The innovative IBM company is partnering with a software media firm Mediaocean to try the blockchain technology for use in digital media as well as supply chain. These two companies are seeking to lead a consortium that would involve Kimberly Klark Cop, Pfizer, Kellogg, Unilever as well as the IBM Watson which is the company's United States unit. This consortium was created to see how the amazing blockchain technology would be used to increase the transparency level, streamline processes as well as combat fraud. This partnership was announced last week at a financial technology event in France and this partnership would seek to expand the already existing collaboration that IBM has with the Unilever company.
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Bill Wise the CEO of the Mediaocean firm while speaking to newsmen stated that this test of the blockchain technology would see the technology solve some real problems as well as in some cases amid the numerous hype that has been fueled by speculative conferences that never took place. He further revealed that this consortium between these ventures might even continue to next year. He further stated that he thinks that by the end of 2019, that they would have found a fully functional solution that will not only be used by them but would be adopted by various industries. Asides those companies mentioned above, the consortium would also see various media publishers, companies, measurement firms and demand-side platforms become part of it. Measurements firms like Moat of the Oracle company and IAS are a few that have been identified.
Bill Wise went further to state that the distributed ledger which is the blockchain would be helpful in cutting over 60% of the cost that is paid to intermediaries or middlemen. Babs Rangalah who happens to be a former employee of the Unilever company and currently a marketing partner at IBM has stated that the first companies announced were chosen to be part of the consortium to avoid competitive crossing. He went further to reveal that Unilever has the power to veto any member it seeks as it was part of the first set of companies that were involved. This platform or pilot to be built by these companies would be developed and launched on Mediaocean's management campaign platform and is slated to begin in July 2018. This campaign platform developed by Mediaocean is currently handling over $140 billion in yearly spending across various media firms in the world.
The supposed test will see the blockchain technology track the circuit of an advertisers media movement. The blockchain technology would also record all media transactions that would be carried out as well as purchase orders and payments.
This new partnership entered into by IBM makes it one of the most innovative and active companies when it comes to the use of the blockchain technology. If you remember, the company in March gladly announced that over 400 companies are currently making use of their blockchain solutions developed.