IAB Tech Lab Launches Blockchain Working Group Initiative For Advertising Industry
The blockchain industry is continuously moving towards the future. This week, the IAB Technology Laboratory Blockchain Working Group has announced a new product that will be used as a real world mechanism for testing blockchain-based services and electronic products.
This will not be the end objective of the product, however, as one of the goals is to taking this learning experience to develop an industry white paper that will be used to outline the best practice and help to create the standards to support the application of the blockchain technology in the current market with more efficacy.
IAB Tech Lab Was Created To Solve Problems Of The Blockchain Industry
The working group is made up of many blockchain companies: Kochava Labs, Lucidity, FusionSeven, MetaX and many others. These companies have united to create this project and to supply their partners with the information that will be gathered during the study. The main partners of these five companies are advertisers, agencies, technology vendors and publishers.
IAB Tech Lab has a really large structure and, while these five companies are the main ones in the project, the whole team is much larger and it has about 150 member companies, which is an incredible number.
The @IABTechLab #Blockchain Pilot Program creates real-world opportunities for testing #blockchain based products & services. Join us and be part of these future best practices by participating in the program. Contact IAB Tech Lab here for more details: https://t.co/kJX4HDXoKD pic.twitter.com/CtJzmMoIxj
— IAB Tech Lab (@IABTechLab) July 18, 2018
According to Dennis Buchheim, Senior Vice President and General Manager of IAB Tech Lab, the group is fully dedicated to understanding the needs of the advertisers and publishers on the blockchain industry and to help them to explore this emerging market.
He has affirmed that the company will help its partners to support a clean, scalable and efficient ecosystem and that they will create use cases for blockchain in digital advertising and look forward to have even more brands and key players of the industry joining the conversation about the future of the industry.
More About The IAB Tech Lab’s Project
One pilot of the project uses Lucidity’s Layer 2 technology, an infrastructure protocol that can be used to verify impressions that will help a programmatic supply chain to be very transparent and neutral using the blockchain technology.
Also, it will be able to process and verify high volumes of data from many different sources and to use the technology to reach a consensus on the blockchain of the project. After this first project, many others will come, including some focusing on fee transparency, digital publisher signature and audience verification.
Another feature of the project, this one launched by MetaX, is the adChain Registry. This new feature will be a blockchain-driven list of brand-safe sites that will be determined by the token holders a certain currency.
According to the CEO of Lucidity, Sam Kim, the hype about the blockchain is real and the technology is interesting, but so far there has not been any practical validation of the industry’s value for digital advertising and that is worrisome for advertisers.
Kim also stated that it is vital for the industry to evolve and it is important to address major pain points in the industry that range from supply chain transparency to data discrepancies in the programmatic data. This way, the company will be able to get better results and help the other industries that help it, like the ads industry