Blockchain Consortium For Digital Media Supply Chain Launched By Mediaocean And IBM iX

Blockchain, Group, News | June 19, 2018 By:

Media software company Mediaocean and IBM iX, the design and consulting division of tech giant IBM, have formed a new blockchain consortium for the digital media supply chain.

Announced at the second day of Cannes Lions Festival of Creativity, the blockchain consortium will bring together some of the world’s largest advertisers, agencies and publishers, including Kellogg’s, Kimberly-Clark, Pfizer, Unilever and IBM Watson Advertising.

The goal of the consortium is to enhance transparency and build trust and accountability in the advertising ecosystem. The group will pilot a solution, powered by the IBM blockchain platform, that will provide a comprehensive, timely and actionable view of the supply chain. It will tackle supply chain opacity from the rapid proliferation of intermediaries, which makes it difficult for advertisers and agencies to identify exactly how much spend is going towards “working media.”

The blockchain solution was built on top of Mediaocean’s end-to-end campaign management platform, which currently processes over $140 billion in ad spend. The solution aims to provide visibility into the entire lifecycle of an advertiser’s media dollar flow, from issuing of the purchase order, to the execution of media and payment. The pilot program will launch in July.

Mediaocean CEO Bill Wise said that by partnering with IBM, they’re able to launch the first advertising blockchain solution that will improve spend transparency – at scale. He believes the summer pilot will lead to a broader industry beta test early next year.

“I think by the end of next year we will have a fully functioning scalable solution that will be adopted by the majority of the industry,” Wise said.

Babs Rangaiah, Executive Partner, Global Marketing, IBM iX, said that blockchain is creating new ways of doing business across industries, particularly where greater trust and transparency is required.

“As it relates to media, we expect blockchain to be able to provide a single source of truth to any given media buy, eliminating the doubt and uncertainty that is common today,” said Rangaiah. “Measurement and transparency require new solutions across the programmatic supply chain and blockchain is a technology strategically used to create an environment of trust. It will bring tremendous benefits to media buying, especially with industry leaders like Mediaocean leading the charge.”