- US Financial Stability Oversight Council: Stablecoins Are a Risk to the Economy
- Brazil's IRS Sets Rules to Fine Citizens Who Don’t Declare Crypto Holdings
- EU Council and Commission Say No to Stablecoins Until Regulation Is Clear
- Outrageous Predictions: New Asian Virtual Currency Will Counter Dollar's Dominance
- The First Bitcoin-Featured Commercial Advertised on French Television
The Joint Industry Committee for Web Standards (JICWEBS) – which is owned by UK’s advertisers, agencies and media owners to enhance the efficiency, transparency, and independence of media companies – has recently announced a pilot program using a distributed ledger technology (DLT).
Nestlé, McDonald’s and Virgin Media have joined the JICWEBS’ pilot program, and in fact, they are the first three major brands enrolling to the program. The brands’ media agencies Zenith, OMD UK and Manning Gottlieb OMD respectively, are the key connections between the blockchain pilot and the companies.
The aim of the program 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.
In May, The UK digital ad trading standards body JICWEBS urged advertisers, media owners and other parties involved in digital advertising to join the blockchain 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.
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 the 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.
A Call for More Partners to Join the Blockchain Pilot Program
The JICWEBS is hoping that more partners (brands, tech vendors, ad publisher, etc.) will join the program as the pilot continues. JICWEBS has also approached to London-based tech company FUDICIA to help implement this blockchain solution and roll 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.”
Blockchain has already revolutionized various industries with its almost unlimited potential and versatile applications. There is almost no single industry left untouched by blockchain. Now, blockchain technology is deployed and employed in the digital advertising industry as well.