London: JICWEBS Ltd – the cross-industry body who define standards and best practice for digital advertising – announced the first participants in their pilot project which will evaluate how blockchain or Distributed Ledger Technology (DLT) – can help to resolve the trust, transparency and inefficiency problems the digital advertising industry is facing.
Nestlé, McDonald’s and Virgin Media are the first brands to take advantage of the initial stage of the pilot which aims to provide end-to-end supply chain transparency and clarity around advertising spend. Further stages of the trial will look to optimise the supply chain and gain operational efficiencies for all involved.
The brands are joined by their respective media agencies Zenith, OMD UK and Manning Gottlieb OMD in the trial. As the project develops and the supply chain mapping is completed, additional participants will be announced, including publishers and technology vendors.
Steven Pollack, Head of Media Communications, Nestlé commented “We’re really excited to be involved in this pilot. Blockchain is a new technology being tested in many diverse industries. It’s great to be one of the first brands to gain insight into its potential in programmatic.”
Kat Howcroft, Senior Media and Budget Manager, McDonald’s UK&I added “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.”
JICWEBS has partnered with London-based tech business FIDUCIA for the pilot which it plans to run across the rest of the year. If successful, JICWEBS will consult with the industry on how best to roll this out in 2020 to raise levels of trust and transparency in digital advertising.
JICWEBS defines best practice and standards for online ad trading in the UK and is made up of the following trade bodies: Association of Online Publishers (AOP), Internet Advertising Bureau (IAB) UK, ISBA – the voice of British advertisers – and the Institute of Practitioners in Advertising (IPA). www.jicwebs.org
FIDUCIA is a UK technology company developing a Distributed Ledger Technology platform providing trust, transparency and operational efficiency to the digital advertising marketplace. FIDUCIA’s patent pending high frequency DLT platform has been developed over the past two years as an industry solution designed to resolve the challenges of using DLT technology for digital advertising traded over exchanges. This includes the ability to automate the execution, reconciliation and settlement of advertising campaigns securely, at scale, for a reasonable cost. www.fiducia.eco.