Elo Network will help democratise the advertising space, say founders
Two entrepreneurs from the UAE and Saudi Arabia have announced a new blockchain-based platform that will, they claim, open up the world of outdoor advertising in exactly the same way Uber and Careem have changed taxi services around the region.
The Elo Network, co-founded by Mohammed Khammas and Mohammed Bafaqih, has been created to enable any car owner to post advertisements on their car – with the financial rewards facilitated by a blockchain-based smart contract between the driver and the promoter.
The goal is to bypass the traditional custodians of the outdoor space – the owners of the billboards and the agencies who sell them – and connect car owners will advertisers directly.
It is hoped blockchain can resolve issues over payments and also provide better metrics on ads served.
"By using beacons with the stickers we will also ensure that advertisements are always placed in the correct location on the drivers’ vehicles and the correct metrics are being provided to the advertiser,” Mohammed Khamas said.
“Even though similar concepts are available in the world, they have the issues of non-payment and disputes,” Mohammed Bafaqih added.
“Our system is completely trustless whereby smart contracts ensure drivers can cash out anytime for the work they have done. By using zero-knowledge proof encryption, we ensure a driver’s identity is completely private.”
It is hoped that the platform will enable drivers to earn money to help with the daily costs of running a car, such as fuel, fines, maintenance and insurance.
The startup is already in discussions with global brands who are conducting tests on the new service, which they hope will be deployed some time before the end of 2018.