Mediaocean Event Management and Event Marketing Solution Provider, has just signed a partnership with IBM iX, a subsidiary of IBM, to solve the problems of transparency stemming from the ruthless universe of advertising. A pilot project using Blockchain technology will be initiated by the consortium of both companies to track digital media transactions.
Blockchain increases transparency, fights fraud and streamlines processes
To ensure "transparency and build trust and accountability" in the advertising industry, major advertisers, agencies and publishers around the world such as Kelloggs, Kimberly-Clark, Pfizer and Unilever join the consortium and use the emerging technology boom. The Blockchain pilot network aims to bring together the giants of the media industry.
A new Blockchain solution will emerge from the IBM and Mediaocean effort, providing a complete and immutable view of the digital advertising supply chain . Companies will then be able to accurately estimate their advertising budget and build their program with confidence.
IBM is one of the most active companies in terms of adopting the large distributed registry. More than 400 companies have used the US multinational's Blockchain solution based on its announcement in March 2018.
Proven concerns
Bill Wise, CEO of Mediaocean said at an event in Cannes, France:
"In recent years, the industry has been faced with unsustainable economic problems and transparency concerns that hinder progress - particularly with regard to intermediation fees and non-active media. By partnering with IBM, we are able to launch the first advertising solution that will increase the transparency of spending - on a large scale. It will help us to come together under one [...] source and rebuild trust to push us into a new era of advertising transformation. "
Also, according to unconfirmed sources, the FBI is investigating mainstream media advertising practices in the US advertising industry. The authorities are seriously concerned by the lack of transparency that may exist in this area.
As for the IBM iX review, Marketing Babs Rangaiah's representative announced:"Measurement and transparency require new solutions across the supply chain agenda. Blockchain is a technology used strategically to create a trusted environment. It will bring huge benefits to buying in the media sector, especially with industry leaders like Mediaocean. "The pilot project will begin in July 2018 . It will rely more on Mediaocean's campaign management platform. The latter already manages more than $ 140 billion in annual expenditures in many media companies. The Blockchain system will have to follow the movement of the fiduciary money of the advertisers. As a result, all media transactions, from the issuance of purchase orders to payments will be recorded on the large decentralized registry.
What do you think about using a Blockchain solution in the advertising industry? Let us know in the comments section below.
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