TX – Tomorrow Explored is helping organisations to leverage the Streamr technology stack to engineer value from data in ways that benefit business and consumers.
Consumers are becoming more and more distrustful of organisations using their data. While regulation like the GDPR in Europe is put in place to protect users' privacy, their downside is that data is becoming even more siloed. The reality is that the tech giants are taking ownership of data produced by consumers of their apps and services and making massive profits from data sales, while little is left for the consumer generating the data. But there is a gradual shift in attitudes as consumer awareness of what happens to our personal data increases. With every passing moment, it's becoming harder and harder for organisations to justify data sales with just the value gained from using an app or service in return
These questions will only increase in relevance as the use of IoT devices, wearables, smart vehicles and other smart devices become more prevalent in society. Who owns the data generated by IoT devices in your home or your wearable device? By your smart vehicle? Or by the smart vehicle driven by your Uber driver taking you from A to B? Who should be the one directly benefiting from the value of this data?
Organisations are looking for innovative ways to gain a competitive edge, though many are still not leveraging the value of the data they already have. They may feel powerless to utilise the data out of fear of backlash from their customers. Given that working with data can be an ethical and legal minefield, a PR risk and full of technological challenges, many are still afraid to make the moves that would take them towards becoming a data-driven business.
A data revolution is coming, and the winning organisations will be the ones working hand-in-hand with their customers to create value from data in ways that benefit all parties. Data holds enormous power when shared – power that can bring undeniable value to consumers and businesses.
TX can help those organisations who are ready to embrace this new approach to consumer data. We find innovative ways to empower your customer base to share and monetise their data. That's right - for your customers to share their data, the data that belongs to them, allowing them to remain in power.
Our services are helping companies to engineer data economies together with their customer base. Through use of the Streamr technology stack, companies have the opportunity to empower their customers to opt in to data sales where both the company and the individual can benefit. Streamr has already solved many of the technological challenges, such as enabling micropayments to a large number of data providers, to creating a marketplace for data where both the company and consumer share in the revenue generated from data sales. Streamr’s technology is customisable to be fully compliant with GDPR and other international privacy laws.
We are tasked with how to make this technology usable to organisations and design the business models and solutions around it.
We're already doing this in multiple industries globally:
- We're developing a blockchain-enabled traceability and trade data application, Tracey, for the seafood industry in partnership with Union Bank of Philippines and the WWF.
- We're part of a consortium of 11 companies building a data marketplace for the secure and privacy-preserving sharing and trading of personal health and education data in an EU H2020 funded project, KRAKEN.
- We worked with Metro Pacific Tollways Corporation, the largest toll road developer and operator in the Philippines, to identify ways of generating value from their data to help them on the road to becoming a data-driven company.
How does working with your customers to create value from data improve your competitive position?
With a business model enabled by this technology, your customers are more likely to stick with your product because of the added incentives derived from data sales. This unique value-add can be the difference between choosing between a competitor product and your own.
What’s more, this is not just an experiment. All of this is achieved while improving the bottom line. Once your customers give consent to selling the data, both you and the customers share in the rewards. This is a win-win. It's a sustainable business model. It's data done the right way.
How do you get started on this data journey?
We work in three stages to help our clients engineer value from data.
Stage 1: Assess
Each industry is different, but at their core they all have the same asset in common: data. Understanding where the value can be derived is where our work begins. In partnership, we will help you to build a digital strategy that will unlock the value of the data within your customer base. Important components of this work include:
- High-level review of the data and associated infrastructure
- Digital strategy
- Compliance with related privacy laws
- Outline of a pilot
- Wireframe of product proposed for pilot
Stage 2: Pilot
Pilots can be simulated or conducted live with your customers. They typically range between 8-16 weeks depending on the complexity and need for bespoke app development. The Streamr standard package utilises the open and public Streamr Technology Stack. For organisations wishing for more privacy during the piloting, the Enterprise package enables piloting “behind closed doors” until you’re ready to communicate to the world.
Key activities in the Pilot exercise include:
- Defining KPIs for measuring pilot success
- Customer (user) research exercise
- Conducting training/onboarding for technology for pilot
- Deploying standard or enterprise package (this may include MVP app depending on requirements)
- Conducting pilot for 2-4 weeks
Stage 3: Embed
With the pilot complete and deemed a success, the final step is to deploy into a live environment. We will make the technology market-ready and provide assistance with installation, deployment maintenance and operations. Since Streamr is an open source technology stack, any upgrades to the Streamr stack can also be merged into your product stack even after its deployment.
If you’re looking to leverage the Streamr technology stack in your business or want to discuss business opportunities around engineering data economies, please get in touch with me at email@example.com.
TX – Tomorrow Explored is an advisory and software development company creating solutions that empower industries, organisations and people by unlocking the value of data. We advise organisations on blockchain and Web 3 technologies and develop solutions for various industries.