Blockchain firm Lucidity has launched its marketing analytics protocol on the Ethereum blockchain with the aim of bringing transparency to digital advertising.
The protocol involves a decentralized system that verifies a single, auditable set of data analytics for stakeholders.
“What we’ve built is a protocol for industry participants to come to a consensus about what events are valid and what are invalid,” founder Sam Kim was quoted as saying by news portal TechCrunch.
Kim added that digital advertising is plagued by data discrepancies, billing inefficiencies, and billions in fraud are reported each year.
"Our vision is to bring total transparency to the digital advertising supply chain. We are inviting partners to join us so honest players in our industry can get the benefits they deserve," Kim said.
According to the founder, Los Angeles-based Lucidity, which was founded last year, will allow partners to tap into solutions or apps built for fraud prevention, fee transparency, and more.
Clients are required to install a tracker. One of the solutions will ensure that all participants in the chain submit the fee that they charged and that fee can be verified. This could bring down the fee-reconciliation process, Kim said.
There is another solution for making sure that the contract is given to the right publisher and for taking care of fraudulent requests.
In a related development in the space, TechCircle had reported last month that Indian SaaS startup Toch, whose artificial intelligence-based platform lets users shop while streaming videos, was also exploring blockchain technology to provide advertisers with detailed statistics and analysis on where and how their budgets are being spent.
In addition to digital advertising, blockchain technology's transparent and decentralised nature has attracted attention from several industries.
While the travel industry is exploring its use in fixing flight delays and tracking lost bags, FMCG firms are turning to blockchain to improve supply chain efficiency.
Beverage major Coca-Cola is even making use of the digital ledger technology to fight forced labour.
In addition, internet giant Google is reportedly working on a new blockchain platform to guarantee data security and integrity to its cloud storage customers.