Personal information, aka “Data” is a huge income opportunity for many people. Dubbed “The new oil,” it is a way of generating billions of dollars for those who are actively involved in the system.
The major beneficiaries aren’t those you have in mind. It is not the data owners. Instead, the Big Data companies are looking at making money from the personal information of the unsuspecting public.
This trend has been on for many decades and it is likely to continue if not stopped. AIre is the platform that is pushing for the decentralization of the data management system.
It argues that its Data Bank could turn out to be the single platform that will connect data owners to the Big Data companies. Such a connection, it argues, will redefine the entire data management system and entrust the power over data on the users/data owners.
THE AIRE FUNCTIONALITIES
Below is the breakdown of how AIre will push for the decentralization of the data-sourcing system.
Input Data
As mentioned earlier, data owners will be the ones to provide the needed information. It is at their discretion to release the required information or to withdraw it.
In the event that the data owners release the data, the first functionality of the AIre ecosystem will be triggered. The first function is to trigger data input. This is only when the users release the information.
Data Storage
AIre will then proceed to store the data via the Data Bank. The platform (AIre) already affirmed that the Data Bank can comfortably host different data without compromise.
So, once the data owners release the data, it will be sent to the Data Bank. The information will be stored here pending when the next functionality will be triggered.
Data Purchase and Utilization
The last of the functionality is the purchase and utilization of data. This is the case when the Big Data companies will send in their request to gain access to data analytics.
In the light of this, here are the other steps that will follow:
Fee Collection
AIre’s IFA will be in-charge of collecting the fees or the payment pertaining to data purchase. Because the data doesn’t belong to the AIre ecosystem nor the Big Data companies, it is important to collect the fees to reward the data owners.
Token Distribution
The fees collected by AIre’s IFA will be converted to the token equivalent. AIre will then proceed to share the tokens to the data owners according to the value and the enormous data they shared.
After-Effect
Gone are the days when data owners are sidelined in the scheme of things. By bringing them once more into the system via tokenization/incentivizes, AIre will be indirectly encouraging them to make data available.
The after-effect is that the users will be thrilled to release more data because that equals more income on the shared data.
Conclusion
AIre’s Data Bank is an innovative feature for returning data control to the end-users/data owners.
The amazing thing is the data purchase option, which makes it easier for you to generate income from your data.
Will you like to trade your data on AIre via the dedicated Data Bank?
USEFUL LINKS
Website: https://www.arcs-chain.com/
Whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
Telegram: https://t.me/ARCS_ARX_EN
Twitter: https://twitter.com/ARCS_ARX
Medium: https://medium.com/arcs-arx-official
AUTHOR'S DETAILS
Bitcointalk Username: Gudubobo
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2766228