McDonald’s, Nestlé and Virgin Media have joined a new blockchain pilot seeking to increase transparency in advertising online.
Developed by the Joint Industry Committee for Web Standards (Jicwebs) — a British United digital ad trading standards body — the new initiative aims to assess the potential of blockchain in the digital ad supply chain.
The Jicwebs’ blockchain-powered pilot is now joined by global industry giants’ respective media agencies, Zenith, OMD UK and Manning Gottlieb OMD.
Specifically, the media agencies will check not only blockchain’s potential in increasing trust and transparency in the ad supply chain, but also see whether the technology can boost operational efficiency and return on investment (ROI). The pilot will last until the end of this year. The first phase of the trials aims to check how blockchain can affect advertising. In the future, it will work on how blockchain can be used to "optimise the supply chain and gain operational efficiencies for all involved."
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."
According to the report, the Jicwebs’ trial is supported by London-based tech business Fiducia. Jicwebs wrote that they will consult the industry on how to incorporate blockchain solutions for the digital ad industry if the test shows successful results.