It’s tough being a customer these days. With every enterprise, whether big, small and everything in between, committed to making as much noise as they can, one can only wonder if they’re actually discovering new products, or just having front-row seats to the shouting match of the century. Sadly, as technology and automation become more and more important parts of our lives with each passing day, our noise-generating capabilities are growing at an ever-increasing exponential rate.
Ready to blast the next set of buzzwords at the face of the first poor victim that dares to give their content some precious attention, most businesses seem aloof to the next-generation approaches that carve a different path forwards. Building on top of the latest technology, some enterprises are actively exploring new opportunities to reward their loyal customers for the actions they consciously take to contribute towards key company goals. Those familiar with blockchain already know this process as “tokenization” and we’re going to take a closer look at three outstanding examples of its application.
The following is our rough coverage of the 2021 Sohn Investment Conference, which is being held virtually and features Brad Gerstner, Bill Gurley, Octahedron's Ram Parameswaran, Glenernie's Andrew Nunneley, and Lux's Josh Wolfe. Q1 2021 hedge fund letters, conferences and more Keep checking back as we will be updating this post as the conference goes Read More
Tokenizing User-Generated Content (UGC) with Everipedia
We’re all familiar with Wikipedia - the free online encyclopedia, compiled and curated by volunteers from all over the world. Contributors have put endless hours, completely free of charge in generating content for Wikipedia, but one begs the question:
“What if this could be better?”
This is where a new player - Everipedia - steps up to the challenge by introducing tokenization into the mix. Everipedia’s IQ tokens create an amazing opportunity to incentivize UGC submissions from its users - users are rewarded for creating, editing and voting on the platform, thus attracting more potential contributors to its platform.
Taking on the mammoth that is Wikipedia is no easy task, yet in the long-run, by offering a higher incentive for participation, Everipedia has the potential to entice even veteran Wikipedians, simply because they are rewarded for the fruits of their labour.
Tokenizing Patient Feedback with Dentacoin
Speaking of fruits, it’s time to take an apple a day and keep that pesky doctor away with our next entry - Dentacoin. As the name suggests, Dentacoin creates a bridge to fill the gap in patient-dentist relationships and has done an amazing job at interweaving tokenization through the majority of the tools its ecosystem has to offer.
Dentacoin’s Trusted Reviews rewards verified patients with Dentacoin (DCN) crypto tokens for submitting comprehensive text and video feedback, while another tool - DentaVox - incentivizes quantitative market research through paid surveys on a plethora of dental-related topics.
"So I can basically monetize my opinion?"
Absolutely! Both of these work in perfect tandem to streamline the flow of information towards dentists, allowing them to do timely improvements to their customer service, as well as the quality of the treatments they deliver. A dentist that can do their job better and a patient that is rewarded for making it happen - a perfect win-win for happy healthy teeth worldwide. Rejoice!
Spearheading the spread of preventive dentistry around the world, Dentacoin also rewards its users for maintaining healthy oral hygiene habits with the Dentacare - Health Training mobile app. Who knew you could get paid for brushing your teeth?
Tokenizing Ad Attention with adbank
Now that I have your attention, our last entry takes a jab at exactly that - your attention. According to adbank, advertising is broken and they are here to fix it. With rampant ad fraud plaguing the industry, an ever-growing use of ad blocking software and banner blindness the industry is surely ripe for fixing.
By creating a transparent fully-auditable advertising platform, with the help of its AI anti-fraud technology, as well as the inherent qualities of the Ethereum blockchain, adbank ensures your ad spend is no longer pointlessly wasted on bots, click farms and shady sites. Not only that, but through intelligent application of tokenization adbank takes the fight for your attention to a whole new level with Blade - adbank’s very own ad blocker.
"Wait what!? Didn’t you just say ad blockers hurt the industry?"
I did and that’s the beauty of it. Blade is a double whammy for both advertisers and users. On one hand it blocks all those pesky garbage ads, but on the other it allows you to receive higher quality ones that respect your privacy. The best thing about it? You get rewarded along the way!
So forget about those nightmare fuel ads from the past and enjoy getting paid for browsing the internet like you always do. Your attention is worth more than that and with adbank, the value you generate is automatically shared with the content of the publishers you know and love. No need to tip, when everyone’s getting their fair share the moment they’ve got your attention. Including you!
Now that we’ve looked through these examples of tokenization, are you more inclined to believe a little reward goes a long way in motivating people? Reward systems are nothing new and you are quite likely to know their psychological effects. However, creating opportunities for subsidized behaviour with efficient delivery, thanks to blockchain technology, is a sure-fire way to capitalize on age-old techniques in a cutting-edge manner.
The pitfall of these techniques has always been delivery and scale. With these becoming less and less relevant in the modern world, due to technological innovation and acceptance, finding new creative ways for their application will become increasingly vital to stay ahead of the competition. Keep shouting, or find a new way to win - in the end the choice is yours.