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. This is according to a report published on September 26th.
The company 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 IBM on the project for the past 18 months. It is estimated that Unilever saved two to three percent using the blockchain platform.
As a result of the test, Unilever wants to create a consortium with ad software firm Mediaocean. Di Como commented on the development saying:
“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.”