Using blockchain technology has helped consumer goods giant Unilever save money in ad reconciliation, said the firm’s executive vice-president for global media.
According to a report published on Sept. 26, executive vice-president for global media at Unilever Luis Di Como told advertisement news outlet Campaign that using blockchain has helped the company save money.
The consumer packaged goods giant said there was no leakage in its media investments made as part of the pilot project. The system reportedly allows for more efficient ad reconciliation in a “process by which advertisers ensure contracted agreements are actually delivered.”
Unilever has been collaborating with computing giant IBM on the project in question for the past 18 months. It is estimated that Unilever saved two to three percent using the blockchain platform.
Unilever to scale up blockchain program
Following the test, Unilever wants to scale the system and create a consortium with ad software firm Mediaocean. Di Como commented on the development:
“This is not going for the latest shiny tool. […] We are going through our rules and our principles to build trust again and having full transparency across all of our operations. [It is not a] cost-cutting exercise. […] It’s about finding better ways of doing things and releasing capacity to invest more in strategy, communications and media investment.”
As Cointelegraph reported, IBM iX has first partnered with software supplier Mediaocean to launch a blockchain-powered tracker for digital media transactions in June.