A new reward structure — using blockchain to change the dynamics of data industry

We have reached a level across the world where major sources of wealth are not linked to natural resources but digital ones, and data remains the most valuable digital source. The major reason behind this is that data unlocks the potential to advance development in AI and, perhaps more importantly, data is the key to unlocking sales growth in any company. While strong regulations exist on physical assets, data is a relatively new resource and so the limited focus of regulations on it has made it possible for a minority to get a hold of massive amounts of this extremely valuable resource.

More than half of the richest 50 people in the world are associated with the tech sector. A vast portion of these select few own a digital platform with a large volume of users. These companies leverage the data they derive from the user activity on their platform to mine data on the average consumer; this data then allows these companies to become the most sought after advertisement providers, there allowing their founders to acquire incredible fortunes. The irony, though, is that these fortunes are derived from data of other people--people who get virtually no share of the income their data derives.

The current flow of the info market is improper. It benefits an incredibly small number of individuals through the exploitation of information that's derived from the world's population.

Given the odd distribution of wealth the info market has created, it's become a sector that's ripe for disruption.

Using blockchain to change the dynamics

Quite a number of blockchain projects is roaring towards solutions for the information market, and a new project, Alre Network, has a good solution in mind.

Alre — only briefly

Alre is a blockchain project that is a product of Japanese company called IFA. Alre ecosystem is created to provide solution to the issues that are particular to the data industry. The project has an extensive team with long years of experience and proper knowledge of the data industry. Alre is a revolutionary solution designed to correct the existing defect that has caused wealth gap between data providers and data users in the data industry. The data market is a huge market that is worth billions of dollars with the potential to hit trillion dollar capitalisation. However the data providers who are the key players of the industry are not well compensated. Beside that the available data are not not well organised hence resulting in data fragmentation. Alre is created with the major aim of providing a platform where data can be collected, managed and stored into ''data banks'' while rewarding the users who provide these information.

Alre market Target

Having seen that the data market is ripe for disruption, Alre has identified potential for huge financial returns in two market segments;

• The financial refugee market

The financial refugee are the unbanked population of the world. Across the world, an estimated 1.7 billion people are identified to not have a bank account are lack financial inclusion. Alre project sees potential in this market — the project aims to provide this massive number with a digital identity and wallet where they can easily send and receive money on Alre network through blockchain technology. The wallet Alre will provide users is cheaper and safer than the accounts by traditional banks.

• The information industry market.

This market segment has a big capitalisation as it involve so many players. Alre will acquire different kinds of personal data and add value to them, after which it would be monitised for data companies who want information for marketing and advertising. Big companies and corporations require profile information for their marketing. This will enable them to tailor their ads to particular people. Interestingly, big companies pay massively for marketing data. This will allow users on Alre network to be rewarded for the data they provide on the platform.

Alre project functionalities

The core operation of the as Alre project is hinged on three functionalities;

• Data input:

this functionality allow user to input any kind of information and data into the Alre platform. The platform is build to accept information such as name, date of birth, job type, hobbies. The Alre also accepts more complex today's types provided by smart devices and gadgets — data like health/fitness, call routines etc

• Data storage:

Lack of proper data storage result into data fragmentation and improper data usage or utility. Alre will store provided data into data banks to preserve the integrity of the data

• Data utilzation:

Alre will ensure that the data given to third parties through its platform is utilised.

Alre reward system

The Alre ecosystem is powered by a token system called ARCS token (ARX). ARCS token is designed to be used as the financial tool on Alre platform. The token will be utilised for activities such as; reward for data contribution by users. ARCS token will also be used by third partied who wish to purchase data from Alre. Arcs token is currently trading on KuCoin exchange.

Conclusion

By eliminating the exclusivity of participation in the data market, Alre would help the ordinary individuals who provide data to earn from their information. Also, the project will help preserve the integrity of the information through proper storage in data banks

Project Resources

Website: https://www.arcs-chain.com/
Twitter: https://medium.com/arcs-arx-official
Whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
Telegram: https://t.me/ARCS_ARX_EN

Writer detail

bitcoinTalk name: Gorozo
link: https://bitcointalk.org/index.php?action=profile;u=2473003