Major ad holding companies, including IPG, Publicis, Omnicom and GroupM, have teamed with blockchain standards group AdLedger to help put together a white paper — "The Blockchain & Advertising Special Report" — designed to help the industry get a better grasp on blockchain technology and its potential benefits.
The paper, based on a survey of nearly 100 industry executives, was produced by AdLedger’s Blockchain Education Working Group in partnership with analyst group TV[R]EV.
Coindesk, IBM, MAD Network also provided input.
The report addresses issues like how blockchain and advertising work together and potential ways blockchains can be implemented in the advertising and marketing space.
“There has been an abundance of grandiose promises about blockchain’s potential in advertising,” said Tim Ringel, CEO, IPG Reprise Digital. “The goal of our group is to uncover and implement real best practices, but first we need greater industry understanding of the technology and to develop supporting standards.”
“Although it’s often overlooked, advertising financed the creation of the internet,” added Christiana Cacciapuoti, executive director, AdLedger. “In the early stages, the ad-supported approach was instrumental in driving adoption, but it has also left us vulnerable to the problems plaguing the industry today, like a wasteful supply chain and a lack of consumer data privacy controls."