Mediaocean, the world’s leading media software company and technology giant IBM (NYSE: IBM) have announced the launch of a blockchain consortium to support a digital media supply chain. The parties were able to unite the largest advertisers such as Kellogg, Kimberly-Clark, and Pfizer. The new blockchain technology “aims to provide transparency and build trust and accountability in the advertising ecosystem.”
The technology will allow tracking the effectiveness of each promotion campaign. In addition, the blockchain will form the basis for conducting honest financial relations, where each cent is intended to work for the advertiser. The work will be built on the IBM Blockchain platform.
"In this partnership with IBM and Mediaocean, as well as other leaders in the media industry, we are on an exciting journey to use blockchain to solve the challenges of media spend transparency and assurance." Said Mukund Kaushik, VP Digital Capabilities and Innovation for Kimberly-Clark.
The consortium also looks to visualize how an advertising campaign will operate on a platform built by Mediaocean. Advertisers will have an opportunity to view the overall structure of the campaign and undertake informed decisions on how to proceed. While the blockchain will provide clients with an insight into how their funds are being allocated, while taking down records of everything, from cash movements to purchase orders in a secure and standardized way.
"Marketers today have to deal with a whole host of issues in the digital ad environment from quality control and security to financial transparency. What this pilot has shown us is the potential blockchain has to help us drive more quality into the digital ecosystem and get to one source of the truth for our digital investment," said Rob Master, VP Global Media, Unilever.
The official blockchain launch is scheduled for July 2018.
By Nadya Astam