Paris Hilton has jumped on the digital currency hype by announcing her participation in LydianCoin via Twitter. Her announcement made headlines globally as she put her support behind LydianCoin, a Singapore limited company, launched by Gravity4.
— Paris Hilton (@ParisHilton) September 3, 2017
Gravity4 utility-token, Lydian aims to provide pre-paid digital advertising services for the blockchain community, accessible by the Lydian cryptographic token, with an end goal of fighting ad fraud. In fact, last month Gravity4 said LydianCoin is developing blockchain driven technologies to reduce ad fraud, an issue that has plagued digital advertising, as well as maximise the effectiveness of ad marketing expenditures.
It aims to address the transparency and trust issues affecting digital marketing platforms using blockchain distributed ledgers and industry exclusive data sets to democratise trust at scale.
The press statement also added that LydianCoin is targeting new companies that have considerable cryptocurrency holdings, but may be reluctant to liquidate large sums of cryptocurrencies into fiat to purchase services. The use of Lydian tokens to purchase advertising services from LydianCoin would support and strengthen the crypto-community, by creating a deeper and more circular cryptocurrency economy.
Lyndian token-enabled advertising will offer companies the opportunity to access anti-ad fraud features found in the MonaChain, a blockchain-based system that provides optimised ad placement services designed to avoid common forms of ad fraud. MonaChain is expected to leverage blockchain technology to track advertising market data, use that information gathered to curtail ad fraud and maximise brand return on investment. It is currently under development by Gravity4.
Founder and CEO Gurbaksh Chahal said as technological awareness of blockchain continues to increase, every sector of business stands a chance to be disrupted.
"There is a tremendous opportunity to utilise blockchain technology to create efficiencies within the ad tech industry. By enabling condition-triggered mechanisms for data to be accessible, it can be shared at scale without any middlemen. This will allow the community to effectively target customers, with verifiable metrics supporting their campaign efficacy. This will eliminate the need for an intermediary to validate the data integrity or ad serving transaction,” he added.
Meanwhile, former Starcom lead Jeffrey Seah also joined Gravity4's advisory board last month and will be tasked with advising the management on the Lydian token sale. In an earlier press statement, Seah said blockchain has the ability to address the “unwieldy and opaque supply chain” in marketing and advertising technology. Through the technology, the company aims to establish transparency and trust by creating a central and secure way to record, review and execute deals.
“[...]We’ll be able to eliminate ad fraud and provide personalised experiences to eliminate the need for ad blockers, a solution the industry desperately needs,” Seah said.
Founding partner and principal consultant of QED Consulting Ryan Lim said while blockchain as a technology itself has a lot of promise, key industry players such as Google and Facebook need to adopt it. Otherwise, the take up of new technology will be "extremely low".
"If the major online advertising platforms don't adopt this blockchain technology, and the bulk of your money is being spent there, then you're not going to see any improvement to trusted performance reporting. If Paris Hilton is able to convince the key advertising and media platforms to adopt blockchain, that will be a different story. But it remains to be seen," he said.