MetaX (adChain) Joins IAB Tech Lab Blockchain Working Group

MetaX (adChain) has joined forces with the IAB Tech Lab to form a Blockchain Working Group. The roster of working group members as it currently stands: MetaX, NYIAX, Inc., Group M, and Kochava Inc. will devote resources towards the advancement and promotion of blockchain technology for digital advertising.

The IAB bolsters more than 650 members and has worked to establish industry standards and best practices across the media supply chain for over 20 years. The Executive Committee and Board of Directors include members from Disney, Facebook, Microsoft, CBS, Amazon, Bloomberg, AOL, Google, Snapchat, Twitter, AT&T and MediaMath among others.

Led by Dennis Buchheim, The IAB Technology Laboratory (IAB Tech Lab), “is a nonprofit research and development consortium charged with producing and helping companies implement global industry technical standards and solutions for the digital media and advertising industries.”

You can read the official announcement here:

CEO of MetaX , Ken Brook, gives us his thoughts on the working group in a short Q&A:

What is the significance of this announcement?

Ken Brook: This announcement is significant because in many ways it is legitimizing blockchain for our industry. The IAB is the leading governing body for setting standards, and they wouldn’t have made this announcement if they didn’t fully intend on rolling out blockchain solutions in the near future. So in many ways, this announcement is a signal that, “hey blockchain is here and we need to pay attention to it” and the working group brings together the major industry players so that we can all learn about what this new technology can potentially offer.

What are the high-level goals of the Blockchain Working Group?

KB: The first goal is to bring awareness, and that will be followed by education. We want to show real-world applications of this new technology in a way that the industry can understand. It’s unfortunate that much of the industry right now doesn’t have a full picture of what the blockchain is, they are stuck on Bitcoin or some other limited viewpoint. We want to bring forth the benefits of blockchain technology in its most basic and pure form.

The working group is also going to collaborate around what the best solutions are, as an example, at MetaX we’ve already spec’d out an implementation that combines ads.txt with the blockchain in a way that makes it more efficient. We want to showcase blockchain solutions to the industry in a way that is easily digestible and to provide education on how it works.

How do you envision trade organizations like the IAB developing standards and best practices for blockchain technology moving forward?

KB: I imagine the trade bodies will incorporate parts of the blockchain to form new standards where existing web-technologies and current standards fall short. I think we are going to start plugging some of the gaps that exist in the current standards that we use today that are being exploited. I don’t think it’s going to be an overnight overhaul by any means. I think blockchain technology is going to be slowly adopted and integrated into the existing standards. The OpenRTB 3.0 Framework just announced uses cryptographically signed bid requests and is focused on transparency. It looks to me as though the IAB Tech Lab is already rolling out new standards focusing on many of the same elements that blockchain technology already offers.

What is first on the agenda for the Blockchain Working Group?

KB: First on the agenda is to make the announcement and to tell the industry our mission; here are the objectives and the core contributors. I think everyone is aware as to the reasons why we are trying to solve problems; the problems are very well known. This is a new working group to address those problems in a fundamentally different way than what’s been presented in the past with legacy web-based technologies. We are excited to get started.

Upcoming Events

• If you’re looking for a deep dive into blockchain, request an invite to the first annual Blockchain Bootcamp for Advertising happening Wednesday, September 27, 2017, from 1–5pm in New York City, hosted by MetaX. This is a private invite-only event reserved for senior executives. Details and RSVP request here.
• MetaX / IAB Tech Lab will be hosting, “Blockchain for Advertising,” a public event on October 18th in Santa Monica, CA located at the MetaX HQ. All Blockchain Working Group Members will be in attendance, and we invite you to join for an evening filled with inspirational talks by industry leaders. More details and sign-ups will be made available soon.
• Additional Press Coverage: https://martechtoday.com/iab-sets-blockchain-working-group-advertising-204305