Founders of Social Reality Inc. (SRAX) have launched the beta for BIGtoken Blockchain. SRAX is a digital marketing and consumer data distribution and management technology company. The new platform is expected to give data owners control over personal data. To kickstart the new network, the team is rewarding the first three most active users, out of the expected 10,000, with BTC for their role in testing the functionality of the new ecosystem. The beta is running up to 31st January 2019.
The BIGtoken mobile app is available on Google Play and Apple store.
Personal Data Is A Private Property, But Has That Been The Case?
Personal data is supposed to be a private property but that has never been the case until recently. When users access their favorite platforms such as social media or company websites, they have to register by giving up details about themselves. This includes age, gender, number of children, marital status, country of residence, level of education, personal income, and many other details.
Companies that have been holding this data have been selling them to marketing and advertising firms so that they can target a given segment of the population. Unfortunately, owners of the data have not been able to benefit from the transactions as the companies deem that they have forfeited their right to the set of data.
The most infamous case was the Facebook-Cambridge Analytica scandal where millions of users’ data were misused without consent to create propaganda and online smear campaigns to influence political decisions notably in the US 2016 presidential elections, the Brexit vote, and Kenya’s elections of 2017 to mention but a few.
BIGtoken Is The Blockchain Platform To Enforce Privatization Of Data
In recognition that personal data is a private property, BIGtoken aims to bring together different users and offer them a choice, transparency, and compensation in managing and accessing verified data.
In the new platform, users will link the Blockchain with their preferred websites and social media sites which will then collect their personal data and assign a value to the information. The users will then be compensated through Tokens that can be exchanged with cash. Then, marketing firms and companies will be able to buy the data for their business research needs making it a win-win situation for all peers.
The primary role of BIGtoken Blockchain would be to ensure that the users’ provider credible and truthful information through the use of cutting-edge features such as smart contracts and other protocols. It will be the biggest data market that guarantees honesty and transparency.
BIGtoken Will Be A Compliance Tool For GDPR Rules
The EU has unveiled the General Data Protection Regulation under the leadership of President Jean Clause Junker. This is a set of regulations that aim to protect EU citizen’s data from misuse by giving them control and sanctioning violators. Hence, all companies dealing with EU have to comply.
Kristoffer Nelson, the principal of BIGtoken and COO of SRAX, is telling all prospective users that “Claiming data is the goal of BIGtoken.” He further adds that BIGtoken marks the end of an era where firms have been making “billions of dollars,” without sharing the profits with the real owners of the property.