Lucidity uses blockchain to bring more transparency to online ads | Tech News
Lucidity is a blockchain-based solution developed by Sam Kim, Korean American founder who previously co-founded and served as COO to Mobile Majority, an adtech company. The CEO Sam Kim has a very unique story, having grown up in the projects of Brooklyn at a young age, with his grandfather having supported his family as an entrepreneur while living near the North Korean border.
His passion in adtech has led him to develop a digital advertising blockchain protocol to deliver transparency and trust in the world of online ads sales. The company announced on April 10th the public launch of its marketing analytics protocol on the Ethereum blockchain. Lucidity has been quietly building its solution since its founding in 2017, and is currently focused on tackling the digital advertising industry’s data discrepancy problems through a decentralized system that verifies a single, auditable set of data analytics for stakeholders. Lucidity opened a successful beta early in Q1, and the protocol is already delivering results for its partners.
Blockchain Solution for a Broken Ecosystem
At a time when digital advertising is plagued by data discrepancies, billing inefficiencies, and billions in fraud each year, Lucidity has created a blockchain technology that verifies each marketing event to ensure ultimate accuracy, security and consensus, allowing players in the ad ecosystem to transact more efficiently.
In establishing an immutable data source for campaign tracking, Lucidity also allows partners to tap into solutions or apps built on the Lucidity protocol such as fraud prevention, fee transparency, and more.
“Our vision is to bring total, indisputable transparency to the digital advertising supply chain. We are inviting partners to join us so the honest players in our industry can get the benefits they deserve,” said Sam Kim, CEO and Co-founder of Lucidity. “Blockchain presents an opportunity to solve a major industry problem. We are successfully operating a powerful protocol and are building game-changing apps on top of it, with input from the world’s most forward-thinking advertisers and technology partners. We’re not just a whitepaper, and we’re excited to bring a tried and tested product to market so the advertising industry can finally transact with trust.”
Partners and Technology
Lucidity will be inviting additional partners to augment its protocol. Existing private beta campaigns will also be expanded with select advertisers and DSPs. Lucidity is the only blockchain-based solution to date that doesn’t require partners to undergo major technical integrations or change their current workflows. Clients simply install a tracker.
Additionally, Lucidity is amongst the first companies in the world to successfully implement Plasma, a side-chain processing solution to solve for Ethereum’s scaling and speed issues, Lucidity is built for the modern programmatic advertising landscape. Lucidity can process millions of transactions per second to assure campaign metrics are verified quickly and efficiently.
For advertisers, Lucidity’s blockchain-based solution provides a unified set of data, free of discrepancies and fraud, that can be used to gauge effectiveness. For publishers, Lucidity helps them own their identity and transparently prove the value of their inventory. The end result is a protocol that resolves data discrepancies, making billing faster and performance reports more accurate.
“Advertisers are fed up with with outrageous misallocations and countless hours lost on reconciliation every month,” said Ryan Yates, founder of Audience Group. “We’re happy to collaborate early to see what a working blockchain product can really do. By offering a legitimate solution to solve many of the industry’s pain points, Lucidity brings much-needed transparency to the ecosystem.”
Source: PR Newswire
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