Looking for new solutions to wow the digital advertising space, blockchain-based ad exchange AdEx joined the IAB TechLab’s Blockchain Working Group.

Decentralized advertising network AdEx has announced that they have officially become a member of IAB’s TechLab joining as a contributor to the Blockchain Working Group.

The IAB Tech Lab is a nonprofit independent international research and development consortium that was founded in 2014 in the USA.

Aimed at creating and establishing global industry technical standards a number of different working groups perform their functions to help companies implement these standards as well as solutions for the digital media and advertising industries.

The goal of the IAB Tech Lab is to contribute to the safe growth of the industry by means of reducing tensions associated with the digital advertising and marketing supply chain.

At the moment among the contributors to these Tech Lab working groups are a number of marketing agencies, digital publishers, technology firms and other companies interested in interactive marketing.

AppNexus, Google, Hearst Magazines Digital Media, PubMatic, Tremor Video, Yahoo, and Yahoo! JAPAN have already joined the organization as its founding members.

AdEx that raised over $10,000,000 just in three hours of its ICO in June 2017 is putting its effort in revolutionizing of the digital marketing ecosystem. With these goals their joining to the IAB Tech Lab’s Blockchain Working Group was quite a logical and clear move.

Created with a view to investigating the real-life application of blockchain technology for the needs of the digital advertising space, the IAB Blockchain Working Group works under the authority of Shailley Singh.

The group seeks to develop and establish standards and best practices for the utilization of blockchain technology in the digital advertising space. All this demonstrates that AdEx is to become a full-fledged player in this community.

The list of AdEx’s teammates is full of impressive companies’ and experts’ names. Among the participants of the group are Adobe, IBM, MetaX, Amazon, BuzzFeed, Google, Nielsen, Twitter, Publicis Groupe, Papyrus, Shazam and many others.

At the moment the key issue for the group is developing education for blockchain technology and its utilizing in advertising. The members are working on setting priorities for business use cases, establishing required technology standards as well as  implementing best practices.

Ivo Georgiev, CEO of AdEx, said that “working together at this initial stage is crucial for the fast and sustainable adoption of blockchain by the advertising industry”.

“The IAB Blockchain Working Group has the potential to reshape an entire marketplace and set the tone for the future of the ad tech industry. This is why we are delighted that we are a part of it,” he added.

Joining the IAB’s Blockchain Working Group is not the first example of establishing strategic collaboration by AdEx. The list of organization’s partners includes  the video entertainment platform Stremio, the smart economy platform NEO, the online eSports project EloPlay, the video distribution company Flixxo and the travel media company Ink.

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