Umbrella Network, a decentralized oracle that describes itself as a low-cost, massively scalable, and a secured solution for smart contracts, has recently acquired Lucidit, blockchain-based advertising, and analytics platform.

Umbrella Network said Lucidity will be integrated into its system as part of the acquisition deal. Lucidity’s clients which include KFC, Hyundai Genesis, and advertising agency Saatchi & Saatchi will be given advanced tools which can improve their digital media buying.

Solving a problem

Right after the announcement of the successful acquisition, the two companies said that over $30 billion is wasted annually in ad spending because of fraudulent tools such as bots that mimic human traffic to fake data.

They also said that a lot of content that is not actually viewed by consumers is driven by bots in the background which provides false data about viewerships.

Another problem that they’ve revealed is the inefficient supply platforms that do not optimize the most cost-effective channels for programmatic advertising.

This is where Lucidity comes in, and through its advanced blockchain technology, it can seamlessly cut down the wastes caused by these fraudulent and inefficient processes, which would enable advertisers to manage their ad spending better.

The rise of blockchain tech

The blockchain tech is proving every day that its efficiency and security can be used in various industries. In fact, it seems that every industry needs it today as fraudulent activities are rampant and are continuously growing.

The two companies said that as blockchain tech and the DeFi ecosystems continue to grow, price oracles are becoming an important part of the equation. Price oracles’ importance is rising as they serve as an important link between blockchain and the external world.

Lucidity’s integration with Umbrella Network is expected to be an innovative partnership given the two companies’ advanced technologies and their experience in their respective fields.