The cloud-based gaming firm, Parsec Media, has publicized its pilot program AFOX for settling down advertising contracts on the blockchain platform of R3 Corda. AFOX is launched with an intent to solve the uncertainty in the market of advertisement.
Advertisements were generally done over radio and newspaper in the 60s. Later it gradually got updated to visual media, but with the influx of the internet, things got changed abruptly. With these gradual changes, the advertising industry has become volatile. Parsec is trying to settle down this volatility of digital marketing contracts and trade futures with R3 Corda blockchain.
The AFOX platform utilizes quality matrix with a guarantee of one second of full attention for each advertisement and encodes the same impression on the blockchain. The data is analyzed and stored and shared on the immutable distributed network.
While speaking to the press Parsec said quality standards are not enforced in the current contracts and the buyers demand favorable cancellation terms. As the deals can be canceled, the business of the publishers becomes unpredictable.
These cancelations in the advertisement industry make the market volatile, as said by Charlie Fiordalis, the managing director of Mediacom. He further said, in the advertisement industry, it takes days to construct a contract. But it takes barely 48 hours to put an end to it, and take months to reconcile it.
AFOX will tokenize the media contracts supported on the blockchain. And will make them accessible in the secondary marketplace as options and futures to get advertisements. It will also provide additional liquidity through capital raised from the secondary market. The platform will also offer hedging and discounts for the purchased publications.
Marc Guldimann, the CEO of Parsec Media, said next they are planning to allow issuers to sell contracts directly to the media buyers. Thus, eliminating the intervention of any middleman.
Presently Superbowl is the best media asset as it can reach in just 30 seconds and are non-cancellable. It also assures the company buying it. Parsec is also planning to launch a solution that will be non-cancellable and can effortlessly measure the attention rate.
