Big brands join a new blockchain experiment to eradicate fraud and fake online advertising industry. McDonald’s, Nestlé and Virgin Media were among the first registered members.
The pilot, led by Jicwebs, a media industry committee, will be completed by the end of the year.
Advertisers spend millions on online campaigns,unable to verify the return on investment, as well as confirming that published statistics detailing demographic data, target audience and coverage are consistent with reports of implementing companies.
According to Cheq, in 2019, advertisers will lose more than $ 23 billion worldwide in advertising fraud.
However, the study claims that inIn many cases, fraud is more likely to affect low-level, low-budget campaigns. The study claims that the aggregate indicator of total advertising spending of 7.5% lost due to advertising fraud reflects a combination of advertising campaigns with different budgets, resulting in $ 23.7 billion in losses in 2019. $ 26 billion by 2020, $ 29 billion by 2021 and $ 32 billion by 2022.
Jicwebs will oversee the development of standards for the digital advertising trade and intends to use the blockchain to increase transparency and trust in the promotion of digital advertising.
The blockchain allows consumers and companies to register transactions in a distributed database that cannot be tampered with, making the data more secure, transparent and reliable.
According to Kat Howcroft, senior media and budget manager at McDonald’s:
This technology makes it possible to seea truly transparent picture of our investments in the digital supply chain. We also seek to understand the potential impact this may have on our profitability and effectiveness.