Elo Network is a UAE-based startup that lets motorists turn their car into a mobile advertising vehicle. Entrepreneurs Mohammed Khamas and Mohammed Bafaqih are currently test-running the Elo Network which is an Ethereum-based platform.
Elo Network joins companies and brands together with car owners on a common platform through which drivers can make use of their cars as an advertising tool, earning financial incentives in exchange. The startup is the latest to pop up in the golden era of Out-Of-Home (OOH) advertising technique.
In an interview with Forbes Middle East, Mohammed Khamas noted that Elo Network empowers people “to create additional income from their existing resources”. He further added, “We have made it our aim to disrupt Out-of-Home advertising, disrupting housing, transportation and the way people work”. Through the network’s Smart Contract agreement, advertisers can promote their services or products while participants of the program get a financial reward which can be redeemed through Elo Network’s platform.
Khamas and Bafaqih’s blockchain-savvy platform uses State Channels on the blockchain, essentially creating a secure method of transaction that guarantees payment to the drivers without having to go through a third party.
Asif Khan, Services Director for Elo Network, claims that utilising State Channels was the best decision since it “retains blockchain’s immutability while allowing for a reduction on transaction fees” through its second-layer scaling approach.
When it comes closing gaps in the advertising industry, Elo Network believes it has cracked the formula to bringing both brands and drivers together in an “incentivized sharing economy to solve the pain points on either side”.
The use of blockchain technology is also beneficial to the UAE-based startup due mainly to its unique traits: A transparent and auditable system that safeguards the interests of both the sides of the advertising ecosystem.
Featured Image: Elo Network