4c7fdc08_rends__Technology_and_Research__Ad_Exchange
[Category] Transparency Quotient [Ad Network] Often referred as blind networks with limited transparency Publisher : Little knowledge on who is buying and at what cost. Advertiser : Little transparency on who see the ads. [Ad Exchange] 
More transparent compared to Ad Networks for both publishers and advertisers Publisher - Knowledge on who is buying at what cost, helps optimize inventory. Advertiser - Impression level data to target users
Difference between Ad Network and Ad Exchange | Media & Entertainment Industry Trends, Technology and Research
Ad Exchange