Toyota Partners Lucidity To Leverage Blockchain Technology On Digital Ads Campaigns

Toyota has teamed up with Lucidity in a bid to curtail fraud, when it comes to digital ads buying. The blockchain analytics firm is to help the automaker introduce transparency when it comes to digital ad campaigns.

Automakers spend about $15 billion a year on digital advertising, in the U.S alone. However, most of the amount goes to waste in weak and ineffective digital campaigns.  By coming together, the two hopes to eliminate wasted spending in ad spending.

Lucidity has made a name for itself as a reliable provider of auditable data across multiple supply chains. Its platform can identify the slightest of data discrepancies on digital ad campaigns. Some of the suspicious activity that the platform can detect includes spoofing as well as bot traffic and bid caching.

Lucidity has already helped Toyota blacklist sites and apps thereby allowing it to eliminate wastage on digital campaigns. According to Toyota’s Nancy Inouye, the campaign resulted in a 21% uptick in traffic to Toyota’s Website. The automaker as a result is now able to focus its digital campaigns on high performing sites.

“Before today, there was no way to verify with confidence what's happening behind the scenes in a programmatic buy. We've had our eyes on blockchain innovation for a long time, but didn't have a workable blockchain solution to implement until now,” said Nancy Inouye, National Marketing Communications Manager at Toyota.

What makes Lucidity blockchain solution stand out, is the fact that it does not rely on probabilistic models. Instead, the firm relies on unique analytics to provide deterministic data for deeper optimization.  The blockchain solution up for grabs should give partners a log-level optics when it comes to ad spend on every step of the supply chain

With the help of blockchain technology, the firm is now able to provide access to clean data set that firms can relay for digital ad campaigns. The digital ledger technology also optimizes the process of buying ads.

According to Lucidity Chief Operating Officer, their main goal is to help clients understand what they are paying for. This entails providing valuable information for detecting potential money wastage digital ad supply channels.

A partnership between Toyota and Lucidity underlines the growing use of Blockchain technology to address transparency in advertising. Software giant Mediaocean has already teamed up with IBM to leverage blockchain technology in digital media supply chain.