We live in a world where our personal data is used by business and other corporations to control our needs. We need a way to get back power over our own personal data. Introducing PData.
Working with a vision of developing a decentralized, secure and transparent trading platform using the blockchain technology, PData is an organization which is building the first of its kind market for people to trade in Ethereum using the Opiria platform, which is an operational product of the PData
By monetizing their personal information database, a passive source of income is produced, based on which different firms can directly buy such type of information through their respective owners in exchange for PData tokens.
This way, the firm believes that PData token expresses the value of personal information sought by companies to understand the requirements and expectations of people and utilize it for their mutual benefits in return.
How does it work?
The entire process begins with the people, or consumers exchanging their personal information in return for PData tokens. It’s up to the people to decide regarding which information to share with different firms, and which to hide from them.
Since all the exchange of information takes place on the blockchain network, the identity of people sharing their information remains covert from the organizations receiving their data.
Further, the Opiria, product of the ICO performs its role of assigning the PData tokens a value depending upon the information shared by people. The level of transparency in this entire process ensures the security of information being shared with different organizations across the platform.
After this, the information is being exchanged with different companies in return for a value equivalent to PData tokens’ value. This turns out to be helpful for the companies in designing, developing and delivering their services and products for the future by analyzing the choice and mindset of people towards the market options.
Why PData?
As mentioned above, the information shared by consumers assist the companies in determining what features they should incorporate in their upcoming products to better their product/ services and also increase the bottom-line. The exchange of information also facilitates in targeting more and more market segments, hence leading to expansion of business opportunities for the firms.
From the consumer’s perspective, people are benefitted by exchanging their data as long as they are getting PData tokens in return. The value assigned to the tokens are bound to fluctuate in future, and the best part is that these PData tokens can also be exchanged or sold in return for a certain amount of Ethereum cryptocurrency, leading to monetary profits for consumers in the long run.
Competitors
The space of monetizing data using blockchain is gradually growing and hence PData face a tough competition.
Peer Mountain
https://www.peermountain.com/
Peer Mountain is a new entry with their blockchain-based ecosystem of trust which provides security and decentralizes personal information such as social security numbers, passport details, and credit card numbers. Their aim is in making the safety of data of the consumers their priority where the firms and the consumer will control their data without the help of the third party. But they also want to do this along with reducing the high cost of data theft and high cost of setting up data protection systems. While they don't monetize selling data like PData does, they focus more on privacy and security than PData does. Consumers who aren't looking for an income stream and want a firm looking more into security of data may be willing to use Peer Mountain.
Datum
https://datum.org/
Datum is a decentralized and distributed high-performance NoSQL database backed by a blockchain ledger allowing anyone to securely and anonymously backup structured data from social networks, wearables, smart homes, and other IoT devices. Datum, like PData, provides a marketplace where users can share or sell data on their own terms. They can be viewed as direct competitor to PData and have already completed funding for their ICO.
Conclusion
Opiria platform is a wonderful software initiative to judiciously utilize the personal information of consumers in a manner such that both the people as well as the organizations are equally benefitted from the exchange of information.
The PData tokens rewarded to people act no less than any cryptocurrency, and can show a rise in its value, proving that the sharing of information through Opiria platform is certainly beneficial for people to earn money while helping companies expand their markets and improve the quality of their products subsequently. The only issue is the competition. There are many firms controlling the data space and it will be challenging for PData to grab the market.
Other Details
https://opiria.io/
https://t.me/PDATAtoken
https://bitcointalk.org/index.php?topic=3076122.0
My Details
neverloggedin
https://bitcointalk.org/index.php?action=profile;u=1457262
A good review. This shows that truly data is the gold of the future.
It is indeed. With GDPR coming into the act, data protection is becoming a big deal. Using blockchain is the next step.
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