Foodpanda to pilot blockchain-powered digital out-of-home (DOOH) advertising project
The global blockchain-IoT market size is expected to reach $5.8 Bn by 2026
The blockchain technology is poised to generate over $176 Bn of business value by 2025
Blockchain This Week
Blockchain applications in different industries is the new frontier for startups & enterprises alike. Every week, Inc42 brings the latest developments from the Indian blockchain industry and how its disrupting industries.
After good news last week for the crypto and blockchain community, Singapore-based blockchain solution startup Aqilliz has announced a partnership with global ad tech company Moving Walls for the world’s first blockchain-powered digital out-of-home advertising pilot for food delivery startup Foodpanda.
Currently, Foodpanda works with 27K restaurants in 193 cities, and over 15,733 delivery rides across the 12 countries. In India, the business was acquired by Ola in January 2018. The recent partnership with Singapore and Chennai-based Moving Walls will enable the Aqilliz to geofence, track, retarget, personalise, attribute and measure the views of the offline ads in a much more transparent and efficient manner by leveraging blockchain technology.
In the coming years, the blockchain-IoT combination is expected to revolutionise various sectors, including manufacturing, energy and utility, transportation and logistics, building management, healthcare, retail, smart cities, wearable and mobile devices among others. But this is one of the first demonstrated use-cases for blockchain in ad measurement.
According to the latest report by Research Dive, the global blockchain IoT market size is expected to reach $5.8 Bn by 2026 from $32 Mn in 2018, growing at a compound annual growth rate of 91.5% for the forecasted period (2018-2026). The growth of the blockchain IoT market is expected to be propelled by the increasing adoption of the technology, along with the increase in operational efficiency among organisations.
Srikanth Ramachandran, founder and CEO of Moving Walls said that the technology could change how OOH advertising is measured and how returns are calculated. “As an industry, we tend to point at online ad fraud to advocate for greater OOH spends but there are more fundamental issues of fragmentation and a lack of transparency that need to be fixed. This campaign gives us the exciting opportunity to implement emerging technologies in order to solve these long-standing infrastructural problems to the benefit of all participating partners across the OOH supply chain,” Ramachandran said.
Blockchain Graph Of The Week:
Blockchain Technology Business Value Graph
While advertising and allied sectors will definitely see more blockchain-related development, in terms of overall business value, blockchain is expected to be one of the largest contributors in the future. As per another report, the blockchain technology is poised to generate over $176 Bn of business value by 2025, and the market is expected to keep on increasing till $3.1 Tn by 2030.
Blockchain News Of The Week:
Here are the biggest blockchain-related headlines from across the world.
AE Ventures To Fuel Blockchain Startups In India
With the popularity of blockchain technology rising, AE Ventures, a blockchain-focused investment firm recently announced that it has registered over 170+ early-stage startups for the first edition of Aeternity’s Global Starfleet Program in India which was launched last year. Under this programme, the firm looks to provide mentorship and offer the right platform to unleash the potential of blockchain technology and help startups to scale in the Indian market.
Diplomas On Blockchain To Tackle Forgeries
Indore-based edtech startup Digital Gurukul has partnered with German-based tech startup, Certif-ID to provide blockchain-enabled diploma certificates to students and help prospective employers and higher education institutions to access diploma certificates from anywhere in the world. This would eliminate the use of physical certificates and avoid any kind of malpractices or forgery. Most importantly, it gives businesses a transparent and seamless experience to access diploma certificates.
Allied Wallet To Develop Blockchain-Powered Payments Gateway For Ecommerce
UK-based payment gateway solutions provider Allied Wallet recently announced that it plans to introduce blockchain-enabled payments technology to the ecommerce market in India. The decision comes after the recent Supreme Court verdict, which lifted the ban on cryptocurrency trading in the country. The company is looking to develop a payment processing platform that is agile, secure and responsive to optimise the payment gateway costs for businesses and end-users.
Nippon Express To Develop $1 Bn Blockchain-Powered Logistics Platform
Japan-based logistics company Nippon Express is planning to invest $1 Bn to create a blockchain logistics system, particularly focussed on pharmaceutical products. The company will also be partnering with Intel Japan and Accenture to further enhance the blockchain platform, where it will be using (radio frequency identification) RFID tags and sensors to track and measure the temperature of the cargos in real-time.
Footwear & Retail Brands Turn To Blockchain To Collect Supply Chain Data
The Auburn University RFID Lab in Alabama, USA recently published a proof-of-concept of its Chain Integration Pilot (CHIP) that highlights efficiency across the contemporary supply chain using RFID and blockchain technology. According to the researchers, the proof-of-concept was designed to collect data from multiple touchpoints of footwear and retail brands such as Nike, Herman Kay, Kohl’s and Macy’s among others throughout the supply chain and logistics on Hyperledger Fabric, a plug-and-play platform that helps in developing blockchain-related applications.