Fast-food chain KFC recently announced it is adopting blockchain for digital advertising and media buying in the Middle East. Colonel Sanders aims to improve advertising data transparency and reduce the risk of fraud and will be working with Omnicom marketing agency Hearts & Science MENA to roll out the solution.
U.S.-based KFC, a unit of Yum! Brands is famous for its fried chicken and has about 24,000 restaurants worldwide. BIA Advisory Services estimates that quick-service restaurants will spend $4.5 billion on local advertising in 2020. Meanwhile, Statista forecasts that global digital advertising spend will hit $465 billion by 2024.
A common problem is the low conversion rate. But a significant issue is that only a small percent (52%) of advertising clicks can be verified. That’s partly because there are so many intermediaries between the advertiser and the publisher. This lack of clarity about whether a particular campaign is working results in a waste of money. Meanwhile the challenges of tracking advertisements increase the risk of fraud.
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