UK government invests in TAG TrustNet’s blockchain initiative to make digital advertising more accountable
The UK Government, through its innovation agency, Innovate UK, has awarded a six-figure grant to TAG TrustNet to turbo-boost their efforts to make the digital advertising market more accountable, responsible and efficient.
TAG TrustNet is a first-of-its-kind initiative that uses blockchain technology, specifically Distributed Ledger Technology (DLT) developed by Fiducia, to reconcile billions of advertising impressions in near real-time to improve transparency, accountability and efficiency.
Mike Zaneis, CEO, TAG: "Receiving support from the UK Government is a huge milestone and achievement for TAG TrustNet. As digital crimes become more sophisticated and complex, the ongoing work done within the TAG Community and initiatives like TAG TrustNet become more important than ever. The support we’ve received from the IPA has demonstrated the industry’s need to continue to work more collaboratively in maintaining a safer and accountable digital advertising ecosystem."
Innovate UK is the national innovation agency that provides direct financial support and business advice to companies to de-risk their innovation journey, encourage private investment in innovation, and ultimately drive economic growth.
Tom Fiddian, Head of AI and Data Economy Programmes, Innovate UK: "The UK advertising sector is leading the way in demonstrating how a co-ordinated industry-led approach using block-chain technology can clean up supply chain issues and drive digital innovation. By lending the weight of Government support to this initiative we expect to accelerate widespread adoption in the UK, create a use case for other sectors to learn from, and facilitate export opportunities for the project."
In awarding the grant, Innovate UK commented that TAG TrustNet represented one of the most advanced DLT innovation programmes across the UK economy and that it provides an exemplar for other sectors to learn from and follow.
A compelling reason for awarding this grant to TAG TrustNet was that this project originates in the UK but is of global importance, as evidenced by the appointment of TAG TrustNet by the US-based Association of National Advertisers (ANA) as the technical partner to its recently launched programmatic advertising study.
Paul Bainsfair, Director General, IPA: "As the professional body for the UK ad agency business, we have strongly backed this initiative from its conception. From increasing trust and transparency in digital advertising, to improving the buying and planning of programmatic media, to reducing operational costs, the benefits to the global industry are enormous. We are therefore delighted to have facilitated the conversations that have resulted in recognition from UK Government of the value of this initiative and look forward to the developments that this financial backing will enable."
Tim Brown, CEO, Fiducia: "We are extremely grateful to the UK Government and Innovate UK, together with the IPA, for their support to TAG TrustNet and Fiducia, as a cross-industry initiative using our DLT platform as an innovative always-on solution to address the digital advertising trust and transparency problems."