Unilever to Roll Out Large Scale Project in Singapore

Unilever has teamed up with Blis, a data technology company, to roll out a large scale blockchain project in Singapore. This is a bid to ensure transparency in its data ecosystem. The pilot platform is aimed at overcoming challenges in the industry pertaining to verification and transparency of data. The project would prioritize demographic data and location among others. Powered by the Blockchain Platform of IBM, the initiative will focus on the evaluation and refinement of the service that Blis specializes in and accordingly deal with data providers and advertisers.

Data providers and advertisers would get access to verified and transparent data through blockchain since the geographical source is written into the code. The source would be verified and hence there would be greater confidence in using the data. Brands will be able to assess, analyze and qualify the data according to their focus points and access to data transactions through individual apps and other systems will further simplify the whole process. Unilever is trying to work with other organizations to enhance the digital infrastructure, to develop new capabilities and ensure impeccable transparency. Clarity in how companies use data of consumers has been a hot debate, especially related to scripted manipulation. Compliance to data privacy and other regulatory measures has become the center point for digitization.

Unilever and Blis are taking an innovative step to track geographical data so a critical problem in digital advertising can be effectively remedied. Blis has reliable expertise in blockchain technology and can create a solution that would instill trust, transparency and accountability, all of which are basic demands of consumers today. Even advertisers realize the importance of such faith of consumers as it determines the viability of online advertising in the near and distant future.

Consumer products giant Unilever has a phenomenal presence across the globe. It transcends various industries including food and beverages, cleaning and hygiene products among others. The company generated annual revenue of over sixty two and a half billion dollars last year. The global powerhouse is unsurprisingly moving to blockchain. Consumers are increasingly demanding transparency and data protection. It is only time industries respond in a well planned and effective manner rather than just promising that they would not misuse big data. The GDPR data protect law has undergone changes in Europe and this almost mandates Unilever and others to take steps to ensure transparency and fair usage policy. Unilever aims to comply with the new regulations and provide better service to their customers.

As more companies expand their digital infrastructure, blockchain would become one of the crucial foundations to ensure clarity. Blockchain technology is transforming most industries and there is no turning back. Blockchain is expected to get better and more regulatory measures will demand compliance on the part of all private and publicly listed companies that deal with data of consumers. The eventual goal is to allow customers to control how their data is used and if they want to have their information used in any way at all.

About the Author

Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like 5 Cryptocurrencies to Keep an Eye on in 2018,  Visa Approves Monaco Cryptocurrency Card For Singapore Residentsand all topics related to Singapore Business and Economy. For more info about Singapore company setup and business incorporation visit our website.

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