This perception is reflected in the survey results above, where a majority of those surveyed believe that they are not able to negotiate their data in exchange for value, with the exception of those surveyed in Singapore. Traditionally, the most common benefits enjoyed by the users are more targeted and personalized ad experience from using the company’s service (very common for social media platforms like Facebook and Instagram).

However, only 31% surveyed actually view it as an incentive that they are willing to exchange over personal data, indicating an unresolved deficiency in benefits enjoyed. Such consumers, if not incentivized sufficiently are likely to employ ad-blockers, essentially opting out of the data economy altogether. That is clearly not an ideal economic scenario as data insights are crucial, particularly for businesses that rely heavily on advertising and marketing for growth.

SWIPE as a trustless and transparent data monetization platform

The traditional data brokerage and trading economy leaves data producers (users and app developers) out of the equation, and do not fairly incentivize their data contribution. SWIPE is creating a network where the third party intermediaries, who buy/collect the data from data producers are not needed and data trading can occur directly and transparently.

Rewards can be redistributed to the most important stakeholders — the data producers.

SWIPE’s SDK Approach

Due to the high smartphone penetration and usage in the world, a copious amount of data is collected across a trove of mobile apps. SWIPE is building an SDK suite that can be seamlessly integrated to any app and be part of the SWIPE Network.

SWIPE Network incentivizes app developers by enabling a superior data-monetization process, due to the absence of third parties present to take a revenue cut. Understanding the needs of developers to promote app usage and engagement, our SDK suite doubles as marketing tools designed to increase user engagement.

All data collected through the SDK is aggregated, analyzed and anonymized, and finally sold as a data package to data buyers. As the data transactions are transparent and auditable, data buyers can be assured of the quality of the data sources and that they are obtained in an ethical and legal manner.

Conclusion

A carrot needs to be dangled so that users would be incentivized to contribute useful, quality data. Without offering the consumer benefits, companies readily collect whatever is available, often covertly and without consent. Consequently, data sources become low quality and opaque, morphing into a case of garbage in, garbage out. Data Buyers, such as advertisers and marketers are also on the suffering end — in fact, 67% believe that sharing and transparency challenges with questionable data led to $11Bn of wasted dollars. SWIPE is in position to disrupt this economic inefficiency and build a fairer ecosystem for all to be part of.

Stay Tuned for Part 2 where we cover the remainder of the report!

About SWIPE

SWIPE aims to create a network of apps that are able to work together to create valuable data as a collective, instead of relying on centralized intermediaries. As part of the network, all data collected will be aggregated, anonymized and encrypted. It will then be channeled into an analytics engine which packages it to be monetized directly to data buyers in a decentralized data marketplace. This process provides transparency to data buyers as they can trace the origins of the data, creates a fairer way for app developers to monetize data and empowers users by giving them full control and ownership of their data. SWIPE is invested by Kenetic, a blockchain firm that invested in huge blockchain projects like Zilliqa, ICON, and Bluzelle.

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