Data is knowledge; knowledge is power.

Data is becoming an extremely powerful tool for businesses in almost every industry and that makes the collective value of people's data worth billions of dollars, yet most neither earn a dime from it nor do they have much control over it. Data collection agencies and data brokers collect data through various ethical and unethical motifs, and certain companies gather data directly from users on their platform. Once collected, people have almost no ability to control what it is used for. As the public is becoming more aware of this startling reality, the notion of data protection and security is etching its way as a mainstream concern and topic of discussion.

A number of blockchain projects have made an effort to decentralize certain aspects of the data market, but data is having such an expansive importance that much of the problems with the data industry are not being addressed. Essentia is a new blockchain project that offers an in-depth solution with the potential to have a solution both consumers and businesses.

Data Completely Decentralized

Essentia is an infrastructure which allows users to forge a seed, which is just a collection of users’ data. Synergies allow other operations to be connected to the Essentia platform; the seed allows users to access their digital life, wallets, and exchange accounts from a single seed. This leads to a host of benefits for both consumers and companies.

Consumers

The seed empowers consumers to open up a piece of their data to a third party only for a momentary period of time to provide the company the authentication nor approval needed. The seed puts consumers in control of:

What their data gets used for
Who can use it
For how long it can be used
How much of it can be used
Consequently, this allows consumers to protect their data while making sure companies cannot store it.

The seed allows the Essentia platform to serve as singular means to access one’s online identity; the ability to access so many services from a single platform offers a great of convenience.

Businesses

Businesses get a convenient means to authenticate identity
As users are able to conveniently access various services from a single platform, they will be more willing to try new services since it’d take a tiny degree of effort to try them from a single platform. This will allow a greater degree of spotlight to be shed on new or under-valued services
Companies can verify the credibility of a user by examining his or her ESS-ID.

Essentia is developing the most expansive solution to the pains and problems of the data industry. It protects users’ data while offering the convenience of accessing their digital presence from a single platform. On the other hand, it benefits businesses by allowing them to easily perform KYC compliance and authenticate user data.