Power to Consumers — How NOIZchain is Providing a Safe Advertising Environment where Consumers Control their Data
Advertising has traditionally been one-sided; brands reached out to you to influence your perception about the brand.
But advertising in the digital age has made it possible for information and opinion to flow from both sides — a conversation, of sorts. The online world has evolved into a space where information about us can be collected automatically.
A simple click on an ad display on Google sends a plethora of personal information about you to the advertiser and the third-party involved. This consumer data is shared with brands so they can analyze your interests and better design their advertising strategy, improving your perception of their brand and igniting desires within you.
While some consumers do not mind information being collected from their online footprints, as long as they benefit from personalised content and ads; the negative aspects of having your personal data collected and shared, cannot be understated.
Location (IP Address), gender and age (calculated through online actions) are some basic personal information which are collected.
Did you know your political interests, how much money you make, and what stores you visit, can also be gauged by algorithms?
It is crucial to find a balance between the information we allow or don’t allow organizations to know about our life. NOIZchain aims to provide consumers a platform where they can control their own data and benefit from personalised and co-created content — all based on their choice.
The NOIZchain Balance
As a consumer in NOIZchain, you can login to your wallet, which connects you to the ad network. You can then indicate which brands are your favorite, which brands you want to block and whether or not a certain new brand can advertise to you.
You can control both the flow of information that gets presented to you and the flow of information you choose to share with brands.
How it Works:
- You interact with an ad about XYZ shoes and indicate in the ad that you prefer running on a treadmill rather than outdoors; as a result, you receive 1 NOIZ token. You will then be asked if you would like to provide your email address to XYZ Shoes in exchange for 10 NOIZ tokens. If you agree, a smart contract is created between you and XYZ shoes to store the information provided.
- As a result of you accepting the NOIZ tokens, in exchange for sharing data, XYZ shoes now gets to store this information about you on their database. No other third parties will have access to this information.
- Once the information is stored and secured on the NOIZchain, the other NOIZchain community members will be able to see what Wallet ID ABC (XYZ shoes’ wallet) sent 11 NOIZ tokens to Wallet ID EFG (your personal wallet). The community will not see your name or the information that was shared in this transaction.
- Should someone want access to the information that was shared, they will have to ask you for permission. You can set the terms they need to follow in order to see the detailed data.
- You can go to the XYZ shoes website and exchange the tokens earned for a 10% discount on any pair of shoes in the XYZ shoe store. The tokens that you send to XYZ shoes are then forwarded to a social impact organisation. You now get to feel great about doing good while flaunting your new pair of shoes!
- You also have the option to hold on to your tokens, exchange them or make donations to any charity of your choosing.
You Are In Control
You View Ads Relevant to You
If you opt to allow new brands to advertise to you, you can also specify your interests so NOIZchain knows which types of new brands can display ads to you. If you like or dislike the new brand’s ads or the new brand itself, you can upvote or downvote both the ad and the brand. This will train NIKOLA about your preferences, so you see what you want to see.
You Authenticate Ads
Should you view an ad that truly aggravates you or you deem as malicious content for the NOIZchain community, you can stake a number of NOIZ tokens with a vote to have the ad removed. If enough members of the NOIZchain community put stakes down to remove the ad, it will be banned from the NOIZchain platform.
Additionally the stakes that were put down by the advertiser when placing the ad, for the purpose of securing the authenticity of the ad, would be distributed amongst you and the other community members who put stakes down to remove the ad.
This is how consumers in the NOIZchain community can control not only the flow of information to and from themselves, but also keep the NOIZchain community safe and free from irrelevant and unwanted content.