(Rejected: 4) How Mediaocean Uses Blockchain To Restore Trust in The Ad Supply Chain
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Advertising technology company – Mediaocean – recently partnered with a blockchain firm – Amino Payments – to track accountability and transparency in digital advertising buys.
Leveraging Blockchain To Benefit Business Enterprises
One of the challenges in digital advertising is the big number of firms involved in the advertising spend process, which implies that advertisers lack visibility into this media supply chain.
Normally if there is a campaign, then the advertising buy might go through a DSP (Demand-Side Platform) – a portal – that enables spreading of the campaign across multiple advertising exchanges. Publishers also have to go through the Sell-Side Platforms (SSPs) that allow them to place their inventory on multiple exchanges.
Mediaocean has partnered with blockchain Amino Payments to address this complex process. With its media technologies, Mediaocean captures the end-to-end purchase order to payment data. But Amino Payments adds a new layer with its blockchain technology that gives a detailed breakdown of supplies. This, therefore, means a buyer can see all the vendors, partners, and fees charged.
Amino Payments’ blockchain deconstructs the data from the SSP, the exchanges, and the DSP. Agencies and brands eventually will be able to see reports that show suppliers and the technology and data partners involved in a transaction and how much money each of them obtains.
Strategic Partnership in Business
The partnership aims to put an end-to-end advertising campaign back into the hands of advertising agencies and marketing firms. The integration would enable optimizing expenditures by giving advertisers a clear outlook of path details of programmatic supply chain linked with contractual and financial data.
Mediaocean has been putting funds into research on how blockchain would function in the advertising landscape. With Amino Payments’ blockchain, Mediaocean’s applications will enhance the end-to-end purchase order process to payment view of contractual media commitments.
According to Mediaocean’s Chief Risk Officer – Ramsey McGrory:
“Mediaocean continues innovating with partners like Amino Payments to empower agencies and marketers to measure, execute, and plan global cross-media advertising. Delivering transparency of programmatic media supply within the contractual and financial workflow has been one of the key requests we’ve obtained as we’ve innovated with blockchain. Working together with Amino Payments will assist us in delivering this.”
Amino Payments CEO and co-founder – Will Luttrell – mentioned that by linking optimization tools of its supply chain path with Mediaocean’s new tech applications, media buyers would receive comprehensive outlook of their programmatic buys regarding the execution of purchase order process and payment settlement and obtain more value for their ad spend.
Mediaocean was founded in 2012 and is headquartered in New York City. The company manages all aspects of the advertising workflows and processes 150 billion annually in advertising media spend on its platforms. The organization works with more than 100,000 advertisers, agencies, and media firms.
Last year, Mediaocean grabbed major dealings of the media buying life-cycle in a blockchain pilot program developed with IBM. The blockchain pilot solution supported several brands like Pfizer, Kellogg’s, Unilever, and Kimberly-Clark and recorded $670 million in advertising spend.
On the other hand, Amino Payments was launched in 2017 and is based in Philadelphia. The company combines payment, blockchain, and advertising technologies to enforce transparency in online advertising.
Business Process Optimization
Supply chain management is increasingly becoming more strategic than operational because it enables convenient and quick ordering, cheaper and faster delivery, and greater product choice, and more.
Supply chain management, therefore, enables businesses across the globe to meet the increasing demands of end customers while improving their bottom lines.