GRAND CAYMAN, Cayman Islands, Sept. 23, 2021 / PRNewswire / – Umbrella network (https://www.umb.network/), the decentralized Layer-2 Oracle solution, today announced the acquisition of Lucidity, a blockchain-based digital advertising oracle. The acquisition was completed in August 2021 for an undisclosed amount. This agreement will be accretive for Umbrella Network from the first quarter of 2022. At the time of this transaction, Lucidity had processed more than 600 million transactions, with significant transaction growth expected this year. With the integration of Lucidity, the Umbrella network will now be the world’s highest transaction volume oracle, thanks to its unique design that enables data aggregation.
In digital advertising, over $ 30 billion is wasted each year and advertisers demand transparency. Lucidity’s technology solves this problem by unleashing campaign-level transparency capabilities down to the most granular element of a single ad – this allows advertisers to identify and eliminate waste, focus on the most effective audiences and publishers and stay compliant with rules and regulations. Built on the Ethereum blockchain, it resolves data discrepancies to reconcile billing is faster, fraud and waste are eliminated, and enables transparent supply chain assessment so advertisers know exactly where their budgets are going. .
Lucidity customers come from a variety of industries such as Hyundai Genesis in automotive, tourism like Grand Junction, Colorado and QSR like KFC. In the initial phases following the acquisition, Lucidity’s customers will be powered by the Umbrella Network, making it the oracle on a larger scale of the ecosystem. Customers will receive an enhanced suite of technology tools including untapped chain data that will improve the digital media shopping experience by eliminating waste (time) and optimizing their supply chain. By using Lucidity, advertisers will save on average 30% on advertising purchases by campaign.
“Lucidity dramatically improves the performance of advertising campaigns for its current customer base by taking off-chain data stored in multiple centralized databases and moving it to the blockchain securely.” said Sam Kim, partner at Umbrella Network. “By combining its advanced analytical capabilities with Umbrella’s Oracle network, we will be able to provide unparalleled insights to marketers.”
In addition to an initial integration phase, Lucidity will fully upgrade its technology to be compatible with Umbrella Network.
“For a long time, the advertising industry did not have access to the technology necessary to tackle the problematic problem of data manipulation, which causes ad fraud,” said David Moore, CEO of Britepool, former chairman and CEO of 24/7 Real Media which was acquired by WPP, and advisor to Lucidity. “Now that Lucidity is part of the Umbrella network, we have access to the long-awaited blockchain technology that will strengthen the protection of our critical data by putting it on-chain, which will help increase transparency and campaign effectiveness. . This is a powerful win-win combination that will improve the advertising industry while protecting consumer privacy for years to come. “
“Speed, size, transparency and capacity are the most important metrics marketers need to analyze and produce high quality campaigns.” said Jonathan Jacoby, director of digital transformation at the Space Agency. “We are delighted that Lucidity is now associated with Umbrella Network, as it means that we will have access to both extremely high latency and data volumes without sacrificing the privacy or security of our customers. This technology has provided such compelling results for us and our client. Samsung that we have submitted our work together for the upcoming IAB MIXX 2021 awards. “
“We have seen transparency become one of the essential priorities of our brands”, said Kristi VandenBosch, President of OLIVER US and former Global Director of the Revlon Center of Digital Excellence. “As a world leader in the design and operation of in-house agency capabilities for global brands, we are keenly aware of the need for cutting-edge technological support, to generate value, increase visibility and helping brands empower their technology suppliers. Lucidity and the Umbrella Network are exactly the kind of solutions the industry needs and brands demand. “
“The industry needs transparency solutions that will create value for media buyers, which is why we are delighted to see Lucidity and Umbrella Network join forces”, said Lauren Denton, Dentsu Programmatic Manager at Dentsu.
“As a leading supporter of supply chain transparency, Xandr remains committed to improving the visibility of programmatic media transactions. We are excited to partner with Umbrella Network as they bring innovative technology and data benefits to the industry. advertising, “said Alex Chatfield, vice president of market development at Xandr.
As a result of this acquisition, Umbrella Network will continue to explore opportunities to expand into other markets that can benefit from the unique technological advantages it brings to the market, including supply chain, manufacturing, law, entertainment and games.
Lucidity’s intellectual property portfolio currently includes patents pending for decentralized financial applications and the deployment of non-fungible tokens in digital advertising, which will help automate the creation and scalability of industry-specific smart contracts, as well as to thwart deep counterfeits and creative authentication using NFT. These will be in addition to Lucidity’s current portfolio of pending patents, including Application US16 / 271,534, a decentralized and scalable digital and programmatic advertising analysis system, and Application US16 / 434,159, a Systems and methods of applying advertising standards and digital advertising measures.
To learn more about Umbrella Network, please visit: https://www.umb.network/
About the umbrella network
Umbrella Network is a community-owned, Layer 2 Oracle network that aggregates data to provide low-cost, scalable, and secure data. It uses advancements in Merkle Tree technology to write multiple data points to a single on-chain transaction, making batch data for smart contracts more accurate and cost effective. The Umbrella Network believes that a community-owned Oracle solution is essential to building a truly decentralized financial system.
Lucidity is the leading blockchain solution that provides transparency for the digital advertising industry. Thanks to the power of blockchain and cryptography, Lucidity offers unquestionable transparency to advertisers who now have a unified and authenticated view of every ad. Lucidity’s blockchain technology manages the scale of digital advertising while maintaining the privacy required by advertisers.
View original content to download multimedia: https://www.prnewswire.com/news-releases/umbrella-network-announces-strategic-acquisition-of-lucidity-leading-blockchain-based-advertising-and-analytics-platform -301384228 .html
SOURCE umbrella network