IBM iX with Mediaocean to Launch Blockchain-Powered Tracker For Digital Media Transactions
June 20, 2018 12:38 pm
IBM is all set to Launch a Blockchain-based Media Transactions Tracker to Prevent Advertising Fraud
IBM iX has partnered with software programming based company Mediaocean to launch a blockchain-powered tracker for digital media transactions. IBM iX is the business and tech consulting wing of global innovation pioneer IBM.
As stated by IBM iX, the primary reasons for applying blockchain in the digital media community is to “clean things up” in media buying world.
The trackers will address digital advertisement fraud toward keeping payments from going to the wrong parties.
Partner in global marketing at IBM iX Babs Rangaiah said that the blockchain pilot would help track the stream of money around media players and remove useless intermediaries:
“Once you recognize where the money is going, who the players are and what each of them is doing, I think you’ll see some redundancies in the supply chain that will allow some of that production money now going to the middle players to come back and hit the publishers.”
Furthermore giving work to transparency in the industry, the pilot additionally plans to decrease the time and expense of media transactions. The pilot will include media deals to Unilever, Kimberly-Clark Corp., Pfizer, Kellogg, and Watson.
As stated by Mediaocean president Bill Wise, the pilot will be entirely connected by the “majority” of the digital media industry toward the end of 2019:
“I think by the end of next year we will have a fully active scalable solution that will be approved by the majority of the industry.”
In April, Procter & Gamble’s chief brand officer accounted that around 20-30 percent of advertising budgets would be wasted in the media supply chain because of “lack of viewability, non-transparent contracts, non-transparent measurement of inputs, fraud, and now even your ads showing up in unsafe places.” as stated by estimates from Juniper Research, duplicity will expense digital advertisers $52 million per day in 2018.
The recent project is not the first activities by IBM to coordinate blockchain technology under the advertising business. On April 18, IBM reported a pilot of a proof-of-concept (PoC) blockchain product to “short-circuit intermediaries” the middle of advertisers, publishers, and buyers and also on providing clear records of contracts and publisher payments.