Umbrella Network is ready to undertake the acquisition of Lucidity, well-known blockchain analytics and advertising platform. Completing this purchase will make the Umbrella Network the highest transaction volume oracle globally. The platform possesses a unique design that conducts data aggregation, thereby facilitating the acquisition.
The layer-oracle solution completed the acquisition in the month of August, 2021 without releasing any official information about the amount. The Umbrella Network expects to wrap up the deal around 2022 Q1. Lucidity has processed transactions exceeding 600 million transactions, with the numbers growing every day.
Digital advertising wastes more than 30 billion dollars yearly and advertisers are asking for more transparency. Lucidity will help the Umbrella Network resolve this issue by bringing down campaigns to the tiniest element of an ad.
It will help advertisers verify and remove waste and focus on publishers and audiences to find the most advantageous option. Moreover, it will also help them comply with regulations and rules. It is developed on the ETH network and eliminates discrepancies of data to speed up bill reconciliation, waste and fraud elimination. This enables the assessment of the supply chain in a transparent manner. It will help suppliers recognize where they are spending the budget.
Lucidity possesses clients from multiple industries like Grand Junction in the tourism sector, Hyundai Genesis in the auto sector, QSR such as KFC. The starting phase of the acquisition will empower Lucidity customers backed by the Umbrella Network.
They will get an augmented suite of technological tools like untapped on-chain data, improving the digital media purchase experience. Moreover, it will eliminate waste and optimize the supply chain.
David Moore, Britepool’s CEO, stated that the advertising sector had not accessed the technology to address issues like data manipulation causing ad fraud.
Jonathan Jacoby, Space Agency’s Digital Transformation Director, said that capability, transparency, and speed are the crucial metrics marketers must use to produce and analyze premium campaigns.