Telecommunications provider, AT&T and pharmaceutical giant, Bayer are looking to blockchain to help them understand and optimize their advertising. Both companies are reported to have agreed pilots with blockchain startup Amino Payments. The company uses blockchain technology to monitor transactions in the advertising industry.
Lack of Transparency in Digital Advertising
Activities in the digital advertising industry have been described as lacking transparency. Due to the complex nature of the field, businesses who pay for adverts do not fully understand how their advertising monies are used. Businesses are therefore seeking ways to cut money wasted on unproductive digital ads.
High profile lawsuits by Uber and Guardian against lawsuits Dentsu Inc and Rubicon project respectively, show the extent of this problem in the industry.
Mark Wright, VP of media services and sponsorships at AT&T noted that “it [digital ad supply chain] pretty murky and thus you need technology to help you get under the hood right now.” To this end, AT&T and Bayer will explore the possibility of using blockchain to improve their digital advertising dealings.
Blockchain to track Advertising Data
Bayer is experimenting a blockchain-based ad campaign that’ll run through 2018 in partnership with Amino Payments. The pharmaceutical company, which has been working with Amino since last year, believes could solve the problem of advert frauds it complained of in the past. On the other hand, AT&T began a pilot early this year with Amino Payments. Wright indicated that the telecoms will decide their next step after accessing results from the trial.
Amino Payments has purpose-built solutions that combine blockchain, advertising and payment technologies to enforce transparency. It is integrated with AppNexus to collate the identities of all entities in the digital media supply chain.
We could see more companies exploring blockchain in this area in the near future.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.
