An LA-based company is using the blockchain for digital advertising to solve the issue of fraud, which can be seen through traditional channels.
MetaX, which is unlocking the power of the distributed ledger for digital advertising, understands that ad fraud is a major issue in the industry. It’s hoping to tackle this issue through its new adChain protocol that allows its supply chain to coordinate in a scalable, trustworthy and secure way through the blockchain, according to the Blockchain Expo.
Ken Brook, co-founder and CEO of MetaX, said that digital advertising is growing at a quick rate, which means standard industry protocols are having trouble providing sufficient support. As a consequence, fraud becomes an issue.
Blockchain has a number of exciting implications for digital advertising. Fraud prevention is a natural first application given the transparency and security blockchain brings, and because fraud is such a major issue for the advertising sector.
Teaming Up with ConsenSys
As the blockchain experts and a software development consultancy building decentralized applications (DApps), ConsenSys aided MetaX by working with them to create the adChain.
Working across several digital advertising channels, the Ethereum-based protocol presents a solution permitting participants across the supply chain to work together in an environment that is free from bot traffic, malware and fraud.
Blockchain in the Advertising Space
The use of the distributed ledger in the advertising industry has been done before, which shows that its use in the sector has proved beneficial to those in advertising.
Through the technology companies can ensure that the work they are producing is transparent for all to see where there is no chance of fraud taking place.
Last August, Sydney-based Veredictum, a software platform, launched a blockchain-based manuscript protection platform enabling the protection of creative artists from having their ideas stolen before they sign any contracts.
Whereas, Mass Network, a blockchain advertising platform unveiled in November last year that it is attempting to transform Internet advertising by accepting bitcoin micro payments.
These are just a few instances where the blockchain is being employed for advertising, which is illustrating the potential impact it can produce on the sector with more development.
As more industries realize the benefits it can provide more use cases with the technology will be undertaken. Due to its transparent nature and immutable ledger, bitcoin’s underlying technology has grown in popularity, which doesn’t seem to be changing anytime soon.
Featured image from Shutterstock.
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