Executives from several major tech companies, agencies and media companies are joining the board of a blockchain consortium devoted to setting standards for using the technology in digital advertising. IBM, Omnicom Media Group, Reprise Media, Meredith Corp., Salon and CoinDesk are putting their names behind AdLedger, a nonprofit research and development group that aims to both support the emerging technology and make sure the blockchain ecosystem doesn’t develop in a haphazard way. The board also includes representation from blockchain companies such as MAD Network CEO Adam Helfgott, who is a founding member of AdLedger.
The first eight members of the board—which will have around 15 members—were announced today in Cannes, where a number of executives spent the week talking about blockchain technology and how it might help create a more transparent environment for digital advertising. The next meeting will be hosted sometime in the next couple of months at IPG MediaBrands, and it’ll be followed by quarterly meetings along with other working sessions in between.
Board members said it’s tough to create standards and regulations for something that can’t yet be defined. “I really like professionalizing and standardizing it before people run off with crazy ideas and burn something that has a lot of positive impact,” said Tim Ringel, global CEO, of Reprise, an IPG Mediabrands agency.
“If you really understand it, it could really liberate the industry.” While some brands and agencies are just beginning to test blockchain technologies, the industry seems to be heating up. This week, a number of major advertising and technology companies have announced plans to debut blockchain products and services for digital advertisers—which many say could disrupt the existing ad-tech ecosystem by cutting out the need for middle layers between the brands buying the ads and the publishers displaying them.
Earlier this week, AB Inbev said it’s testing pilot blockchain-enabled campaigns for brands like Budweiser and Michelob that shows impression level data. A day later, IBM and Mediaocean debuted a pilot program with several major brands to show how digital dollars are distributed. Read more from adweek.com…
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