The days of the traditional tracking cookie appear to be numbered as Google is reportedly planning to launch its own proprietary tracking technology called AdID. Such a move could have serious consequences on the $120 billion per year digital advertising industry while at the same time giving consumers (and Google) more power over the use of personal information.

AdID would replace third-party cookies as the method that advertisers use to track browsing activity for marketing purposes according to a person familiar with Google's plan as reported by USA Today. The source further noted that Google plans to reach out to industry participants, government bodies and consumer groups in the coming weeks and months to discuss the proposal.

The technology would only be available to companies that agree to Google's code of conduct. Users may even be able to change the list of approved advertisers through options in the browser, the source said.

Google spokesperson Rob Shilkin said the company had a number of concepts in the area of improving users' security while ensuring the web remains economically viable but they're all at very early stages right now.

News of such a proposal shouldn't be terribly shocking to anyone once you consider Google already takes in about a third of the global advertising market. What's more, they are responsible for 56 percent of all mobile ad revenue and Chrome is now the most popular browser in the world.