Media agency Mindshare said the experiment was part of Project Proton, which uses smart contracts to ensure businesses only pay for ad impressions that are genuine, brand-safe and free from ad fraud.
The WPP-owned network claimed that, compared with a campaign run without smart contracts, there was a 28% increased efficiency in terms of costs for viewable impressions. The test took place in the Asia Pacific region back in March of this year.
According to the press release, the parties involved hope that such technology could make advertising budgets go further and increase overall transparency. PepsiCo says it is now planning to run further test campaigns so it can measure the overall impact of blockchain technology.
The smart contracts were built on a blockchain belonging to Zilliqa Research, a tech company based in Singapore, according to the press release.
As reported by Cointelegraph, Mindshare and Zilliqa forged a partnership to begin testing blockchain solutions back in November 2017.
Late last month, decentralized browser Brave unveiled a new option allowing its users to earn rewards for watching advertising. As well as incentivizing consumers, the company has said the technology reduces fraud and eliminates costs for advertisers.