What is the potential of blockchain in the digital ad supply chain? @GenesisBlockch
July 18, 2019 (Investorideas.com Newswire) Recently Nestlé, Virgin Media and McDonald's joined a new blockchain pilot with the objective of increasing transparency in advertising online. OMD UK, Manning Gottlieb OMD and Zenith, their respective media agencies were eager to join the trial for the remainder of 2019.
The Joint Industry Committee for Web Standards (Jicwebs) - a British United digital ad trading standards body - developed this project aiming to assess the potential of blockchain in the digital ad supply chain.
The initiative is being supported by the London-based blockchain platform Fiducia. Jicwebs pretends to consult the industry on how to incorporate blockchain solutions for the digital ad industry if the test shows successful results.
Media agencias Zenith and OMD have signed up for the project, as they are respective media agencies to this brands. They will also serve as a turning point by evaluating blockchain's potential in increasing trust and transparency in the ad supply chain, and analyzing whether the technology can boost operational efficiency and return on investment (ROI).
As the project moves forward and the supply chain is mapped, additional participants are expected to show up. Jicwebs will welcome them at a certain pace so that the project runs smoothly.
Kat Howcroft, senior media and budget manager at McDonald's, said:
"This technology offers us the opportunity to see a truly transparent picture of our investment across the digital supply chain. We are also eager to understand the potential impact that this may have on our ROI and efficiency."
Along with retailers like Walmart, Nestlé is already experimenting with weaving blockchain into its business, having formed part of a consortium dedicated to using the tech to glean better insights about the origin and condition of food in 2017.
Its head of media communications, Steven Pollack, said the brand was "excited" to be involved in the Jicwebs pilot.
"Blockchain is a new technology being tested in many diverse industries. It's great to be one of the first brands to gain insight into its potential in programmatic," he added.
The blockchain marketing landscape has exploded over the past two years, noting 16-fold growth since 2017. Jicweb's pilot project does not come as a surprise since Toyota partnered with blockchain advertising analytics firm Lucidity to eliminate fraud when buying digital ads in 2018.
- JICWEBS is an independent organisation, representing all sides of the digital advertising industry.
Funded as a joint industry currency, made up of the four trade bodies, the AOP, IAB, IPA and ISBA. The Joint Industry Currencies (JICs) are owned by the industry - advertisers, agencies and media owners - to provide transparent and objective audience data.
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