AdLedger, The First Blockchain Consortium Focused on Ad Tech Launches in NYC
New York City, New York (PRWEB) June 26, 2017 -- The AdLedger Consortium will hold its inaugural meeting on June 26th, 2017 in New York City. The consortium will be comprised of advertising and publishing executives committed to exploring the use of blockchain technology to bring increased transparency and data security to the ad tech supply chain. Founding members including IBM, MadHive, Integral Ad Science, and TEGNA, among others, will meet to discuss the merits and challenges of collaborating on a blockchain initiative to support the ad tech ecosystem.
IBM iX Executive Partner of Global Marketing, Babs Rangaiah, said, "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.” Prospective AdLedger members from both the buy and sell side will be part of the conversation, all with the understanding that the greatest potential benefit of blockchain technology is achieved through collaboration.
The overarching goal of AdLedger will be 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. Specifically, the network will validate placements and transactions to ensure brand safety through greater transparency, enable data-portability using multi-signature wallets and cryptographic keys for unduplicated campaign execution and measurement. The network will aim to remove layers of inefficiency in technology stacks to address the issue of the disappearing ad dollar, introduce cross-network identity management and attribution reporting, and establish a protocol around a decentralized peer-to-peer data sharing solution. Based on existing industry standards, AdLedger will also determine rules and standards for the protocol that would apply to audience segments, regulatory compliance, data uploads, encryption via keys, and a universal language for smart contracts.
Jim Wilson, President of Premion, a division of TEGNA said, “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.”
Currently, a combination of fraud and supply chain weakness costs the advertising industry an average of $8.2B per year, according to an industry-wide study conducted by the IAB. The supply chain describes all data transfers between industry players starting with creative and ending with the consumer’s browser. By leveraging a blockchain-powered network, the consortium will be able to increase the security and efficiency of data exchanges throughout the supply chain.
The blockchain is essentially a digital distributed ledger that chronologically records transactions in code called hashes. Each transaction that occurs on the blockchain is validated by other nodes in the network, rendering the technology near-tamper proof and dramatically increasing the security of transactions. Because blockchain makes trust a consequence of the technology, it has the power to revolutionize the way value is exchanged online in the same way the Internet revolutionized communications by facilitating the sharing of information.
AdLedger will use open source code to develop its blockchain-protocol. By making the project open-sourced, the organization enables consensus-driven workflows and cryptography to ensure security and reliability. Open source code for blockchain protocol will be made available for peer review and the organization will release an API specification.
AdLedger's mission is to bring together advertising industry players to collaborate on creating technology and protocol to the end of improving transparency and streamlining the supply chain. Ultimately, AdLedger aims to transform the advertising industry with blockchain-powered solutions.
For media inquiries, or to schedule an interview, please contact Kelley Weaver at Melrose PR kelley[at]melrosepr.com or call (310) 260-7901.
About AdLedger (http://www.adledger.org)
AdLedger is a consortium of advertising and publishing executives with the purpose of bringing transparency and data security to the ad tech supply chain by harnessing a blockchain-backed peer-to-peer network.
Kelley Weaver, Melrose PR, http://www.melrosepr.com, +1 3102607901, [email protected]
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