IAB Tech Lab, a research and development consortium headquartered in New York, is establishing a working group that will explore ways to leverage blockchain technology to enhance efficiency and value realization in digital advertising.
Established in 2014, IAB Tech Lab is charged with producing and helping companies implement global industry technical standards. Its aim is to reduce friction associated with the digital advertising and marketing supply chain, while contributing to the safe and secure growth of the industry. Founding member companies include AppNexus, Google, Hearst Magazines Digital Media, PubMatic, Tremor Video, Yahoo, and Yahoo! JAPAN.
The Blockchain Working Group’s key objective is to investigate the application of blockchain technology to address challenges in the digital advertising space and to develop standards and best practices for the utilization of blockchain technology. Currently, the working group is working on developing education for blockchain technology and its use in advertising.
“The initial areas of scope are fraud, measurement, discrepancy reconciliation for billing purposes, financial transactions, and validation of advertising resources and assets. Additionally, we will assess if blockchain technology can offer definitive advantages and new opportunities of scale. The working group will evolve standards and protocols and adapt them for blockchain technology,” Richard Bush, Chief Product & Technology Officer, NYIAX, and Michael Palmer, Global Director Product, {m}Platform, GroupM, said in an online post.
The working group’s member companies include GroupM, Kochava, MetaX, and NYIAX. According to the details, the members will work on setting priorities for business use cases and required technology standards and best practices.
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