Decentralized data can provide passive income stream.
The saying goes; knowledge is power. But data is knowledge
Data is fast becoming a very powerful tool for businesses in almost every industry — and this makes the collective value of personal data worth billions of dollars. Yet many people who own these data neither earn a dime from it nor have any real control over it. Data companies and data brokers collect personal data through various ethical and unethical means, while some websites gather data directly from user's activities on their platform. Once these data are collected and processed, people have almost no ability to control what they are used for. As people are becoming more aware of this startling reality, the idea of data protection and monetization is etching its way as a mainstream concern and topic of discussion. Also people are ready to adopt products that will genuinely reward them for their data worth and give them control over the usage of their data.
Quite a number of blockchain projects have attempted to decentralize certain aspects of the data market. However, data is having such an expansive relevance — so much that the problems with the data industry are not being addressed. Alre is a new blockchain project that offers a complete solution that covers all the stakeholders of the data market such as data owners, data banks, consumers and businesses. AIre project provides a platform for storage and management of various data structures in “data banks''. It allows for the monetization of data and enable data banks'' to effectively operate and transact with businesses and individuals.
Data Information Market
Alre is a blockchain infrastructure which allow users to create a decentralised digital identity (DIDs) — the digital identity is just a collection of users’ data that give users access and control over how their data is used by data banks. Alre solves the problem of data fragmentation and inefficient data use by creating a unified management of user data which allows for data to be used with consent and data rights protected.
Alre has created a solution for data information industry that targets a wide variety of markets some of which include real estate, lifestyle, finance, health, and beauty sectors. However, looking at a specific use case, this can be applied to the marketing and advertising sectors
The Financial Refugee Market
Alre's solution also covers the ''unbanked'' around the world. Research indicates that around 2 billion adults did not have a bank account in 2017 with China, Pakistan, India, Indonesia, Nigeria and Mexico topping the list. AIre aims to provide the unbanked population of the world with an ID/wallet that is much cheaper to access than a bank account. The users will require to input their personal information in order to receive financial services and experience decentralised financial (DeFi) benefits they previously could not. Alre platform allow users to access their digital life, wallets, and exchange accounts from a single digital identity. This open up a host of benefits for both consumers and companies.
Decentralized data solution for users, businesses and companies
- Users
Alre ecosystem empowers people to give consent of their data to a third party only for a momentary period of time. Alre put users in control of:
Which of their data gets used;
Who can use it
For how long it can be used
How much of it can be used
This arrangement allow users to have full consent over their data while making sure that the storage is facilitated by Alre. Also, Alre platform will serve as a singular means to access one’s online identity — the ability to access so many services from a single platform offers a great deal of convenience for both individuals and businesses
- Businesses & companies (Third parties)
Through Alre, businesses get a convenient means to authenticate identity. Companies can easily verify the credibility of a user data by examining his DID on Alre
A reward structure through ARCS token
Alre has created a token system which is a reward tool for the members of its ecosystem. ARCS token is the native currency designed to pivot the running of the Alre ecosystem, it will be used to reward users for their contribution to the ecosystem. The token is structured to grow organically as businesses seeking to utilise the services of Alre will have to purchase the ARCS token from exchanges to pay for their transactions
As users are rewarded for their data input into the platform, they will be more willing to provide more data and try new services since it’d take a tiny degree of effort to try them from a single platform.
Wrap Up
Alre is creating the most expansive product aimed to solve the problems of the data industry. The project protects users’ data through consent while offering the convenience of accessing their digital presence from a single platform. On the other hand, it benefits businesses by allowing them to easily access data which is cheaper than traditional data aggregators perform verifications and authenticate user data.
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Important information! I agree with more projects like this, where people can protect their data as it is often not known by who is spied on or where that data goes, who benefits from knowing our personal information. Every day the world aims to live that way, to decentralization!
Data protectection and security is important, however; control over it's usage by others and proper reward for it's worth is equally important. Thanks for your contribution @franyeligonzalez
Many platforms gather so much personal information from their users. These data is sold to other companies or filtered ads without the consent of the users. I think it is good what this project want to do. Good article @Kryptarion1
Alre is designed to provide protection for user personal data and also reward them through the ARX token. Thanks for your comment @abinsur