IBM iX – Big Blue’s digital strategy arm – and ad software provider Mediaocean are teaming up to form a blockchain consortium aimed to solve some of the biggest issues in the advertising world.
The consortium, which has already signed up major brands such as Kelloggs, Kimberly-Clark, Pfizer and Unilever, will be using blockchain technology to ultimately “provide transparency and build trust and accountability” in the advertising industry, according to a press release.
The effort will see the creation of a new blockchain solution – using IBM Blockchain and Mediaocean’s campaign management platform – that the firms say will provide a comprehensive and immutable view of the digital ad supply chain, helping firms firms identify exactly where their ad budget is actually being spent.
Bill Wise, CEO of Mediaocean, said in the release:
“In recent years, … the industry has been plagued with unsustainable economics and transparency issues that hinder progress – particularly around intermediary fees and non-working media. By partnering with IBM, we’re able to launch the first advertising blockchain solution that will improve spend transparency – at scale. “
IBM iX’s Babs Rangaiah commented that blockchain could provide “a single source of truth to any given media buy, eliminating the doubt and uncertainty that is common today.”
The pilot blockchain ad solution will launch in July, the release states.
IBM sign image via Shutterstock