in order to take action – thereby obviating any competitive edge to execute quickly.
Blockchain can provide an efficient and universal data layer to serve your business intelligence tool set(s). This can help consolidate internal data repositories when aggregating and normalizing data. It can also be the de-facto ledger for all data management activities as well as the database of record to ease and minimize management of propriety data platforms and processes.
The following are additional resources:
How will Blockchain will Transform Media and Entertainment
Blockchain technology: 9 benefits & 7 challenges
Blockchain just fixed the Internet’s worst attribute
By Joe Sticca