New Blockchain Startup Pulls Data into the Blockchain World
The data location service industry, currently the fastest growing piece of AI, is projected to reach nearly $62 million by 2022. Unfortunately, until recently, this impressive rate of growth, about 26% annually, was on a path to monopoly, held by a few industry powerhouses.
Fysical has changed that. They have created a decentralized, aggregate marketplace for location data services that solves several problems, all of which are poised to grow at the same rate as the rest of the industry. Their solution encompasses a broad range of data services, and is in compliance with GDPR regulations.
Data Location without the Blockchain
Data location services have such enormous potential, they are being labelled the “next frontier” of data. Online data, of course, is controlled by majority stakeholders such as Amazon, Facebook, and Google. But offline data is an emerging industry, and one that stands to benefit both companies and consumers.
Unfortunately, third party data sources currently benefit most from selling data. And though their services are pricey, the quality they offer is unreliable at best. It is often unclear where exactly their data is compiled, and from what source.
Lax location data privacy is also pervasive. Companies such as Android, Google, and even Apple a few years back have sent consumers into a frenzy with shady consumer interaction practices, including collecting location data without permission, continuing to collect data even after data location trackers on devices where manually turned off, and making it impossible to deactivate location tracking.
General Data Protection Regulation (GDPR) is the European Union (EU) answer to some of these issues. Offering anonymisation of all personally identifiable data for all individuals part of or doing business with the EU, the law requires that business processes handling or managing personal data must be built with pseudonomisation capabilities.
Fysical Finding Location Data Useful
Fysical has only been around since 2014, but they have already made a solid dent in improving human data location tracking performance and accuracy. They are already selling over 15 billion location data points from mobile devices to over a thousand organizations, and these numbers are growing.
The difference between Fysical and other data service providers is set of values and services unique in this industry: reliability, reputability, privacy, a factual and transparent record of services provided, and most importantly, a decentralized base model. They accomplish all of this through a blockchain-based, cryptocurrency funded model that effectively eliminates expensive and unreliable third party intermediaries.
In other words, rather than obtaining data through surreptitious mobile apps or complex processes that make it difficult for mobile users to determine whether or not their location data is being collected, data purchasers get the information they need directly from the source: general public suppliers of location data.
The Fysical location data market has their own FYS tokens. Suppliers receive payment in FYS tokens. Additionally, they can earn FYS tokens by providing location data. Fysical suppliers are paid in real time, rather than waiting the net 30-120 day range within which third party providers typically operate.
Fysical’s strongest feature by far, however, is their commitment to providing the highest quality location service data. This is, of course, beneficial to all parties involved.
Purchasers can count on high levels of transparency and honesty about how data was obtained; all transactions are recorded in the Fysical blockchain. This includes data origins, data integrity, impeccable and inalterable records, and a risk-free, privacy-compliant structure.
Suppliers can be confident in their data ownership rights being honored resulting in high levels of trust between supplier and provider. Additionally, suppliers are afforded data usage transparency and reliable information on how their data is being used in various AI environments and applications, which ultimately runs full circle, benefiting them at the user level.
Location data services, while an exploding market, is plagued with inaccuracy, inconsistency, and unreliability within it’s product line. According to Fysical co-founder Ben Smith, “the increased competition in this market has had its benefits, notably in the increased awareness of location data use cases, but the rush of companies has led to some mass inefficiencies in the market. For example, there is a clear lack of transparency on how data is generated and who generated it, with only word of mouth promises and marketing pitches to confirm a dataset’s quality.”
It is exciting to see a solid, viable option in Fysical and their blockchain protocol. They are a breath of fresh air for suppliers and buyers. But ultimately, the strength of their business model is advantageous to retail commerce globally, as retailers, service providers, and consumers alike integrate location data into the integral structure of their business practices and daily lives.
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