Umbrella Network, a decentralized oracle, has acquired Lucidity, a blockchain-based advertising and analytics platform, to bring more data transparency to advertisers, according to a company statement.
Fast facts
- The acquisition was completed in August 2021 for an undisclosed amount, according to the company statement. Lucidity will be integrated with Umbrella Network as part of the acquisition. Its clients, which include automobile brand Hyundai Genesis, advertising agency Saatchi & Saatchi and fast food restaurant KFC, will receive technology tools including on-chain data that will improve and optimize digital media buying.
- According to Umbrella Network and Lucidity, over US$30 billion in ad spending is “wasted” every year due to fraud, such as bots mimicking human traffic, viewability where ads were charged on an “as-served” basis and were not actually viewed by consumers, or inefficient supply path platforms that do not optimize the most cost-effective channels for programmatic advertising. Lucidity seeks to cut down such waste so that advertisers can better manage their ad spending.
- As the blockchain and decentralized finance (DeFi) ecosystem grows, price oracles — data feeds that connect off-chain real-world information like asset prices to smart contracts — have emerged as a critical part of the infrastructure, bridging blockchains with the external world.
- “Lucidity is delivering marked improvements in the performance of advertising campaigns for its current client 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 and Lucidity co-founder. “By combining its advanced analytical capabilities with Umbrella’s oracle network, we will be able to deliver unparalleled insights to marketers.”