Category Archives: Mobility Open Blockchain Initiative

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Toyota Adds Transparency to Ad Buying Using DLT in $15 Billion US Market

Japanese car manufacturing giant Toyota has partnered with a blockchain advertising analytics firm in order to cut down on fraud when buying digital ads.

The company, Lucidity offers Toyota an enhanced solution that helps it to control its advertising campaigns, cut back on wasted spending and offer more transparency in a US market currently estimated to be worth $15 billion in 2018.

Since the partnership, Toyota reports that the company website is now able to flag sites and apps with a high level of impression and click discrepancy, identifying the possibility of fraud or bot infiltration. This was an area which was previously lacking in Toyota’s tracking system, according to Nancy Inouye, Media Director at Toyota Motor North America. She commented that the company, “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:”

“We are in discussions to take it to the next step and [test] further with additional campaigns for a longer period of time. We feel that if we go longer we would see stronger results,” she added.

Many of the media industry’s transparency problems are beginning to be addressed utilizing DLT solutions; in particular, those relating to audits and transactions. Activities such as fake traffic counts, bot clicks, and domain spoofing are increasingly being tackled by new projects designed to combat fraudulent media and advertising activity. Tom Scott, Media Director at communications network Saatchi & Saatchi, suggested that new systems such as Lucidity’s can still improve on companies’ built-in anti-fraud software using blockchain, suggesting:

“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.”

Toyota has been looking into how it can improve its services using DLT after major global car producers, BMW, General Motors, Ford, and Renault joined with other companies earlier this year to launch the Mobility Open Blockchain Initiative.

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Report: European Business Too Conservative with Blockchain, Lack Collaboration

A Cognizant report based on recent research into 1,500 European businesses has revealed that many companies lack collaboration with other firms within their respective fields to push adoption forward.

The research, ‘Blockchain in Europe: Closing the Strategy Gap’, which looked into companies across financial services, manufacturing, retail, healthcare and insurance industries, showed that major changes would need to be introduced into existing systems in order to grow the technology, and this had proved challenging in some areas. Lata Varghese, Blockchain Consulting Practice Lead at Cognizant, explained:

“In a very short time, blockchain has grown from a technology with narrow applications related to payments and cryptocurrencies, to one meriting attention from many business leaders… a focus on collaboration with other players to benefit wider industry will be key to realizing the real potential of blockchain.”

The major concern for blockchain adoption in Europe, despite the report’s revelation that 83% of continental business decision makers expect blockchain to have an important impact on their industry, is that only 2% of businesses showed a willingness to work with other firms for wider industry advancements as part of their blockchain strategy, which illustrates Varghese’s concerns.

What is clear is that European businesses realize that blockchain will play a part in their future progress but the willingness to change to accommodate this is lacking, with nearly half of the 1,500 survey respondents seeing no need to change existing models to accommodate future blockchain innovation.

Other findings from Cognizant’s report revealed that 70% of respondents saw competitive advantage as a top benefit of blockchain and 94% saw process inefficiencies as being addressable, but just over a half of respondents struggled to understand practical use cases and/or assess their costs and benefits (51%).

An example of company collaboration to push the technology forward for mutual benefit is best exemplified by a collective blockchain project by major global car producers, BMW, General Motors, Ford, and Renault who joined with other companies to launch the Mobility Open Blockchain Initiative. Other companies on the project include Bosch, Hyperledger, IOTA and IBM who are part of the project’s 30-strong membership formed to explore the potential of blockchain in the mobility space.

 

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