As stated by Nasdaq via Reuters they will will provide blockchain technology to run a new exchange to trade guaranteed advertising contracts.
The New York Interactive Advertising Exchange (NYIAX) should be launched in the fourth quarter of 2017. This will enable publishers, advertisers and media buyers to trade advertising inventory on a global exchange.
NYIAX’s platform uses Nasdaq’s exchange technology, which incorporates blockchain as its core ledger for transactions. Therefore buyers and sellers of inventory will exchange smart contracts to buy an sell ads at a specified price and date – this results in a more efficient and transparent marketplace for online advertising.
Blockchain, well know as the underlying technology for Bitcoins got a lot of track within the last two years in the financial world. A distributed ledger maintained by a network of computers provides a simpler, cheaper and more transparent way to run all kinds of transactions, thus making it an ideal platform for an exchange or a clearing house.
Nasdaq is a big supporter of the new technology and already implemented it in its U.S. market for shares of private companies.
The new NYIAX is just looking for partner companies from the advertising industry to run a pilot program for the next 6 months.
Once the exchange achieves critical mass within digital, we will begin supporting TV, print, radio and out-of-home markets,” said Lou Severine, NYIAX’s CEO.
Looking forward how this advertising exchange will bring together Wall Street with Madison Avenue.
Cover Image credit: NYIAX