With the recent Facebook scandal involving Cambridge Analytica, there is a pressing need for a new way for people to keep their personal data private and only release if they choose to — and for a fee.
Well, enter Opiria and their PData token ICO, which will do exactly this and is due to get underway on 10th April.
The PData token will enable to trading of personal data securely over the blockchain. The will disrupt the way companies undertake market research by allowing them to purchase the required personal data directly from the individual rather than through a middleman and allow individuals the opportunity to monetise their own personal data.
There is a huge demand by commercial marketers for data that will provide greater insights on their customers to target new products and services and focus ongoing marketing and sales activities. The data brokerage market is around $250 billion a year and growing rapidly. However, data brokers often operate behind a curtain of secrecy and often obtain their data by essentially stealing it, repacking it and selling it on.
Following various data scandals including most recently the one involving Facebook and Cambridge Analytica, the public is generally aware of this and are now more likely to take measures to protect their personal data. New privacy laws such as the EU Data Protection Regulation are also making it more difficult for data brokers.
Market research is carried out traditionally by a company with specific market research questions tasking its market research department (MRD) to undertake a market research study. Usually the MRD uses a subcontractor to set up a panel to provide access to a specific consumer group. This often requires and additional subcontractor. As there are so many stakeholders involved in the process, the typical time scale is 4 to 6 weeks with an average cost of around $20,000.
PData is a token that will be used on the Opiria platform. Together they will provide a transparent secure market place that will ensure:
· Individuals will be able to control who they share their personal data with
· Individuals will receive payment for the data they provide
· The data flow will be between individuals and companies with no middlemen involved
The platform will provide consumers with the facility to upload their personal data to create a profile that they can provide permission for real time data to be accessed through software such as web browser plug-ins, smartphone apps, wearable technology, and surveys. The more data they add to their profile, the more valuable becomes the resource.
Businesses will be able to ask consumers for access to their profiles in return for payment in PData tokens. When a consumer provides permission, a smart contract is initialled on the blockchain and the data is exchanged for tokens. The actual data provided will be far more valuable than the data currently gathered by data brokers as it will include such items as tracking data from wearables, location data, smartphone usage etc.
A small amount of the payment is retained by Opiria to support the platform.
There is already an existing Opiria consumer research platform which provides data to many Fortune 500 companies connecting them to individuals directly. The PData ICO builds directly on this platform setting a new standard in personal data acquisition.
The objective of the PData crowd sale is to raise $19 million. The ICO will be launched on 10th April 2018.
· Token: PDATA
· Maximum number of tokens: 650 million
· Available to the public: 325 million
· Exchange rate: 37,000 PDATA = 1 BTC (variable). Payments may also be made in ETH.
· Price: 1 PDATA = $0.1 (10c)
· Minimum investment: 1 ETH (0.0004 ETH = 1 FLIX)
· Discount: Tokens will be discounted 40% on day 1 reducing by 2% a day (no discount for final 10 days)
Distribution of remaining 50% of the tokens:
· 30% will be used to purchase data
· 20% will be used for platform development
So this sounds like a very interesting and timely ICO given the wave of recent scandals involving people’s private data.