Blockchain4Media, a company that validates digital advertisements, has partnered with software consortium R3 to help ensure that companies’ advertising funds reach their intended customers.
The agreement will allow Blockchain4Media to better detect non-validated end-users and false ad engagement, through the use of R3’s Corda blockchain platform, according to a press release.
Blockchain4Media CEO LuRae Lumpkin said, “The speed of transactions on Corda was a key criterion in the technology selection process and will enable Blockchain4Media to help prevent fraud and put control back in the hands of the media buyers and the brands they serve.”
The company noted that digital advertising was a $223.7-billion business last year, while fraud in the industry amounted to about $19 billion annually worldwide. According to its website, “digital advertisers have no good defense against fraud” using more traditional online resources, and that ad placement platforms had little incentive to detect or stop fraud.
R3 CEO David Rutter said of the partnership, “Corda’s unique design will enable Blockchain4Media to provide digital advertisers and brands with access to authentic consumer engagement. We look forward to working with them to develop ground-breaking solutions to tackle ad fraud.”
R3’s global network includes members and partners with which it is working on various blockchain projects on the open-source Corda blockchain. Late last year, it made Corda available on Amazon Web Services for users to develop their applications. Corda is also planned for use in HM Land Registry’s management of about 25 million land titles in England and Wales.
R3 is also working with the Bank of Thailand for the creation of a wholesale Central Bank Digital Currency for the Southeast Asian country, in collaboration with financial institutions such as HSBC and Standard Chartered Bank.
Automotive giant Toyota has also reported success in its use of blockchain technology to detect ad fraud. In a campaign with blockchain advertising analytics firm Lucidity, Toyota saw a 21% increase in visits to its website in comparison with similar campaigns. The car manufacturer said it was already considering further use of blockchain in succeeding campaigns.