Saudi and Emirati Entrepreneurs Enter the World of Blockchain to Revolutionize Outdoor Advertising
The soon-to-be-launched platform Elo Network will make car owners earn money from their journey on road
Over the past decades, out of home advertising has been regarded as one of the most influential forms of brand promotion, dedicated for consumers who are on the go, waiting in public places, attending specific events, or in transit between ports. Nonetheless, the limitations to this form of advertising is that it is static, lacks metrics, and very expensive, making it difficult for effective products and services to be advertised, and giving more power to others in gaining greater market shares.
The industry is continuously proving to submit to change, however the benefit tends to reside on to the entity that has more financial powers, keeping its advantages away from the public that mostly rely on an individual source of income.
But things are bound to change – two entrepreneurs from technological and Financial backgrounds are taking on mission to disrupt the traditional outdoor advertising with the help of blockchain, with the aim to decentralize the multi-billion-dollar market, bridging the benefit to the public, in other words, the consumers.
Elo Network aims to incentivize any car owner who agrees to post advertisements on his or her car, providing a direct Smart Contract agreement between the driver and the promoter in return financial incentive that can be redeemed from the platform directly. By using State Channels on the Blockchain a trustless method of transaction is created that guarantees payout to the drivers without having to trust any 3rd party.
The Founder of Elo Network Mohammed Khamas added “ By using beacons with the stickers we further insure that advertisements are always placed in the correct location on the drivers vehicles and the correct metrics are being provided to the advertiser.”
The technology will enhance the chances for people to look at the brand advertisements, given that the ad will be in motion, in return, drivers who suffer with payments of fuel, fines, maintenance and insurance, will be finally be earning something back, generating a new income for themselves.
The startup is already in business discussions with world renowned brands who are conducting tests on the new service, as Elo Network Co-Founder Mohammed Bafaqih added “Even though similar concepts are available in the world, they have the issues of non-payment and disputes our system is completely trustless whereby smart contracts insure drivers can cash out anytime for the work they have done and by using our knowledge proof encryption we insure drivers identity is completely private.”