Elo Network brings blockchain technology to outdoor advertising [tough time ahead for billboard agencies?]

It looks like advertisers are about to get a whole new avenue to reach out to their target audience through outdoor ads. Kudos to the efforts of two entrepreneurs from the UAE and Saudi Arabia, they can now use any private vehicle for displaying advertisements legally and at affordable costs.

It’s basically like how ride-hailing companies such as Uber and Careem revolutionized the taxi business in a mutually beneficial way for all stakeholders including drivers and passengers.

Dubbed the Elo Network, this new venture by Mohammed Khammas and Mohammed Bafaqih, uses blockchain technology to enable any car owner to post advertisements on their car in exchange for financial rewards guaranteed by smart contracts.

The primary objective of this new initiative is to get around the custodians of the outdoor space such as billboards agencies (often filthy expensive for new businesses) and display advertisement without digging a hole in your wallet. And because the new system deploys blockchain technology at its heart, all stakeholders including drivers and promoters can rest assured that their end of the bargain will be honored no matter what.

“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 right metrics are being provided to the advertiser,” said Mohammed Khamas, co-founder of Elo while explaining the benefits of their platform. Mohammed Bafaqih, the other co-founder, 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.”