Traditionally, blockchain technology is perceived as the core of bitcoin, helping it to establish itself as a beneficial investment or as a useful sort of transaction means, providing the customers with the ease of use and relative anonymity. However, it is better not to focus only on ‘crypto’ features of blockchain as it may offer way more options that can make life easier not only in the financial sphere.
One of such revolutionizing solutions could be the utilization of analytics by companies for creating very accurate prototypes of representatives of their desired target audience. The big data use is a bandwagon right now, at the time of emerging technologies and one cannot ignore it when doing business.
However, not many people currently are aware of the value of data. Perhaps, the reason for this is in the challenging nature of data selling, as data is tough to collect, manage and assess. Therefore, as you browse through different websites and a huge amount of value is being created, only an insignificant share of it can be offered to researchers. On top of it, this whole processed is being monitored by a little number of narrow companies.
Surprising to hear, but blockchain could solve this problem, as the developers of a new project Data Wallet claim. They believe that this technology can allow anybody on the internet effortlessly take gains when running the online business.
The platform has being in the development for a few years as well as its mobile application, marketplace and the underlying token (DXT), the pre-sale of which will come soon. Being founded and supported by a venture capitalist Tim Drapet, Data Wallet project promises to solve the online user data issue.
What Is The Problem With Online Data?
Before nowadays, internet user data has not been ‘cultivated’ asset, even though it is so valuable for marketers. It is important to mention that the largest part of data usually is gathered and traded by data brokerages. In most of the cases, those, who create data, don’t get any profits out of that as this information is distributed over numerous and various data sources.
Another issue is that this way data of poor quality may fall into the hands of its consumers. For instance, data is being fragmented in various sources. Companies, which are trying to identify their target audience behavior, can’t simply find out which information corresponds to each user on different platforms. Hence, these companies utilize something that is called probabilistic modeling. This way they can understand what each data creator does in reality.
But it is more troublesome now as privacy delineates the limit to which identifiers can be merchandised with the data. That is how it works in banking applications or financial planning. Let’s assume the owner of the application desired to vend the data, created by a user, to a marketing company. But the obstacle is that due to the privacy terms in the T+Cs of the app, such details as user’s age or home address won’t be accessible.
Sure enough, this is made only for good purposes, e.g., protection of children’s rights to privacy, security over confidential information, etc. But what if users personally could control what information about themselves they could sell? In this case, they could choose whether to reveal more personal data or not in order to take larger or smaller gains. Users would receive part of the value, which anyway is being exchanged on brokerages.
How Can Blockchain Solve The Data Issue?
The developers of Data Wallet claim they know how to deal with this challenge and they know how to use the blockchain technology for solving the matter. And there three reasons why they believe blockchain will be effective in this situation:
- It is perfect for managing small complicated payments that are necessary for paying for the information.
- Users can combine their data across silos and generate an entire profile that they can sell to various companies, which are in need of their data. Blockchain can allow this due to its decentralized nature.
- Users will be able to control the entire process on their own thanks to the nature of blockchain technology, which is adjusted to smart-contracts. At the same time, the payment process will be an easy one because of the same reason.
Sounds pretty interesting? What blockchain enthusiasts have to do now is just to wait for the launch.