Three major companies – McDonald’s, Nestlè and Virgin Media – have aligned with a new blockchain-based pilot program that aims to enhance transparency in online advertising.
The initiative is developed by the Joint Industry Committee for Web Standards (Jicwebs). This British United digital advertising trade standards group wants to evaluate blockchain technology’s potential in the digital media supply chain.
The pilot ad program was initially revealed back in May. Since then, Jicwebs’ blockchain-based project has been joined by the media agencies like Manning Gottlieb OMD, OMD UK, and Zenith. They represent and handle the ad needs of some of the world’s biggest companies.
These media groups are tasked to appraise blockchain’s effectiveness in the digital advertising industry for the rest of the year. Not only will these agencies look into blockchain’s capacity to boost transparency and trust in the advertisement supply chain, they’ll also check if the technology can increase operational efficiency and raise the return on investment (ROI).
Kat Howcroft on the Topic
McDonald’s Senior Media and Budget Manager Kat Howcroft said that blockchain tech is giving the company the chance to see a fully transparent view of their investment across the entire supply chain.
Howcroft added that McDonald’s is anxious to understand the future impact the technology will have on the company’s efficiency levels and ROI.
Jicwebs’ trial project reportedly has the backing of tech company Fiducia. Jicwebs had stated that the organization will consult the ad industry on how best to integrate blockchain solutions to the business if the test shows positive results.