By Richard Thicket and Michael Palmer
Wij are excited to announce that the IAB Tech Laboratorium is establishing a fresh working group with the purpose of exploring ways to leverage blockchain to improve efficiency and value realization ter digital advertising.
Since it wasgoed very first described spil a fundamental component of the Bitcoin architecture by the enigmatic Satoshi Nakamoto ter the fall of 2008, rente ter the concept of the blockchain and its possible uses has grown from a few members of the obscure cypherpunk community to the R&,D halls of top universities and the boardrooms of fortune 500 companies.
A question is: Why blockchain ter advertising?
Wij believe the collaboration based network effects of Blockchain are already switching the way global industries perform transactions and share gegevens. This shift ter paradigms provides mutual benefits for digital markets, advertising being one of the fastest growing industries.
With many initiatives already ter the work to adapt blockchain technology te order to address various challenges present te the digital advertising industry, it is significant that a framework be waterput te place to guide the development of a common set of standards and protocols.
It is necessary to understand some of the fundamental characteristics of blockchain to response this question. Very first, blockchains create a medium by which two or more downright anonymous or semi-anonymous parties can accomplish various types of transactions at a low cost. This has led some to call blockchain a “Trust Machine”.
Blockchain essentially functions spil a distributed ledger. Additionally, it possesses two critical features. Very first, once gegevens is stored ter the ledger, it is typically complicated (more so than with other technologies that are used today) to modify or delete. Every record on a blockchain is voortdurend and will last spil long spil the copy of the entire blockchain exists. 2nd, the ledger is distributed among all the participants on the blockchain, and each user maintains a finish copy of the blockchain.
There is no centralized controller of the gegevens te the blockchain and no single point of failure for a blockchain’s operations. If one or more users are disconnected from a blockchain, the blockchain resumes to function, and no gegevens is lost.
This capability to keep a fully verifiable and immutable ledger or database available to all members of a particular group or market makes blockchain an attractive implement to address challenges spil diverse spil payment processing or fraud prevention. Such a fundamental technology should not be disregarded, it should be embraced, and this is why wij are forming this group.
Blockchain technology is already being utilized te the digital advertising space, and here are some examples of the projects and initiatives. It should also be noted that many industries are already well underway even at this relatively early stage of evolution.
- AdChain is an open protocol on Ethereum’s public blockchain. Its stated aim is to permit for building of decentralized applications, specifically for use ter the digital advertising ecosystem.
- Adex is a decentralized ad exchange that utilizes Ethereum to address problems like fraud, privacy, and consent te the digital advertising space.
- Amino combines technologies from blockchain, payments, and adtech to bring transparency, integrity, and auditability to online advertising.
- Ethereum is a blockchain based, publicly available open source distributed computing verhoging that provides a decentralized virtual machine and its own cryptocurrency tokens called “ether”. Thesis attributes make Ethereum an attractive base for the generation of clever contracts and serves spil the foundation of other applications.
- Faktor is a blockchain-based identity management verhoging that can be utilized by publishers, advertisers, and individual users.
- Hyperledger is an umbrella project of open source blockchain initiatives that wasgoed commenced and managed by the Linux Foundation.
- NYIAX, a ensured media contract exchange, bridges the space inbetween the financial and digital advertising ecosystems utilizing blockchain ter partnership with NASDAQ.
- Rebel AI secures digital advertising and protects publisher identity and brand spend using machine learning, blockchain, and encryption technologies.
- The Basic Attention Token (BAT) utilizes the Ethereum blockchain to create a token that can be used to obtain a diversity of advertising and attention-based services on a purpose-built toneelpodium.
Much like its successful Content Taxonomy standards, the IAB Tech Laboratorium believes that by soliciting input from players across the industry, it can help introduce and implement standards and protocols for the utilization of blockchain technologies te the digital space.
Our initial purpose for the fresh Blockchain Working Group is to investigate the application of blockchain technology ter the business of digital advertising.
The initial areas of scope are fraud, measurement, discrepancy reconciliation for billing purposes, financial transactions, and validation of advertising resources and assets. Additionally, wij will assess if blockchain technology can offerande definitive advantages and fresh opportunities of scale. The working group will evolve standards and protocols and adapt them for blockchain technology.
Since beginning to forming the working group, spil member co-chairs, the two of us have bot working with the IAB Tech Laboratorium Blockchain Working Group team. The primary step has bot to structure what initiatives to execute very first to best advance IAB Tech Lab’s commitment to exploring the implications and applications of blockchain and distributed ledger technologies ter our industry.
Wij encourage all interested members to see out for educational content from IAB Tech Laboratorium. A live member event is being held at MetaX HQ te Santa Monica on October Legal to get everyone up to speed on blockchain and its application to digital advertising (view more information on this event here), with more events to go after. The Blockchain Working Group is now open for business. If you’re an IAB Tech Laboratorium member and would like to participate, email [email protected]
ABOUT THE AUTHORS
Richard Thicket, Chief Product &, Technology Officer, NYIAX
Spil Chief Product and Technology Officer at NYIAX, Richard spearheads the ongoing development of the NYIAX toneel.
Richard has more than 15 years of practice ter the advertising technology industry. He comes to NYIAX from IPONWEB, a key infrastructure provider ter the media trading ecosystem, where he wasgoed the General Manager of its Publishing Solutions business. Te this role, he guided custom-built projects for industry players to market, and working with teams across the globe – Japan, EU and the USA – built fresh products and custom-made platforms specifically tailored to client’s unique business models.
Richard has also served spil the VP of Product and Technology at AOL Networks, and spil the original programer and developer of content management and web publishing software for many of the Reed Business Information’s web properties.
Richard presently resides te the Greater Fresh York City area.
Michael Palmer, Global Director Product, Verhoging, GroupM
Michael Palmer wasgoed most recently a Project Manager at Xaxis where he worked on a multiplicity of initiatives supporting Xaxis’ global trading businesses. He is presently working spil a Director of Product Management at GroupM’s mPlatform organization where he works with teams from the Americas, EMEA and Europe to improve gegevens quality and usage. Michael lives and works te Fresh York City.