- Japanese automaker Toyota signs a deal with Lucidity, an advertising analytics company.
- Lucidity helps track supply chain payments through Ethereum.
- Toyota reported an increase of 21 per cent clicks to their site thanks to the partnership with Lucidity.
Toyota has entered a new partnership with blockchain analytics firm Lucidity to reduce fraud and waste in digital advertisement.
Blockchain to the rescue
Lucidity provides its clients with Ethereum based systems to aid them in tracking supply chain transactions. Through blockchain technology, advertisers can easily monitor the allocation of funds.
In their new partnership with Lucidity and Saatchi & Saatchi, Toyota hopes to reduce fraud and promote transparency in digital ads campaigns. It is estimated that the firm’s advertising market is at about $ 15 billion in the United States.
The media director at Toyota Motor North America, Nancy Inuoye, while speaking exclusively to the AdAge publication revealed that the partnership is showing positive results. She admitted that they had witnessed a 21 per cent increase in the number of visits to their site.
Lucidity flagged sites and applications with unrealistically high levels of impressions, thereby identifying fraud and bot hacking.
Plans to extend the cooperation
“We wanted to go deeper into the programmatic space in particular because it is an area where, quite frankly, we don’t have transparency and visibility.” According to AdAge, the firm intends to extend the deal beyond the three-month period. “We are in discussion to take it to the next step and further with additional campaigns.”
The online ad industry has been one shrouded in uncertainty for quite some time. However, the deployment of blockchain in the industry is shedding some light into the sector. According to Tom Scott, a media head at Saatchi & Saatchi explained that through optimising the campaign Lucidity was able to achieve anti-fraud and viewability measures. “We’ve been able to use block chain technology to eliminate waste and optimize our ad buy in this way.”
Other than identifying fake traffic and bot clicks, blockchain systems also enable auditing of ad transactions. According to PR Newswire, Mediaocean and IBM partnered to create a media ecosystem. “We are on an exciting journey to use blockchain to solve the challenges of media spend transparency and assurance.”