McDonald's, Nestlé and Virgin Media have joined a new blockchain project, seeking to increase the transparency of online advertising, Campaign news agency reports.
The initiative is being promoted by the Joint Industry Committee for Web Standards (JICWEBS), the UK-based body that monitors trade standards for digital advertising. It aims to assess the potential of the blockchain in the digital advertising supply chain.
The project was first announced in May 2019, and now it is joined by global industry giants such as Zenith, OMD UK and Manning Gottlieb OMD, who will evaluate the blockchain's potential in the digital advertising industry by the end of 2019.
In particular, media agencies will check not only the blockchain's potential to increase trust and transparency in the advertising supply chain but also see whether the technology can boost operational efficiency and return on investment (ROI). 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.”
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