Several brands already help users to monetise and control their raw personal data thanks to blockchain technology and cryptocurrency. However, only Biotron turns personal data into high-value analytics products that deliver more value for customers, better returns for users, and drive innovation.
Personal data is a commodity and data exchange products offer a valuable service. Data exchanges allow individuals to unlock the financial value of their own personal data. They give control back to the people who generate personal data, allowing them to decide what information they want to trade and who with.
RAW PERSONAL DATA HAS LOW VALUE
Every data exchange brand currently on the market (eg. Datum and Datawallet) trades in raw data. The business model is based on simply redistributing an individual’s personal data with no real processing (except for some anonymisation) or addition of value of any kind. While there is a market for such data, it will always have an inherently low value. To be of any actual immediate benefit to an organisation, it requires further processing for business intelligence and strategic decision making.
BIOTRON DELIVERS ANALYTICS FROM PERSONAL DATA
Improved access to personal data is driving expectations as to what this information can achieve. Biotron gives all data purpose. It contextualises it and turns it into analytics that can be actioned by organisations. When compared to other simple raw data exchanges, Biotron gives customers access to the comprehensive analytics usually provided by data scientists and engineers. This process adds significant value for the data customer while reducing their costs. This increase in value is then shared with the data producer.
Biotron is capable of delivering four kinds of products:
- Prescriptive. An analysis that reveals what actions should be taken. This is the most valuable kind of analysis and usually results in rules and recommendations for the next steps.
- Predictive. An analysis of likely scenarios of what might happen. The deliverables are usually a strong forecasting tool.
- Diagnostic. A look at past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
- Descriptive. What is happening now based on incoming data in real time. To mine the analytics, you use a real-time dashboard and reporting.
BIOTRON ANALYTICS DON’T SUFFER FROM PRIVACY IMPLICATIONS LIKE RAW DATA DOES
Most data exchange products protect their users’ privacy with some form of anonymisation or pseudonymisation. With the incoming EU General Data Protection Regulation, data producers must give explicit consent on what data is being collected and how it is used. Biotron creates a direct relationship with data producers and their consent is managed quickly and simply, and can be revoked or altered whenever they wish. Biotron analytics will be anonymised or pseudonymised (unless data producers provide other consent), which makes it impossible to attribute a dataset to a specific person. Raw data does not have the same benefit. The intricate nature of our lives can in some instances make it possible to identify individuals by activity markers.
SILOING STIFLES INNOVATION
Large technology companies such as Facebook, Alphabet (Google), and Apple, horde personal data in centralised silos. They only release their datasets through their own products for their own benefit. In the case of Google, their siloed data is used for aggregated ad targeting mechanisms. While this is understandable, it stifles innovation. If this data was shared and combined with multiple other sources it could be used to drive functional changes with broad benefit.
Biotron’s decentralised approach to personal data drives innovation as organisations have access to analytics using hundreds of thousands of personal datasets. Datasets that flow directly from the producer. Their blockchain secured marketplace will cover analytics across:
- Location Intelligence & Marketing
- Traffic Analytics & Smart Cities
- Finance & Insurance
- AI Training
With respect to location intelligence, for example, Biotron is “Google Analytics” for stores and brands. In smart cities and transport optimization Biotron will provide origin-destination matrices for smart cities to optimise their public transport models. Or they can request speed profiles of roads for a specific region through an API. These are the types of problems we will be helping to solve.
Biotron rewards users directly with its proprietary crypto token (BTRN) and indirectly through the innovation that true data sharing brings.
To request an interview with Biotron’s CEO, Pavol Magic, please contact Renata Smolkova at [email protected]. Pavol can discuss all topics in this release and is an expert in the monetisation of data products.