The location data market is growing in the whole world and this means that buyers and sellers in this market are looking for new opportunities and for transparency and monetization solutions. Fysical was recently announced as a solution to these problems that use the blockchain technology.
The company believes that by adding transparency, it can be easier to manipulate this data in a beneficial way and perceive when the data has been maliciously manipulated. Also, decentralization removes the middlemen in the services and provides cheaper and better services that are considerably more efficient.
What Is Fysical?
Fysical is a decentralized location data exchange protocol. The company has built its services on top of the Ethereum blockchain and has the mission to become the industry standard for this specific market with an efficient, open and transparent approach.
The company understands that the customers should have the right to reclaim and monetize their data about location and movements that is being created via hundreds of apps.
How Fysical Blockchain Location Data Market Protocol Token Works
When a person decides to use Fysical, the data of this person will be published automatically on the decentralized marketplace of the company and will be cleaned, validated and enriched by the company. After that, that information can be sold for FYS tokens. The user will receive a share of the money and the company will get the other one.
Users can also double verify their data to create more accurate and contextualized information before they sell it, which can increase its value in the market. The idea of the company is to empower people to use their own data for something instead of giving it away passively.
This way, the platform will allow the creation of a marketplace in which buyers and sellers of information can trade freely without a centralized party. Privacy and complete transparency will be guaranteed by the company.
The mobile app users will be able to share data from iBeacon, WiFi, GPS, Accelerometer and Barometer Data.
Fysical is lead by Ben Smith (CEO). The company has a partnership with Bluzelle for decentralized data management solutions and with Streamr for monetization of the information. The company was created with the belief that the big data market is increasing its importance as internet of things devices are starting to become more popular.
Because of this, the company has developed its strategy to create a sustainable market that empowers the user. Follow our blog for more updates on Fysical.