Blockchain Technology Is Making A Revolution In The Digital Advertisement Industry
Blockchain adoption has gradually crept into the advertisement sector. Virtually all sectors today are looking forward to implementing digital technology into their operation. A notable example of such companies as McDonald’s, Nestlé and Virgin media who are now a part of the new pilot.
These companies have come together to agitate for a more transparent process in advertising by adopting the blockchain technology at this moment joining forces with the joint industry committee for web standards (JICWEBS).
The JICWEBS is an advertising body in Britain that developed the idea of implementing blockchain technology into the ad media to assess its abilities in controlling the supply chain.
When this decision was announced on May 2019 by JICWEBS, other very notable media companies were interested in the initiative and joined JICWEBS. Aside from McDonald’s, Nestlé, and Virgin media, other companies as Zenith, OMD UK, Manning Gottlieb OMD have participated in the campaign to assess the impact of blockchain technology in improving the transparency of process in the digital advertisement sector.
Aside from the fact that these media outlets have to monitor the effect of blockchain to improve honesty and clarity in the ad supply chain, they will also study its ability to increase efficiency in operations, and ability to increase ROI.
Row Howcroft – McDonald’s media and budget manager during an interview said:
“We have a big opportunity to understand the impact and profit from our investment in the digital supply chain using the blockchain technology. We also look forward to discovering how these technologies can boost our productivity, hence, increase our returns on investment.”
Also, reports have indicated that Fiducia is solidly behind this investigation and JICWEBS have also signaled their interest in collaborating with the London based company if the observation yields a positive result.
Similarly, in July 2018 Lucidity also announced a pilot program in collaboration with IAB to observe the effect of blockchain adoption in advertising. In its announcement, they mentioned that the major focus of the experiment was to discover practices that will help to improve the operations and standards so that other companies in future that will implement the technology into digital advertising will have a comprehensive guideline to follow.
Besides, lucidity also mentioned that a list of companies had indicated interest to work together with them in carrying out the study as at that time. Some of these companies include AppNexus, Audience group, DEx.top, CPXi Asia, GameStop, Giant Spoon, The Richard’s group, Fearless Group, and other companies in the list.
“In search of workable ideas that will provide clarity and sincerity in the digital advertising sector is a top priority right now. Blockchain has such ability to deliver that critical function that we seek,” said Viren Tellis, the Senior Director at AppNexus,”
Some months after this announcement it was reported that Toyota formed a collaboration with Lucidity – the analytics company for blockchain ad. The partnership was aimed at detecting fraudulent acts during the purchase of digital ads.
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