Today, data is the main fuel for business growth: it helps to figure out clients’ preferences and demands and provide them with what they need. With valuable information at hands, companies can improve the quality of service and define the further direction of development.
Why do businesses need data?
Segmentation of the audience. Modern algorithms allow for dividing customers into groups according to their age, interests, location, and many other factors. The cluster models help to make a better targeting marketing strategy.
Better targeting. According to the customer behavior and priorities, platforms can suggest recommended services, products, etc.
Behavior analysis. Knowing some patterns of customer behavior the marketing specialists can predict the chances of engagement, clicks on content, potential spending, and so on.
Marketing strategies. Feedbacks and statistics enable companies to improve their products.
Deficiencies of monetization
Typically, companies obtain customer data from third sources, though in most cases, it’s simply stolen without people’s consent. The modern situation of data monetization is not fair: users are often left with nothing, while both trading networks and the companies using data get what they need. Therefore, the personal contribution isn’t incentivized properly. The industry needs a monetization approach that would be more transparent and fair.
SWIPE Platform: Making data monetization clear
Being based on the blockchain, SWIPE network allows users to share information anonymously while rewarding them for participation. The project serves the following purposes:
· Give developers a better insight into customers’ and users’ needs.
· Enabling the monetization of app data.
· Incentivizing and rewarding of app users for sharing their data.
· Total control over privacy and data for users.
Being based on blockchain powering smart contracts, SWIPE distributes data across numerous applications smartly and processes data according to certain algorithms and contexts.
How Does it Work? SWIPE Use Case
Let’s see how SWIPE works. Company A wants to get data about its target audience (say, these are middle-aged people with families and average income). It makes a request in SWIPE platforms and pays some certain amount of SWC tokens for the services. John, just like many other SWIPE users, has some personal data stored here (his date of birth, education, marital state, number of children, occupation, etc.) and controls who can access it. When he has the opportunity to share some of his personal data with Company A, he agrees and chooses what he wants to share, and what not. John gets incentivized for that with SWC tokens. Each party wins.
Advantages of SWIPE
SWIPE project was designed to face the major concerns in the modern centralized data processing model. Its key benefits include:
Rewarding of both app developers and data owners who share the information.
Trustless transfer of data with the help of smart contracts. Users have overall control over their information and can choose which data they want to share, and what are the rights for it. SWIPE applies certain policies to data and revenue distribution.
Total transparency.
Ultimate security and safety of individual data. Thanks to re-encryption after access granting, it is protected one more time.
Role of blockchain and SWIPE token
As it has been mentioned, modern data monetization model can be changed for the better, if it’s based on the principle of transparency and fairness. Thanks to the blockchain, access to personal data can be totally controlled, and both contributors get fairly incentivized for sharing. Besides, blockchain enables proper encryption and guarantees absolute safety and integrity of data.
What about SWIPE tokens? They are used to reward users and companies in need of data, but this is not the only role they play. All stakeholders of the network can use the tokens to get access to some privileges and discounts on the platform. After the ICO, some part of tokens will be frozen to be later used for development and growth of the platform.
Bottom Line
Changing the way we treat personal data, SWIPE is aimed at making the system fairer. Data processing approach they offer can encourage people to share their data – this is a considerable advantage for companies that need customer data and statistics. The fact that the developers combine a mobile-first approach with blockchain-first approach makes this platform highly convenient for customers. Even if you don’t represent any company, you can simply become a SWIPE member and earn cryptocurrency on sharing personal information. The project promises to become a real find for users from all over the world and is definitely worth your attention.
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