Leading big data marketing company Gravity4 has launched a new blockchain token called Lydian, in an attempt to reduce advertising fraud and increase transaction transparency.
The launch is part of Gravity4’s efforts to disrupt the advertising industry using big data and innovative processes with a particular focus on personalised marketing and the tracking of buying journeys.
The company states that the Lydian blockchain technology will address the trust and transparency issues affecting digital marketing platforms using blockchain distributed ledgers and industry exclusive data sets.
A particular issue for advertisers and those analysing the data around advertising numbers is avoiding bot traffic, which has caused a falling rate of return on advertiser investment. Gravity4 CEO Gurbaksh Chahal acknowledged these issues and signalled his intent to address them:
‘As technological awareness of blockchain continues to increase, every sector of business stands a chance to be disrupted. There is a tremendous opportunity to utilize blockchain technology to create efficiencies within the ad tech industry.
‘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.’
Alongside Lydian, Gravity4 offers an AI solution for big data marketing, called Mona Lisa. It argues that the Mona Lisa tool makes marketing ‘exponentially profitable’ by cutting out manual work and allowing marketing staff to focus on higher level work.
The marketing company also notes the difficulty the advertising industry has had with dealing with data, arguing that for many years, it has been ‘notoriously cumbersome.’ Its intention is to use machine learning to streamline the process and make better use of the data, particularly by focussing on the data that is actually useable.
Lydian, which according to the company, pays homage to the first human civilisation to use currency, is being targeted at new companies that have large cryptocurrency holdings, but that may be hesitant to liquidate large sums of cryptocurrencies into currency to buy services.
Addressing potential fears, CEO Chahal said: ‘100% of the funds received by Lydian for Lydian tokens will be held as reserves against the cost of advertising and media services to be provided for token holders in exchange for Lydian tokens. Any and all product development costs to develop AI, smart contracts, other blockchain features will be funded by Gravity4.’