This ruling is a pivotal moment for the Indian Digital Ledger Technology landscape.
MUMBAI, India (PRWEB) March 06, 2020
AdsDax, a blockchain-enabled advertising platform, has unveiled plans to expand its business activities in India, working with more brands and agencies to deliver innovative ad campaigns that leverage blockchain and cryptocurrency technologies for higher levels of transparency and accurate reporting.
The expansion of AdsDax’s product offerings comes after India’s Supreme Court removed a ban from the Royal Bank of India (RBI), which had previously blocked any banks in India from working with companies involved in cryptocurrency. The lift of the ban on cryptocurrency usage in business by India’s Supreme Court will allow AdsDax to bring a range of innovative new advertising products to the Indian market.
Ian Mullins, founder and CEO of AdsDax, said, "This ruling is a pivotal moment for the Indian Digital Ledger Technology landscape. With clear regulations, we can ramp up our technology services for transparency, tracking, and cryptocurrency payments. We are happy to see that the Supreme Court has lifted the RBI ban, which had been stifling innovation and growth in India. ”
AdsDax has already worked with several brands and agencies in India, including Havas Media, GroupM and Isobar; however, the ruling by the RBI had meant that campaigns were limited to the use of blockchain technology, with cryptocurrency payment layers being prohibited from use. Globally AdsDax has been tracking hundreds of millions of live events from programmatic advertising in real-time, allowing advertisers and other stakeholders to see engagement and use this information to make informed decisions and manage budget more efficiently.
AdsDax is creating a decentralized ecosystem for advertising, using Hedera Hashgraph’ s Distributed Ledger Technology (DLT) to remove costly intermediaries, put consumers in control of their data and reward customers for their engagement with advertising. Hedera Hashgraph is an enterprise-grade distributed ledger which offers the speed, scale, and reliability necessary to transform the advertising space. Leveraging the Hedera platform, AdsDax can accurately track engagement with advertising campaigns, establish a fair and chronological order of events, and achieve high transaction speeds for cryptocurrency remittances.
Ian Mullins concluded, "This ruling is great news not only for AdsDax and the crypto industry but also for Indian business at large. Blockchain technologies and cryptocurrency offer massive amounts of potential to create new business models, new ways of tracking and attributing data and new ways of executing business logic. We are excited not only by the new products and services we will now be able to bring to market but also by the potential for innovation by our partners and other businesses in the industry. This ruling will pave the way for technical innovation and prosperity in India.”
The AdsDax vision for a new ecosystem is a unified platform that facilitates all aspects of digital advert creation, campaign delivery, traffic and content verification and optimisation with transparent reporting and costs. The AdsDax platform allows all participants to benefit from the money that is currently wasted through middlemen and instead rewards consumers and incentivises participants to create more engaging and relevant ad experiences.
The founding team started as Yamgo, a mobile-oriented content provider which monetised video on mobile. At Yamgo, we saw the problems content owners had monetising their content. We evolved into AdSpruce and worked to solve the problems of monetisation for content owners, enabling them to monetise video and display inventory. Through AdSpruce, we developed an end-to-end video advertising platform working with 25+ of the world's top 100 Ad Age brands.