BlokID, a Vietnam-based developers of blockchain-powered privacy protection solutions for the digital advertising industry, has on Wednesday announced the completion of a $1.25 million seed round of financing led by Ascend Vietnam Ventures (AVV) and AppWorks.

BlokID said in a statement that with this round of financing, BlokID will accelerate product development, focus on user acquisition, and initiate market expansion—with an outlook to launch by the second quarter of 2024.

It said the company plans to roll out Google analytics plug-ins and financial identity features to further empower users and safeguard their information.

Founded in July 2023, BlokID is a next-generation developer of privacy protection solutions for the digital advertising industry, leveraging blockchain technology to bring an independent, immutable source of truth to digital advertising.

By utilizing BlokID, advertisers are able to seamlessly verify ads, conduct attribution audits, and guarantee privacy with bonded privacy insurance through one click campaigns integrated with Google, Facebook, DV360, Xander, and The Trade Desk.

Recognizing the trust and privacy issues that brands and agencies face in digital advertising, BlokID solves three key problems—ad attribution: allowing clients to verify attribution of ad conversion and detect variances against data reported; privacy insurance: utilizing blockchain timestamping to immediately notify clients of any third party access of information; and GA4 Transparency: moving to GA4 away from Universal Analytics to offer event transparency to all Google Analytics users for free.

Following major privacy violations and litigation cases in recent years, brands understand the severity and heavy cost of data breaches as major threats to business reputation and user loyalty, requiring brands to allocate a significant portion of their budget to brand safety.

BlokID provides an easy and cost-effective solution to prevent breaches from occurring.

BlokID sends immediate notifications to clients of any third-party access to their information, providing an unparalleled level of control and security to help brands and agencies build and maintain trust with their customers.

In turn, brands are able to direct their attention to their core business—delivering impactful results and building strong relationships with their audiences—without having to worry about their data.

BlokID is led by Michael Hahn (Chief Executive Officer), a former executive at Oracle Corporation and Valassis and 20 year veteran in the advertising industry, who recognized the shortcomings of existing solutions in protecting user privacy.

Hahn set out to build solutions that would empower users and businesses with tools to navigate the digital landscape safely and securely, building off a rising tide of user demand for greater control of their data.

According to Hahn, AppWorks insights and strategic guidance will be instrumental in shaping the firm’s go-to-market strategy.

Meanwhile, AVV General Partner Binh Tran said that in an era where digital advertising faces unprecedented challenges, BlokID aims to be a beacon of hope.

“They are not just solving complex problems of ad attribution but are also navigating the intricate landscape of privacy regulations,” he said.

AppWorks Principal Jun Wakabayashi said the firm is excited to back BlokID vision in leveraging the latest innovations in blockchain technology to bring more transparency to the attribution world, while also tackling the increasingly growing concern of privacy protection for both companies and their customers in the digital world.

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