Umbrella Network, a decentralised Layer-2 oracle solution, has acquired of Lucidity, a blockchain-based digital advertising oracle.
This deal will be accretive to Umbrella Network as early as Q1 2022. At the time of this transaction, Lucidity had processed over 600 million transactions, with significant transaction growth anticipated this year. With Lucidity’s integration, the Umbrella Network will now be the highest transaction volume oracle in the world, achieved through its unique design that allows the aggregation of data.
In digital advertising, over USD30 billion dollars are wasted every year and advertisers are demanding transparency. Lucidity’s technology solves this problem by unlocking transparency capabilities from a campaign perspective down to the most granular element of a single ad – this allows advertisers to identify and eliminate waste, focus on audiences and publishers that are most effective, and remain compliant with rules and regulations. Built on the Ethereum blockchain, it resolves data discrepancies so reconciling billing is faster, fraud and waste are eliminated, and enables transparent supply chain evaluation so advertisers know exactly where their budgets are going.
Lucidity clients come from a variety of industries such as Hyundai Genesis in auto, tourism like Grand Junction, Colorado, and QSR like KFC. In the initial phases following the acquisition, Lucidity customers will be powered by Umbrella Network, making it the largest scale oracle in the ecosystem. Clients will receive an augmented suite of technology tools including untapped on-chain data that will improve the digital media buying experience by eliminating waste (time) and optimising their supply chain. By using Lucidity, advertisers will save an average of 30 per cent on ad buys per campaign.
“Lucidity is delivering marked improvements in the performance of advertising campaigns for its current client base by taking off-chain data stored in multiple centralised databases and moving it to the blockchain securely,” says Sam Kim, Partner at Umbrella Network. “By combining its advanced analytical capabilities with Umbrella’s oracle network, we will be able to deliver unparalleled insights to marketers.”
In addition to an initial integration phase, Lucidity will fully upgrade its technology to be compatible with Umbrella Network.
“Speed, size, transparency, and capability are the most important metrics marketers need to be able to analyse and produce high-quality campaigns,” says Jonathan Jacoby, Digital Transformation Director at Space Agency. “We’re excited Lucidity is now in combination with Umbrella Network because it means we will have access to both latency and extremely high volumes of data without sacrificing the privacy or security of our clients. This technology delivered such compelling results for us and our client Samsung that we submitted our work together for the upcoming 2021 IAB MIXX awards.”
Following this acquisition, Umbrella Network will continue to explore opportunities to expand into other markets that can benefit from the unique technological benefits it brings to the market including supply chain, manufacturing, legal, entertainment, and gaming.