With the growth of the internet, a massive industry of online and digital advertising has sprung up, which has had a huge impact on the global economy. For many businesses, online marketing is now the first consideration in selling products and services, and the sector is worth hundreds of millions of dollars.
Tech giants like Facebook and Twitter, as well as the media industry as a whole, relies on digital advertising as a major income source. When you boil down the economics of the equation, the producers of goods and services, as well as the consumers themselves, are being, for want of a better word, shafted. The middleman industry is now more profitable than both ends of the supply chain equation. And a lot of this is caused by an industry framework that is at best inefficient, and at worst downright shady.
Middleman platforms and the marketers are using increasingly aggressive tactics to target and spam customers, the end result being quite ineffective and irritating. Thankfully, new paradigms in blockchain and artificial intelligence (AI) are helping businesses and their customers to communicate with one another in a smarter and more privacy-conscious way.
Among the many startup projects trying to make the whole advertising stream more rewarding for customers is the NOIZ Network, which combines blockchain and AI together to make advertising more appealing to both businesses and consumers.
Less Intrusive, More Tailored
One of the main features of NOIZ is their use of cognitive oriented computing to make ads more responsive to human interaction:
Ever seen talking, interactive ads portrayed in a futuristic sci-fi movie? Those are cognitive ads; they’re smart and learn consumer preferences. They also allow consumers to engage directly with brands or products. This increases overall engagement with the ads and speeds up the consumer decision-making process.
Advertisers who sign up and pass NOIZ’s requirements will see their ads placed on media partner sites, specifically targeted towards consumer habits. Consumers can then interact with those ads for rewards through the same platform. The NOIZ team elaborates further in their whitepaper:
- Cognitive ads from advertisers are distributed amongst NOIZ’s publisher platforms.
- Consumers engage with these ads in exchange for NOIZ tokens.
- Consumers redeem their earned tokens for the discounts/coupons provided by the advertisers/publishers.
- NOIZ tokens can be redeemed for coupons, donated to social impact organizations, invested in for future returns as the platforms expands, or exchanged.
Fewer Middlemen, More Targeted, More Rewards
As a result of this process, customers can more easily interact with brands they are actually interested in, and also gain rewards from their interactions, while advertisers spend less on aggressive and spam-based channels.
The NOIZ Network team hope that their value proposition resonates with investors as they ramp up towards their token sale in early August 2018.
Can the NOIZ platform help streamline and improve advertising through blockchain and AI technology? Let us know in the comments below.
Images courtesy of NOIZ