Japanese car manufacturer Toyota has recently partnered up with Lucidity, a blockchain advertising analytics firm. The goal of this partnership is to eradicate fraud when purchasing digital ads, this was according to a press release published on October 16.
Lucidity (previously called KR80S) was established in Los Angeles in the year 2017. It offers an Ethereum blockchain solution which tracks supply chain payments allowing the advertisers to monitor how their funds are distributed. This partnership will give way for Toyota and Saatchi and Saatchi, a global ads agency, in obtaining transparency in Toyota’s digital ad campaign buys and eliminate futile spending.
The scope of automotive digital advertising market was projected to be at nearly $15 billion in the United States alone this year. The Media Director at Toyota Motor North America, Nancy Inouye, had reportedly told advertising trade publication AdAge that the campaign with Lucidity has led to a 21% increase in visits to Toyota’s website.
According to reports, apps and sites with high level of impression and click incongruity “which indicates fraud or bot infiltration” was flagged through Lucidity. This caused funds to be moved to sites with better performance.
Inouye also said that Toyota “wanted to go deeper into the programmatic space in particular because it is an area [where] quite frankly, we don’t have transparency and visibility.”
According to AdAge, the company is now planning to extend its partnership with Lucidity after the three-week trial which was originally planned.
“We feel that if we go longer we would see stronger results.”
Tom Scott, the Media Director at Saatchi & Saatchi, has said that “even with high standards of anti-fraud and viewabilitty filters already built in, Lucidity was able to deliver significant value-add by further optimizing the campaign.” He added:
“The ability to have access to a transparent, clean set of data from across the programmatic supply chain is game-changing. We’re empowered to take action, and this is the first time we’ve been able to use blockchain technology to eliminate waste and optimize our ad-buy in this way.”
Blockchain has been utilized actively in the media industry to address transparency issues such as fake traffic counts, bot clicks and domain spoofing, as well as audit and transactions.
On June 2018, Mediaocean, a global ad software giant, has partnered with IBM to deploy blockchain in order to bring transparency to the “entire lifecycle of an advertiser’s media dollar flow.”