PREDIQT is creating a new ‘data economy’ in the consumer research industry
Big data is everywhere. All industries depend on it, and with the rise of digital technology, everything we do creates even more data. Whether it is through our interactions online or engagement on social media, we are producing data every day.
By analyzing all types of information, companies can make informed decisions regarding products and services while improving their overall effectiveness and efficiency. The problem is that no one wants to share data anymore. No one wants to share their personal data when security isn’t guaranteed, and they have a right not to. Once data is shared, the owner loses control over it. For this reason, concerns have been raised regarding how data is acquired, used, and protected.
For instance, there are a host of data protection laws and regulations that businesses must comply with when handling customer data. The GDPR laws (General Data Protection Regulation) in particular is focused on handing the privacy controls back to the consumer by addressing how organizations use, store, collect, and protect personal information. Failure to meet the blueprint of these regulations can result in hefty penalties.
Another challenge facing centralized data exchanges today is hosting. Data needs to be hosted on data exchanges, which is not acceptable for many data providers. Besides, hosting data in situ (on-site at the data provider) is not only costly but offers very limited options for consumers. There are also problems with control. Without audit trails to confirm that their licensing terms are being adhered to, data providers have no control over data use once an exchange is given data.
We desperately need a solution. A new framework for data sharing.
To protect data and keep it secures, many data providers have sought solace in encryption technologies. However, encryption is an old protection method with key weak points. First, in the event that a hacker gets access to the encryption key, the algorithm is then public and all they need to do from there is to match the right algorithm with the relevant encryption key. Secondly, encryption mainly protects sensitive information at rest, leaving it unguarded when the data is in use or motion.
The solution to secure data exchange lies with tokenization. Tokenization unlocks new models for engagement between businesses and consumers, allowing brands to ensure both privacy and security for consumers. With tokenization, companies pay a fee for the package of knowledge and insights gleaned from consumer engagement, yet privacy is protected because no personal data is obtained.
Take PREDIQT as an example. Their blockchain platform uses tokens to control and exchange ownership of data or insight—this enables new ways for businesses to obtain valuable consumer data, and enhance consumer experiences.
The benefits are mutual; consumers can be rewarded for sharing their insight, without surrendering personal data, while businesses can leverage and share insights, enjoy enhanced customer loyalty, and generate revenue more efficiently.
The PREDIQT model is unique in that it aims to revolutionize the data economy by creating and accelerating the transfer of data. PREDIQT's tokenization of consumer data on blockchain provides visibility, auditability, and provenance to the whole process.
PREDIQT will launch its IEO on Latoken exchange in February 2020. To participate, please
visit here and get whitelisted.