The “How It Works” for Business infographic is coming soon. In the meantime, here’s a 60 second explainer about MIDATA from a business perspective.
MIDATA 60 Second Explainer – For Business
MIDATA gives people the power to own and control their personal data on the blockchain, while also enhancing their personal value and data privacy. MIDATA is also a more ethical, permission-based channel through which companies and organizations can engage with the right individuals who are ready and willing to be engaged – a place where consumers and brands can foster and grow higher value relationships.
In today’s big data world, each individual’s personal data is stored in multiple silos across multiple organizations and platforms. At MIDATA, we are building a better-data-world centered around the individual.
The most accurate and reliable way to attribute and aggregate one person’s data is for each person to perform the aggregation and attribution themselves. Using the MIDATA platform, each person chooses to connect as much or as little of their personal data to their profile. The more data they self-attribute, the more value their collective data will have. The result is a high value personal database, supported by privacy, control and monetization tools. For maximum security and integrity, we isolate and lock down each data owner’s information in their own hack-proof, 512-bit encrypted “personal data vault”, which also encrypts each piece of data as well for maximum protection.
As an IBM Innovation partner, we’ve developed an enterprise grade blockchain application to immutably record all data transactions and permit or prevent access to each personal data vault. Smart contracts built into our blockchain allow our data owners to get paid by advertisers and other organizations for their data’s insights, but not for the data itself, which stays locked in their vault.
Our better data insights help match advertisers with most-probable-to-purchase consumers who’ve also given permission to those advertisers to engage them with invited communications instead of invasive advertising. Using predictive analytics and behavioural modelling through WatsonAI, we advise when and how advertisers should most effectively engage with a person based on their specific needs and preferences.
MIDATA: Better Data, Better Value, Better Relationships