NEW YORK, Jan. 30, 2018 /PRNewswire/ -- The AdLedger Consortium, a non-profit foundation made up of a collection of leading advertising and publishing executives whose purpose is bringing transparency and data security to the ad tech supply chain through blockchain technology, announced today, the full roster of its founding members and the initial focus of the consortium; a GDPR Solution.
The founding members of The AdLedger Consortium include:
The purpose of the consortium is to harness blockchain technology and support the growth of a peer-to-peer decentralized network. Governed by its members, the AdLedger Consortium will address issues of transparency, supply chain inefficiency, data security and portability, reconciliation, and payments. The first initiative of The AdLedger Consortium will be the vetting and approval of an open-source platform, Open-GDPR, designed to safeguard companies against the new GDPR sanctions on data management, established by the European Commission. These sanctions on data privacy go into effect in May 2018. A dedicated working group within the consortium will conduct a privacy impact assessment test for GDPR compliance.
"GDPR Compliance and data security is top of mind for data driven publishers," says Nick Hugh, CEO of The Telegraph. "We were impressed with how this blockchain use case could potentially open up new opportunities for better data management practices. We are excited to be part of testing the efficacy of this platform." The Telegraph will be one of several publishers involved in testing the platform ahead of its open source release in January 2018.
The Open-GDPR platform, when installed, will be able to cryptographically store data on a data controller's private blockchain, and protect companies from violating GDPR sanctions. The platform will use blockchain as an audit trail to manage the new privacy rights under GDPR regulations, namely the Right to Access and the Right to be Forgotten.
"The Open-GDPR platform uses the simplest blockchain use case as the solve for GDPR compliance - the data chain of custody," said Christiana Cacciapuoti, Executive Director of The AdLedger Consortium and VP of Partnerships & Platform Operations of MadHive. "It stores the data now required to be attached to all new data records and records the immutable fact that a company complied with a user's request to be forgotten and has revoked third party access to these data sets. As a result, companies are protected against fines by querying a blockchain to prove their compliance, if audited. This saves themselves from fines listed as upwards of 4% of global turnover or €20M, whichever is greater."
Separately, a second working group, led by Amichai Lichtenstein, Director of Product at AppNexus, is focused on creating a contained blockchain network with a set number of players in order to streamline the campaign reconciliation process. The shared ledger will act as a single source of truth combining disparate sources of immediate metrics based on measurement KPI's tied to campaign delivery. This proof of concept will test the notion that a blockchain network can reduce the amount of campaign discrepancies and offer more transparency for buyers and sellers.
To learn more about the Open-GDPR platform and other AdLedger Consortium initiatives, please visit www.adledger.org.
About The AdLedger Consortium
The AdLedger Consortium is a non-profit foundation governed by its members. The consortium will be run by volunteer contributions made to the foundation in the form of expertise, technical resources and technology infrastructure. The mission of AdLedger is to support an ecosystem where advertisers and publishers can regain control of their data assets, improve ad targeting capabilities, and keep more of their margins currently lost to the rising costs associated with distrust and layers of intermediaries.
SOURCE AdLedger Consortium