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With the new blockchain-powered platform, MetaX promises to solve the main issues and inefficiencies existing in the online advertising industry.
The Los Angeles-based adtech startup, MetaX, has launched the platform which is claimed to be the first blockchain protocol to coordinate the digital advertising supply chain. Called adChain, the system will provide major benefits for the advertising ecosystem, eliminating such problems as fraud and lack of transparency.
“Innovation in digital advertising is growing faster than our standard industry protocols can support. This has created gaps in the ecosystem that can be exploited,” said Ken Brook, CEO of MetaX. “Blockchain has a number of exciting implications for digital advertising. Fraud prevention is a natural first application given the transparency and security blockchain brings, and because fraud is such a major issue for the advertising sector.”
AdChain was co-built with the blockchain software company ConsenSys. The protocol is the first blockchain solution that allows participants across the ad supply chain to cooperate in an ecosystem that is free of fraud and malware.
“The digital advertising industry is experiencing tremendous growth while increasingly struggling with problems like ad fraud, offering an ideal use case for blockchain technology,” said Joseph Lubin, the founder of ConsenSys.
“The MetaX team are experts in digital advertising. It was a perfect complement to work with us, the largest blockchain startup, in helping the industry solve these problems and become more efficient and transparent. The development of the adChain protocol on the Ethereum platform brings a powerful and unparalleled approach toward reaching these goals.”
The platform offers complete transparency, allowing brands and media buyers to access all data related to an ad impression. Advertisers, meantime, are provided with a detailed audit trail of a campaign, including the media and participants. This enables them to easily track and solve issues arising across the supply chain.
AdChain provides a blockchain that is shared among all parties involved in an ad campaign, storing such information as impressions, clicks, and audience segments. A media buyer acquires ad impressions through a real-time buying platform that finds target audiences in ad exchanges that gives access to an ad inventory from thousands of publishers.
The impressions, represented as a block, are encrypted and broadcast to each participant in the blockchain, who approve the impression. The block then becomes part of the permanent ledger and the impressions are verified and cleared.
AdChain is now in operation in a private beta test with a few partners and additional partners are invited to take part in an ongoing beta program. MetaX wants to make it not-for-profit and run by a foundation to encourage more companies to use it.