Unilever Executive Vice President: Blockchain Use Saved 2-3% of Ad Costs
Fast moving consumer goods giant, Unilever’s new blockchain based pilot ad buying platform has been a resounding success according to the executive vice president for global media, Luis Di Como.
Speaking to media news outlet, Campaign, Luis confirmed the blockchain saved the company about 2-3% of their ad costs through reconciliation. The platform also recorded zero leakages in the media budget spent and ensured every contractual agreement was fulfilled by the publishers.
“This is not going for the latest shiny tool,” Di Como said. “We are going through our rules and our principles to built trust again and having full transparency across all of our operations.”
More than Cutting Costs
Despite the huge steps taken in cutting costs, Di Como insists the platform will offer Unilever more than just a cheaper ad costs. Built on a blockchain, the platform offers a decentralized ledger whereby data is recorded permanently and is easily accessible. Di Como further commented,
“It’s about finding better ways of doing things and releasing capacity to invest more in strategy, communications and media investment.”
The project was created in 2018 following a partnership with IBM iX and MediaOcean, the ad software and computing company. The three companies have formed a consortium to enhance the development of blockchain solutions for the overall digital advertising industry.
IBM partnered with MediaOcean in mid-2018 to build a blockchain solution to increase the transparency in digital advertising. The platform allows users to easily track their ads and offer solutions to challenges in the ad industry.