Blockchain technology has already provided more transparency and efficiency in many areas of life. So it is no wonder that the technology is also used in the sector of digital advertising with added value. UK-based cross-industry organisation JICWEBS has now announced new participants in its blockchain digital advertising pilot project. Major participants include Nestlé, O2 and McDonalds.
The aim of JICWEBS is to develop high standards for the digital advertising trade. This could increase purchasing power on the basis of trust. The company is also working with its blockchain solution to reduce online fraud and maximise ad visibility. It’s also about placing ads in a secure brand environment. Nestlé, McDonald’s, Unilever, Virgin Media and their agencies initially participated in the UK company’s pilot project. In the meantime, the customer base has grown to 22 agencies. These include GumGum, Netmums, Sky, Unilever and SMART.
Solving advertising problems with Blockchain
The Incorporated Society of British Advertisers (ISBA), one of the founding members of JICWEBS, is working with PwC to conduct a study on the programmatic supply chain. The aim of the study is to identify the problems faced by advertisers. The participants in the Blockchain pilot project are trying to solve these problems using Distributed Ledger Technology (DLT). Stephen Chester, Director of Media at ISBA, explained this in an article by Ledgerinsights:
“Our own programmatic supply chain transparency study, conducted by PwC, will provide the industry with empirical evidence that it needs to support and drive future technology solutions.”
Pilot project to halve advertising costs
In the advertising industry, it is common for intermediaries between advertising companies and advertising companies to account for up to 50 percent of advertising expenditure. This could of course be changed by using the blockchain solution, which would eliminate the need for cost-intensive middlemen. If the pilot project of JICWEBS and FIDUCIA is successful, the platform could be officially launched in 2020.
There are similar digital advertising developments in the advertising blockchain program of MediaOcean. MediaOcean has also set itself the goal of making the advertising landscape more transparent and cost-efficient.