How blockchain technology can be used to monitise personal data

The data market is one of the most lucrative industries in the world.

Big tech titans like facebook and google drive a lot of traffic but this is not enough to make money. Twitter evidences this as it has a become the punchline of many business analysis jokes as, despite its huge userbase and inflated market cap, it is still struggling to make a successful, profitable business model. Facebook, on the other hand, is so successful because it has learned how to use user data extremely well.

Data is an extremely valuable digital resource and the demand is higher now more than before. It is not difficult to infer that if a highly-funded, seemingly established startup like Twitter is struggling to drive revenue from all the data it has, smaller tech or media companies are likely facing an even stronger predicament.

The reality is that, indeed, many corporations and businesses out there has failed to put user data to its full utility; the main cause of this is that they fail to capture the full user profile and thus are either unable to optimize products or unable to provide relevant ads. Both factors weaken not just a company's profitability, but also its user retention. Due to this very reason, the top-rank listings of applications in many categories are characterized by a high turn-over.

A new blockchain project, Alre, empowers business and developers with a perfect resource that targets the source of the data usage problem. The key issue is that every app offer a niche service and thus gathers relevant user data. It takes many aspects of a person to have enough data to provide a product that constantly improves as per its userbase's needs while also making sure users see relevant ads.

A new blockchain project, Alre, empowers business and developers with a perfect resource that targets the source of the data usage problem. The key issue is that every app offer a niche service and thus gathers relevant user data. It takes many aspects of a person to have enough data to provide a product that constantly improves as per its userbase's needs while also making sure users see relevant ads.

Alre blockchain project

Alre is a new blockchain project that has created a platform where individuals can willingly offer their personal data to the system which we really it will be curated and processed into ''data banks'' in order to allow for proper monetization. The organised data is given out to third parties who seek to utilise the data. The project is created to provide solution to problems of data fragmentation and inefficient use of data by third party businesses and corporation. As highlighted in my introduction above, many big businesses and corporations does not properly utilise the data available to them. Alre project will provide solution that will allow companies to have access to well organised and curated data stored in data banks which can be used to tailor ads to particular customers.

Features and Solutions by Alre project

• Data banks:

The key component of the Alre project is the data banks. Data bank is a storage for all the data provided by people on the Alre platform. The submitted information by users are processed and stored in data banks. This allow for effective use of data, preserve data integrity and also solve the problem of data fragmentation.

• Banking the unbanked

Banking the unbanked is a term used to describe onboarding of the people who are not captured by any financial structure. Across the world, research shows that more than 1.7billion people does not have a bank account. This means that they are not included in any kind of financial structure. Alre project has sort to offer a solution to this problem.

The project will provide a digital identity called DID and a digital wallet where people can easily send and receive money without having to own any bank account. This offer by Alre is cheaper and faster than conventional bank accounts by traditional financial institutions.

• Data monetization

Another key component of the Alre project is the reward for its users who are the data providers on the platform. Before the application of blockchain, the data industry faces the problem of bad reward structure for data providers. Personal data is gathered by websites and social media platforms without any do of reward for the people. Alre aims to solve this problem by creating a platform that will allow people to monetise their data and information.

ARCS token reward structure

The project has created a token system that will power it's network. ARCS token (ARX) is the native currency of the Alre project. The token will be utilise for various activities such as reward for platform users, transactional fees by third parties etc.

• Distribution

A total of 20 billion ARX tokens were created. Complete 100% will be released. 10million (50%) of the tokens is reserved for third party organisations that will acquire data from the platform. 12.5% will be distributed to startup supporters while 5% will be used as incentive for the core team and partners.

Conclusion

The data industry has had few issues that needed fixing. Interestingly, the data market holds potential for huge returns due to the projected future capitalisation. Hence, any project that aims to solve the prevalent problems stands a chance to share from the huge revenue stream that the market has to offer. Alre is entering the market to disrupt it.

Follow the following Links for more information

Alre: https://www.arcs-chain.com/
Telegram: https://t.me/ARCS_ARX_EN
Whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
Medium: https://medium.com/arcs-arx-official

BitcoinTalk Detail

Name: TonDC
URL: https://bitcointalk.org/index.php?action=profile;u=2493221