How Does Data Brokerage Work?
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If we consider data the new oil, then there is a vast oil spill going on all around us. All of our personally identifiable data on what you bought online, income, profession and many more are being sold to the highest bidder an industry that amounts to 250 billion yearly, worldwide.
Then the obvious question comes: where do these data brokers get their data? Most of it is taken from service providers like banks, hospitals, car dealerships and even mobile service providers. Companies use this data to create a competitive edge in today’s cutthroat market where every percent is a “move or die” proposition. Big time companies like Facebook or Google know this very well and their leveraging personal data to create data products that the majority of organizations cannot even dream of.
The Opiria Platform: democratizing data for the ordinary consumer base!
The team behind the Opiria product have created a blockchain ecosystem that will allow users and consumers to sell take back control of their online shared data. By registering on the Opiria Pdata platform, users will be able to sell their data to companies willing to pay for it while operating on a completely safe and tamper-proof decentralized platform.
Users will be able to choose the companies they want to share their data with, as they would have some specific products or services they want to support. Thus achieving a 2-way reward: 1 in the form of Pdata tokens that are a store a value and two that of a validation mechanism for their beliefs. With the help of incentivized data sharing, Opiria wants to shift the current negative outlook on data sharing by putting the consumer back into the spotlight.
An incentive-based system is also implemented on the platform, where users who choose to hold the Pdata token in their platform wallets will have an increased chance of being selected to buy their data.
The main advantages of this ecosystem would have to be the following:
- Direct fiat to Pdata token exchange
- Existing successful data market that serves companies
- A transparent ecosystem that keeps the shared data safe
- Tamper-proof distributed ledger system
- A network of "Fortune 500" customers on the platform
Details about the Pdata token
Opiria will hold a token generation event on the 10th of April 2018 where users who can afford to invest a minimum of 50 000 USD can partake at the inception of this revolutionary data sharing platform. The event aims to raise 30 million USD, money that will be then funneled to develop the platform by March 2019. The Pdata token is ERC20 based, a derivate of the Ethereum Blockchain that makes use of the Smart Contracts module.
Ultimately, this transparent marketplace will engage consumers to share their data willingly in exchange for a real store of value instead of fighting the guerrilla efforts of the shady data brokers. Companies will benefit as well because they can rest assured that the data is accurately shared and distributed based on the revolutionary blockchain technology.