Blockchain Mesh, Sensor Fusion, Virtual Beacons - Location-Based Blockchain Technology
Location-based advertising is the new way of advertising and can be expected to account for a growing proportion of marketing spending. The increasing number of connected devices lowers the entry barrier and makes the collection of location data easier. It’s therefore not unusual that more and more location-based data startups pop-up. Here’s an overview of blockchain-based location data startups, presented in a question-and-answer format.
Location data is a valuable piece of marketing information, so it is no wonder that this market segment has been growing strongly over the past five years. According to research firm BIA/Kelsey, U.S. marketers are poised to spend around $20.6 billion in 2018. Location-based advertising is the new way of advertising and can be expected to account for a growing proportion of marketing spending. The increasing number of connected devices lowers the entry barrier and makes the collection of location data easier. It’s therefore not unusual that more and more location-based data startups pop-up. Here’s an overview of blockchain-based location data startups, presented in a question-and-answer format.
Geon.network - Enabling Location-based AdvertisingGeon Network is a location-based network designed on three pillars: Location, Augmented Reality, and Coins. The network triggers actions based on predefined business rules when a user enters or exits a geolocation. Virtual beacons are used to create a bridge between the digital and physical world. Q1. What is a loyalty beacon and how does it become a trusted location? A loyalty beacon in this context is a dispenser of loyalty tokens - the beacon (Geon) is created by a business owner and is loaded with loyalty tokens. Potential customers can geomine the tokens and then use them for discounts when buying merchandise from the business. The location of the beacon/Geon is chosen by the Geon creator and cannot be changed. Q2. How is Proof of Location part of the blockchain solution? The Proof of Location (PoL) is the main requirement for geomining, meaning any user that wants to geomine must provide the PoL first. The Geon App generates the PoL in real time, in the background, whenever a user wants to geomine a particular Geon, so no extra action is required from the user, apart from physical presence at the location. The blockchain is used mainly to enforce the geomining rules (i.e. verification of PoL and other geomining conditions) without the need for a central authority (e.g. Geon Network or any other 3rd party). The blockchain is used to ensure all geomining conditions are met and the user can be rewarded with tokens. Before we can start geomining, the user’s device needs to be able to prove its current geolocation, e.g. be within a 10-meter radius from the Geon. This is where the Geon Witness comes in handy, this Proof of Location platform enables the miner to create a digital certificate, which encodes its coordinates at a specific moment in time. The platform’s main goal is to make it extremely hard for attackers to spoof their location. The certificate is therefore used as a high-level confidence data point by the Geon Network during geomining. Q3. What possibilities do shop owners have to customize the Geon? The business owners will be able to use custom branding on a Geon: company logo on a Geon in simple view or in augmented reality (AR), custom Geon model/shape in AR. Branded Geon Coins can be minted with a customised name and design and retain the same value, functionality, and transactional value as all coins on the network. Collectibles are hot, that’s why Geon Network offers business owners the possibility to create special coins that act as collectibles. Whenever a miner finds a collectible, he can exchange it for premium services or trade it with other users within the app. Q4. How easy is it for business owners to create a Geon? Very easy - you just need to download the app, register by providing your phone number and you are free to geomine or create Geons. Only four steps are needed for creating a Geon:
- Choose location.
- Choose what to input to Geon: either coins or content (content is a new feature - you will be able to put for example discount codes, messages, etc).
- Choose conditions (for example confirm with password).
- Click confirm on the summary page and your Geon is ready to be used.