McDonald's, Nestlé and Virgin Media Join Blockchain-based Project for Digital Ads
TechnologyBit News Today1 min read
In a move that could drastically reshape the digital advertising landscape, major brands McDonald's, Virgin Media and Nestlé have signed on to a pioneering blockchain pilot program. Run by the UK's Joint Industry Committee for Web Standards (JICWEBS), the project aims to enhance trust and transparency across the digital advertising supply chain and tackle major challenges facing the sector.
McDonald's, Nestlé and Virgin Media Join Blockchain-based Project for Digital Ads
First unveiled in May 2019, the pilot project also includes the participating brands' media agencies: Zenith, OMD UK and Manning Gottlieb OMD. By implementing distributed ledger technology (DLT), JICWEBS seeks to address persistent challenges in the industry, such as intermediary fees that can account for up to 50% of ad spend, and the intricate 23-participant process from marketer to final consumer. With blockchain, the intermediaries could become obsolete, and the supply chain transparent and efficient, potentially securing the digital ad industry against an estimated $22.4 billion in annual fraud.
By running the pilot for the rest of 2019, JICWEBS aims to evaluate blockchain's potential to provide accurate and clear oversight of ad spend across the digital supply chain.
Nestlé's Head of Media Communications, Steven Pollack, said that being among the initial brands to gain insight into the technology's programmatic potential was great.
Toyota partnered with blockchain advertising analytics firm Lucidity as early as late 2018 to combat digital ad fraud, seeing a 21% increase in website visits as a result.
According to PwC's U.S. CMO Matthew Lieberman, the technology can decrease fraud, generate dependable digital ad metrics, and assist marketers in protecting consumer privacy.
The successful completion of the pilot project in 2019 could translate to the official launch of the JICWEBS blockchain-powered digital ad platform in 2020. With its promise to maximize ad viewability, minimize fraud, and optimize the supply chain, the initiative also targets ensuring that ads are seen in a secure brand environment.
