AdLedger, the first blockchain consortium that is focused on ad tech, held its inaugural meeting in New York City on 26th June, 2016 that explored the use of blockchain technology for increased transparency and data security to the ad tech supply chain industry.
The meeting saw consortium founding members including IBM, MadHive, Integral Ad Science, and TEGNA, among others and prospective members, who discussed the merit and challenges of collaborating on a blockchain initiative to support the ad tech ecosystem, the release stated.
“We at IBM believe that blockchain will do for transactions what the Internet did for communications. We are particularly interested in blockchain’s potential to solve many of the issues facing Programmatic buying today,” Babs Rangaiah, IBM iX Executive Partner of Global Marketing, stated.
AdLedger intends to harness the potential of a real-time, blockchain-based, peer-to-peer network to lower costs for publishers while increasing transparency and ROI for advertisers.
The blockchain network will validate transaction to make sure brand safety through greater transparency, enable data-portability using multi-signature wallets and cryptographic keys, among others. It will also remove inefficiency in technology stacks to address the issue of the disappearing ad dollar and introduce cross-network identity management.
“Blockchain technology is well-suited to address many of the advertising industry’s requirements and to fix the issues of frequency capping, attribution and data quality with Advanced TV. Participation by advertisers, agencies, and publishers is essential for building a network that meets the needs of all players in the ecosystem,” Jim Wilson, President of Premion, a division of TEGNA, said.
The AdLedger consortium will make utilize open source code to develop its blockchain-protocol. By doing so, the organization enables cryptography to ensure security and reliability. The organization said that it will also release an API specification.
