LG, Arbitrum launch blockchain-based bid in $679B ad market

LG is building a blockchain focused on buying and selling ads, joining a wave of companies launching their own blockchains in recent years.

South Korean tech giant LG Electronics is working with the Ethereum layer-2 network Arbitrum to build a blockchain-based advertising network aimed at serving the digital ad industry.

Arbitrum would give advertisers and publishers a shared database of ad inventory and track how customers interact with advertisements, with the company exploring how to bring the service to market this year, Fortune reported on Thursday.

“We are evaluating whether this approach can deliver meaningful value to advertisers, publishers and audiences,” said Samuel Byungsun Park, the head of LG Electronics’ blockchain research lab.