IAB: Blockchain For Advertising

Richard Bush, CPTO at NYIAX, and Michael Palmer, Director of Product Management at GroupM’s platform, wrote an article on the website of the Interactive Advertising Bureau (IAB) where they announced the creation of a new working group to leverage the application of blockchain in the digital advertising business.Blockchain, since it was first described as a fundamental component of the Bitcoin architecture, has raised growing interest in its possible uses. “We believe the collaboration based network effects of Blockchain are already changing the way global industries perform transactions and share data. This shift in paradigms provides mutual benefits for digital markets, advertising is one of the fastest growing industries” they said.According to Bush and Palmer, since there are already many initiatives already in the work to adapt blockchain technology in order to address various challenges present in the digital advertising industry, it is important that a framework is put in place to guide the development of a common set of standards and protocols. The characteristics of this technology include: It creates a medium by which two or more completely anonymous or semi-anonymous parties can complete various types of transactions at a low cost; there is no centralized controller of the data and no single point of failure for a blockchain’s operations. If one or more users are disconnected from a blockchain, it continues to function, and no data is lost; it additionally has the ability to keep a fully verifiable and immutable ledger or database available to all members of a particular group or market The initial areas of scope of the Blockchain Working Group are fraud, measurement, discrepancy reconciliation for billing purposes, financial transactions, and validation of advertising resources and assets.