Sooloox Turns Consumers From Data Providers to Data Authorizers
The ICO space is anything but dull. What started out as a small market a couple of years ago, in which a million dollar sale was a rarity, has now become a fast moving train that everyone’s clamoring to get on. But while a new ICO may succeed at raising funds (certainly a necessary start), that’s no guarantee of success in this uncharted landscape.
Almost half of the ICOs released in 2017 have already failed. And with Ether’s boss predicting that as many as 95 percent will go belly up this year, what’s needed to succeed in this cutthroat marketplace is a truly viable idea that stands out from the crowd.
Moreover, the truly interesting ICOs are the ones that heavily rely on blockchain technology — the component of ICOs that experts agree will long outlast many of the speculative coin assets.
Sooloox is a company that’s dedicated to placing the power over what happens to their data into the consumers’ hands. Seeing as the main characteristic of the blockchain is its decentralization, which goes hand in hand with the democratization of transactions and information, Sooloox certainly has an interesting idea.
“Consumers are currently the cash cows of the advertising industry,” they say, “and data is collected and processed in countless places with or without the consumer’s knowledge.” Blockchain technology will change all that by cutting out the middlemen (large data warehousing companies) and allowing consumers to have control over how their data is used–and make money from it in the process.
How Does Sooloox Work?
The vision behind Sooloox is that consumers should be able to earn with their data and trade directly with the companies who want to buy it. The Sooloox platform uses a digital tool called an IDTX (Interest Dimension & Transaction Box), which allows participants to join a large community — a kind of giant marketplace in which data is bought and sold. Users then become the authorizers of their own data, as it is no longer owned by any one company. The data has been democratized.
Those in the market for certain consumer data can see what kind of information it contains and purchase data in the form of leads that are truly relevant to them. When vendors can buy leads that are qualified and targeted, they can convert them into purchase agreements much faster and with less expense than buying irrelevant data blocks.
If you’re wondering how much money there is to made from selling your personal data, the answer is, quite a lot. In fact, the blockchain already houses data that’s racked up trillions of dollars of value. As the technology expands into further areas, such as finance, healthcare, and retail, that figure will only rise.
By 2030, the blockchain has been predicted to make up some 20 percent of the entire big data market (more than PayPal, Visa and Mastercard put together).
Through the Sooloox IDTX platform, not only can consumers earn money with their data, but a revolution in the marketing industry begins to make its presence felt. Sooloox takes traditional marketing, from company to consumer, and turns it on its head by creating a model that starts with the consumer and bubbles up to the company. Both company and consumer win.
The company receives the exact information they require and the consumer is compensated. And if the consumer doesn’t want to allow certain companies to use their data, they have the option to refuse to sell, as well.
There are already enough ICOs in finance (around 14 percent) and plenty of ICOs competing for the same ideas. Sooloox and its plan to empower consumers, give them control over their data, and disrupt the marketing industry may just make up part of the 5 percent that succeed in the long term. It’s certainly one to watch.