Blockchain will be a boon for start-ups: Shekhar Mhaskar, Isobar
Mhaskar, Executive VP, Isobar, India talks about how blockchain could nip fraud in the bud and pave the way for transparency, unambiguous view of transactions & measurement of digital media campaigns
Following a successful run of Blockchain powered campaign which was launched last month, to enable transparency throughout campaign delivery and performance, Shekhar Mhaskar, Executive Vice President, Isobar - India, the digital agency from Dentsu Aegis Network, throws light on how the revolutionary technology can prove fruitful for marketers and advertisers.
In an interview with exchange4media, Mhaskar further said how the execution of blockchain in respective fields like agriculture, ticketing, and start-ups, could nip fraud in the bud and hence pave a way for transparency, unambiguous view of transactions, deliveries, and measurement of digital media campaigns.
Isobar India was the first to introduce blockchain as the first digital media campaign in the auto industry with CEAT Tyres in February 2019.
What in your opinion is stopping brands in utilising the full potential of blockchain technology?
While brands understand the concept of blockchain and its many benefits, they don’t want to take a risk of investing in it. They want to see real-life use cases to believe in it. This is typically the same situation almost more than five years ago when brands were not ready to risk investing in digital marketing. But now the digital spends are close to 40 per cent of their entire marketing budgets. Hoping that the gestation period with blockchain is much shorter.
In the last two years, blockchain technology has become quite popular. In what ways, it can help advertisers and marketers?
It is popular because everyone is hearing and talking about it, without any real implementation. Currently, the media spends have a spillage which cannot be tracked completely, and the ROI measured is somewhat estimated. Blockchain will help track the spends and associate ROI to the last paisa spent. Less spillage, leading to higher ROI.
How blockchain and big- data technologies are changing the business landscape. How can they be a vital part of a startup's business plan?
Especially for startups, it’s a boon. They work on limited budgets to make their mark in the market and want the highest returns. This technology will only help these startups and encourage many more to mushroom. Ultimately giving a boom to the economy.
Tell us about your transition into working with blockchain?
Isobar has always believed in being at the forefront when it comes to adopting new technology and using it to the benefit of our clients. We have done that successfully with CEAT Tyres, and will continue to apply that to other brands. We also gain immense knowledge and experience from our global counterparts who have used the technology successfully for international brands. We continuously leverage that for brands in India.
Any more campaigns in the pipeline for other brands as well?
Yes, there are conversations going on with clients on the heels of the success with CEAT Tyres. You will hear from us soon.
Mhaskar believes that though the revolutionary concept has already created a stir, for the Indian market it would take another five years to adapt it without any fear. Blockchain has an immense potential in India, he said before signing off.
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