Ashley MacKenzie, media executive and son of former editor of The Sun, Kelvin MacKenzie, has raised money to launch a new blockchain agency, called Fenestra.
According to The Times, the blockchain technology will be designed to plug into brand’s marketing efforts, offering “a new, independent and more transparent model”.
MacKenzie, co-founder of Base79 and former chief executive of Brave Bison, said: “Change is coming. Advertising is an incredibly powerful tool, today’s media supply chain does not work in favour of the advertiser who ultimately funds it.”
The company is pitching that the tech can instill trust back in the media supply chain, giving a better idea of where spend goes. It has already reportely raised $1.5m.
Colin Kinsella, chief executive of Havas North America, who will advise Fenestra, said: "One of the biggest barriers for continued growth in the traditional and digital media ecosystem is trust in pricing and delivery. Blockchain technology has the capability to put trust back in the system and allow agencies and clients to explore new ways to confidently deliver audiences, messaging and growth.”
There is a lot of talk about whether blockchain is actually the tool that can clean up the industry. If properly implemented, the decentralised ledger would be continuously updated with ad buys, helping keep an infallible register of digital ad spend. Once entered, the transaction is encrypted, and cannot be edited.
Truth, a media agency that's part of The Marketing Group, launched last November with a similar promise to harness the tech to provide full transparency to advertisers.