Top companies like McDonald’s, Virgin Media and Nestlé, have come together to be a part of a blockchain pilot that aims to bolster the aspect of transparency in online advertising. The blockchain pilot has been worked on by a British United digital trading standards organization called the Joint Industry Committee for Web Standards (also called Jicwebs). The new offering seeks to evaluate the potential of these companies and blockchain in supply chain, as per latest reports.
This blockchain-based pilot was announced back in May 2019 and now it has managed to catch the attention of major media agencies associated with industry majors. This includes Zenith, OMD UK and Manning Gottlieb OMD. They will together assess how good blockchain can be in assisting the digital advertising industry in the remaining months of 2019.
As per the reports, the media agencies will try to find out how blockchain can heighten operational efficiency and return on investment (ROI) in addition to its ability to bolster the ad supply chain. Speaking about the initiative, 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.”
Reportedly, the Jicwebs’ trial will be backed by Fiducia, a tech firm based in London. Jicwebs will also be consulting other players in the industry to better understand how they should go about integrating the technology in building solutions to serve the digital ad industry. Such consultation will be sought once the test is proved to be successful.