How McDonald's, Nestlé and Virgin Media Are Planning to Leverage Blockchain in an Advertising Project

During the last couple of years, the digital advertising market has grown exponentially. Given its complexity, the market faces several flaws, with transparency being at the foremost. Luckily, blockchain technology provides solutions for this market as well, according to McDonald’s, Nestlé and Virgin Media.

With this in mind, the three companies have joined a project meant to research and determine the potential of blockchain technology in reshaping the digital ad supply chain. Successful discoveries will likely lead to blockchain-based pilot programs developed and implemented by the aforementioned companies, with a direct impact on the transparency of advertising worldwide.

According to a report published by the initiative’s head, the Joint Industry Committee for Web Standards, media agencies throughout the world are interested in adopting blockchain-based tech. Agencies which have already showcased interest include Zenith, Manning Gottlieb OMD, and OMD UK. These three will be responsible for evaluating the usability of blockchain tech within the ad market for the remainder of 2019.

The main purpose of the research is to determine in what way blockchain can increase overall transparency and trust associated with the ad supply chain. Additionally, the initiative will also look for applications via which the technology can provide the ad industry with an increased return on investment rate, and whether it can positively impact the efficiency of the ad market.

McDonald's, Nestlé and Virgin Media will finance, and provide insights to ensure a good development of the initiative. In a press statement, McDonalds’ Senior Media and Budget Manager stated that: "This technology offers us the opportunity to see a truly transparent picture of our investment across the digital supply chain. We are also eager to understand the potential impact that this may have on our ROI and efficiency."

Since we are dealing with two huge food companies, positive results in this research effort will likely prone further discussions on how blockchain can be leveraged to track and improve the quality of their food products. The food supply chain and overall industry is in desperate need of transparent tracking, and blockchain-optimized efficiency, granted that food consumption worldwide is increasing on a yearly basis.

Based on everything that has been outlined so far, this initiative is beneficial to the blockchain market as a whole, since it can prove blockchain’s potential in optimizing the advertising industry worldwide.