Nasdaq-Listed Firm Phunware Works On A Blockchain Platform For Decentralizing Data And Empowering Consumers
- Phunware is currently working on a blockchain platform for advertisers and consumers
- The goal is to revolutionize the way in which companies reach their audiences
- There is a company listed on the Nasdaq that is working on a blockchain platform that is expected to decentralize data and empower consumers. The firm called Phunware says that it is currently leveraging its ten years of mobile technology experience in order to enable firms the possibility to reach an audience interested in relevant content.
Phunware Leverages Blockchain Technology
Phunware is working on a new platform that would allow users to receive relevant content. Customers that provide their data will also be building loyalty by engaging in profitable behavior and receive incentives.
The company is currently placing at the center of its strategy its Knowledge Graph, which is a database that leverages machine learning to curate information that they gather from different data sets. The solution they are developing is designed to engage consumers and address ad fraud.
About this issue, the company explained:
“Phunware represents ‘a better way’ and the alternative to centralized authorities that perpetuate ad fraud, waste and abuse. The era of data collection through surveillance and exploitation is coming to an end. Phunware is ushering in a new era of data collection through collaboration and compensation.”
The firm is currently focusing on relevance rather than quantity. It tackles ad campaigns that cost large amounts of money and target individuals that are not interested in these ads and that would never engage with them.
Phunware explains that it wants to start building the necessary infrastructure for a new age of digital transformation. Their ambitious can only be compared to those of Amazon, that has already built large distribution centers around the world and retailers are having troubles to follow the trend. The goal is to ultimately build a decentralized network that would distribute data for brands to better engage, manage, monetize and retain consumers.
As reported by Cointelegraph, the firm aims to achieve this by offering businesses deeper audience insight than with normal ad networks such as the ones offered by engines and social media. The new service is expected to help firms attract consumers by offering context-aware notifications and content.
These interactions have never been possible to be implemented on a global scale, but the firm is trying to offer them and improve how individuals receive these ads and interact with different firms. The company considers that its Multiscreen-as-a-Service (MaaS) platform was able to reach 1 billion unique devices per month during the first quarter of 2019.
In addition to it, Phunware was selected for the IBM Blockchain Accelerator that would be providing access to assets, knowledge and support in order to keep developing their solutions.
In order to be offering these services, Phunware is going to be offering a dual token economy. One of the coins is going to be the PhunCoin, a compliant and security token that would enable consumers to “monetize their digital identity.” At the same time, Phun will be working as a token for consumers to monetize their digital activity when they engage with brands and view content, among other things.
Randal Crowder, the chief operating officer of the company explained that they are very excited about introducing the Phun token to support the ecosystem's commercial launch and position Phun for future exchange listings, making it available for the whole international community.
The firm has launched the data exchange and mobile loyalty system this week. In this way, consumers will have the possibility to remain in control of their identity.