Umbrella Network Acquires Lucidity, Bringing On-Chain Data to Hyundai, Grand Junction and KFCbr>
Umbrella Network, the decentralized Layer-2 oracle solution, has announced its acquisition of Lucidity, a blockchain platform that provides transparency to digital advertising, for an undisclosed amount.
With this integration, Lucidity customers such as Hyundai Genesis, KFC and Grand Junction, CO will be powered by the Umbrella Network, solidifying its place as the highest transaction volume oracle in the world.
This acquisition is important as transparency and data discrepancies have long been a bottleneck when it comes to programmatic advertising, especially with data manipulation causing ad fraud. Umbrella Network helps to solve this problem by bringing data on-chain, providing the protection needed for increased transparency and efficiency in campaigns, and combatting falsities by utilizing blockchain technology to identify deep fakes in hyper-targeted ads. Umbrella Network also allows advertisers to identify and eliminate waste, focus on audiences and publishers that are most effective, and remain compliant with rules and regulations. In addition, Umbrella will save advertisers an average of 30% on ad buys per campaign due to data transparency.
“Lucidity is delivering marked improvements in the performance of advertising campaigns for its current client base by taking off-chain data stored in multiple centralized databases and moving it to the blockchain securely,” said Sam Kim, Partner at Umbrella Network. “By combining its advanced analytical capabilities with Umbrella’s oracle network, we will be able to deliver unparalleled insights to marketers.”
In addition to an initial integration phase, Lucidity will fully upgrade its technology to be compatible with Umbrella Network.
“For a long time, the advertising industry did not have access to the technology needed to combat the problematic issue of data manipulation, which causes ad fraud,” said David Moore, CEO of Britepool, former Chairman and CEO of 24/7 Real Media that was acquired by WPP, and Advisor to Lucidity. “Now that Lucidity is becoming a part of the Umbrella Network, we have access to the long-awaited blockchain technology that will empower the protection of our essential data by bringing it on-chain, which will help to bring increased transparency and efficiency in campaigns. This is a powerful, win-win combination that will enhance the advertising industry while protecting consumer privacy in the years to come.”
Following this acquisition, Umbrella Network will continue to explore opportunities to expand into other markets that can benefit from the unique technological benefits it brings to the market including supply chain, manufacturing, legal, entertainment, and gaming.