Three major companies—McDonald’s, Nestle, and Virgin Media—have opted to be a part of a new blockchain pilot led by the Joint Industry Committee for Web Standards (JICWEBS). The media watchdog will be using the pilot to provide “end-to-end supply chain transparency and clarity around advertising spend.”
The Joint Industry Committee for Web Standards (JICWEBS) is beginning its blockchain pilot program with some major players. The pilot, intended to track advertising spending and its supply-chain, will bring in significant media companies and the likes of McDonald’s and Nestle to test it.
The stated goal of the pilot will be to make the supply chain for advertising more efficient. If successful, the effort will be expanded for the entire media industry by 2020.
McDonald’s was brought on board because they are one of the most significant spenders on advertising in the industry. As Kat Howcroft, Senior Media and Budget Manager at McDonald’s told reporters, the technology offers them a “truly transparent picture” of their investment “across the digital supply chain.”
Other companies involved, like Nestle, are no strangers to blockchain technology. The company is working with OpenSC, a blockchain platform founded by WWF-Australia and The Boston Consulting Group Digital Ventures, which will track products on its supply-chain. For example, producers in New Zealand sending milk to another location will be tracked and accounted for more efficiently. The company is also a part of IBM’s blockchain-powered ‘Food Trust’ program as well.
With blockchain’s potential now expanding into the media industry, it’s becoming clear that all supply chains can benefit. Although the JICWEBS pilot is intended for the digital supply chain, blockchain has proven to be a capable ledger for both digital and physical goods. Whether or not companies like McDonald’s will find themselves inspired enough by the pilot to test blockchain technology in other areas of their business remains to be seen.
Do you believe that the media industry has much to gain by adopting blockchain technology? Let us know your thoughts in the comments down below.
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