Verasity, a blockchain-powered video sharing platform has received the patent for it’s proof of view concept after passing scrutiny by China’s patent office. This is another huge milestone in Verasity’s mission to revolutionize online video and give back power to content creators.
The “cointelegraph verasity” is a cryptocurrency that has passed an examination by the Chinese Patent Office. The patent will be issued in China, and it will also allow Verasity to enter the Chinese market.
13 January 2022, London, United Kingdom Chainwire
Verasity is happy to announce that the People’s Republic of China National Intellectual Property Administration has approved the patent for its Proof of View technology, making it the first ad tech module based on blockchain technology in China.
Verasity’s Proof of View (PoV)TM technology makes sure that content and adverts supplied via content players with a PoV integration are seen by actual viewers and are verified on-chain and documented immutably using Verasity’s specifically designed distributed ledger technology. Through clear viewing analytics, Proof of View helps publishers to get paid more quickly for serving advertisements and empowers advertisers to reduce the amount of ad spend wasted to bots and fraudulent viewers.
Proof of View technology is now ready to rule the ad tech market in both the Western Hemisphere and East Asia thanks to its proprietary status and exclusive development by Verasity. The technology has already been granted a patent in the USA, the largest ad spend market in the world with over US$240 billion annually.
China, which has the second-largest economy in the world behind the United States, spends over US$120 billion on advertising annually, with more than 65 percent of these commercials being presented online. The Chinese advertising business is expected to flourish in the next years due to the country’s customers’ sharply increasing GDP per capita.
Dentsu, a Japanese company that specializes in international advertising, predicts that Chinese advertising spending will increase by almost 7% in 2022 alone. However, some experts believe that up to a third of the ad traffic generated by Chinese advertisers may be fake or invalid, costing the expanding sector billions of dollars annually. Verasity is now in a unique position to spearhead innovation and provide cutting-edge ad fraud protection to Chinese advertisers who, up until now, had access to transparent anti-fraud solutions thanks to its pending patent clearance for Proof of View in China.
The “System and Method for Proof of View through Blockchain” patent application will now be published in China. It passed its evaluation on January 5th, 2022, and the results are available here in Chinese or English.
Verasity’s founder, RJ Mark, says:
In order to position Verasity as a global leader in blockchain-based ad tech, it is crucial to protect our distinctive technology by seeking patent and IP protection. This is particularly true of China, which has the second-largest economy and is suddenly taking patent protection seriously. The way that marketers show advertisements and, more crucially, the way that publishers and content creators are compensated will change dramatically as a result of Verasity’s Proof of View technology. We will keep requesting patents for our technology from governments throughout the world to make sure this disruption spreads globally.
To safeguard this unique invention, patent applications have been submitted everywhere.
A protocol and product layer blockchain platform for esports and digital content is called Verasity.io. Verasity is dedicated to providing all stakeholders in the digital content industry with a better user experience. We are trying to eradicate online ad fraud and NFT fraud by providing transparency, security, and confidence with our unique Proof of View technology, eventually transforming how digital advertising is carried out today. With VeraEsports, Verasity aims to rule the esports market by using cutting-edge blockchain technology and the finest gamified viewing experience. Verasity may be found on Reddit, LinkedIn, Discord, and Twitter. Visit verasity.io at https://.
- Moser, Simon
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The “proof of view crypto” is a blockchain-based platform that allows online video content creators to upload their work and receive payments from viewers. Verasity’s proof of view passed examination by the Chinese patent office.
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