Blockchain technology is proving much more useful than the typical financing transaction use. While most are only aware of commercial use, blockchain is proving beneficial in data exchange. It is evident that our current data brokerage services function lacks security which is unbeknownst to most of the users.
While it is evident that our data brokerage industry remains frightening, blockchain technology could prove beneficial with its smart contracts and decentralized nature. Rather than the typical data brokerage system, using blockchain can also help us monetize our data and corporations and consumers can gain revenue from using this technology. If that might interest you, then the next blockchain venture might interest you.
What Is INSIGHTS NETWORK?
INSIGHTS network is a decentralized data exchange structure that will offer some applications to enable secure data brokerage. The platform will comprise of functions such as data collection, and consequently, connect data requesters to the providers. In essence, INSIGHTS network will act as a market research platform from where users will get to trade their data. To achieve this, Insights Network will provide several options for which the providers can profit from the data. Consequently, the requesters stand to gain from a more secure and higher-quality data for use in their research.
Also, Insight Network will also incorporate the use of their cryptocurrency in INSTAR token. The digital currency will be put to use in purchasing the datasets and additionally reward the data providers. The crypto work with the Insights wallet, from where users can control the sale of their private data through private keys
The Critical Features Of Insights Network Include
- Data incentives: giving the user power to control their data will not only give them direct consent but also provide for compensation in from of INSTAR tokens based on the amount of information contributed by members
- Use of Smart contracts: Insights Network will offer requesters a data acquisition platform from where they can authentically sort the data through a specific demographic set. The smart contract will assist in legitimizing the data pool in real-time with more precision.
- Micropayments: With precise transaction speeds and little fees, Insights Network will secure a micropayment solution for the necessary parties to transact where it is not possible with Bitcoin and Ethereum.
- Distributed structure: the nature of blockchain allows for a decentralized data storage network where information is stored securely, free from a hackable central authority.
- EOS blockchain: the use of EOS blockchain enables the creation of decentralized commercial applications which can carry thousands of transactions through parallel execution, asynchronous communication and authenticate computation
Is Insight Network Of Any Benefit?
In addition to creating a symbiotic network, Insights will provide an array of advantage for both the data requesters and providers. These will include
- Added data security, insight Network utilizes protocols with the ability to perform a Secure Multiparty Computation that is a unique feature for extra data security.
- Anonymity, all of the user data will restrict access to only the user. The use of EOS is also unique as it presents an interpersonal relationship for the ecosystem
- Get to create secure custom surveys for your marketing research
- The capability to conduct an auction bidding on the data
- Customers’ feedback provides insights on what the data requesters can do to improve.