Among the countless applications of blockchain technology, personal data privacy and transparency has been right there at the top with fintech and cryptocurrency.
As technology continues to evolve, privacy is becoming more and more of a luxury. With the emergence of blockchain, putting control over personal data back into the hands of the individual again started seeming possible.
In its latest announcement, Measure Protocol, a blockchain-powered person-based data marketplace, mentions that they have raised £2 million in a funding round led by Dynata and Blockchain Valley Ventures (BVV). Medicys Limited also participated in the round.
Gary Laben, CEO of Dynata, said:
“Dynata is committed to developing and investing in the next wave of technologies, such as blockchain, that have the potential to transform the future of insights, advertising and marketing. This investment is in line with our long-standing, member-centric approach to bringing transparency and fair value exchange with members to the forefront, while ensuring the quality and security of data for our clients.”
Paolo Guida, Head of Investments at Blockchain Valley Ventures, commented on the Measure project:
“We are very pleased to support Measure’s highly experienced team, which extensively investigated how blockchain technology could be applied to solve real problems and to provide better and more efficient services to the market research industry. We think Measure’s solution can improve certain business KPIs by a factor of 10 times.”
Measure has created a blockchain-based platform where people can monetize their own personal data, selling it directly to researchers and advertisers. Data can be contributed via surveys and other data-generating tasks or by providing access to existing data sources such as purchase and location.
Owen Hanks, CEO of Measure Protocol, said this about the funding round:
“The new investment is a clear illustration that the industry is starting to pay attention to consumers’ needs, both from a practical and ethical standpoint. The super-power of blockchain is its ability to build trust in a marketplace, and provide a foundation upon which to meet the consumer’s needs for privacy and transparency – whether they are aware of the technology taking place in the background or not. Having the additional funding to work toward a fair model for both consumers and data buyers is a fantastic step forward for our team.”