JICWEBS launches a blockchain-based pilot to revolutionize digital ad industry
Blockchain has already revolutionized various industries with its exponential potential and versatile applications. There is no single industry left untouched by blockchain. JICWEBS or the Joint Industry Committee for Web Standards which was created by UK and Ireland Media industry to enhance the efficiency, transparency, and independence of media companies, has recently announced the pilot program using a distributed ledger technology (DLT). The aim is to create a blockchain platform to bring improved efficiency, trust and transparency within the digital ad ecosystem as these three have become the major concerns for the online ad industry.
The UK digital ad trading standards body JICWEBS in May urged advertisers, media owners and other parties involved in digital advertising to join the pilot program which is first of its kind. The cross-industry trade body is aiming to eliminate all the rampant problems associated with the industry.
Nestlé, McDonald’s and Virgin Media have also joined the JICWEBS’ pilot program, in fact, these are the first three brands joining the program. The brands’ media agencies Zenith, OMD UK and Manning Gottlieb OMD respectively, are the key connections between the pilot and the companies.
Talking more about the pilot program, the first three participants will run it throughout the year to figure out how blockchain or distributed ledger technology (DLT) could possibly contribute to eliminating the most challenging issues of trust transparency and efficiency. According to JICWEBS, the first test round will also help it find the potential of blockchain when it comes to providing solutions for end-to-end supply chain transparency and industry stand.
The Joint Industry Committee for Web Standards is also hoping to announce more beta users that include more brands, tech vendors and ad publisher will join the program as the pilot continues.
JICWEBS has also approached to London-based tech company FUDICIA to help implement the blockchain solution and roll out it out across the industry by next year.
Marc Pritchard, chief marketing officer at Procter & Gamble (P&G) asked the companies to create an improved digital ecosystem for the online ad industry. He even admitted that brands had been “overwhelmed by big data and intimidated by algorithms”.
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.”