It was last year when both the giants Unilever and IBM decided to work together to solve one major problem: reduce the misuse of digital ad spend. And after 18 months, the results are out: IBM-Unilever has saved 2-3% on its media buying activities through blockchain.
The First Phase of Blockchain Advertising
This is the first phase.
In fact, Unilever has been one of the biggest ad spender on the planet, with an annual marketing budget of close to $10 billion. With this, the company saw several forms of fraudulent activities in and around the advertising industry. Seeing these activities grow year after year, Unilever joined hands with IBM to start a basic blockchain solution for digital media buying.
This basic solution has not only reduced the ad spend but also created transparency for the advertisers. With the help of smart contracts, the agreed figure set by the advertisers were validated. And then after the media buying process is completed, the agreement is executed and an unified view is presented to the advertiser.
This drastically reduces anyone trying to game the system — as the overview of buying, validating, and clarifying future disputes are all visible.
Blockchain Usage Doesn’t Stop Here
On the consumer side, people don’t care about ad fraud but about their data — being misused or stolen. And IBM-Unilever solution allows members to have a key, which can be used to check where and how the data is utilized.
This is still in the works, and we can expect several other use-cases through blockchain.
At least, with this successful pilot, we believe there is more to come and blockchain will truly reshape the advertising world for the better. This tech will fight the current advertising methods, understand the discrepancies, and resolve the untold battle between marketers and publishers.