Users generate valuable data every single day. An average person creates approximately 0.5 GB of information per day from their internet likes, posts, tweets, location, commerce, meta-data, and more. This amount is actually increasing by 45 per cent each year as more of activities and transactions go online.
Thousands of companies worldwide collect, analyze, and resell data, often without the consent or knowledge of the original owner. Generally, people have no idea as to what data they generate or how it is used, and they receive no benefit from it. Biotron corrects this, by giving back control and transparency to the person who created the data. Their ethos is that the person who creates the data should also get to share in the revenue that it generates.
“People must have the power to control where their data flows. Biotron will not only help them do this, but they’ll also receive shares from the revenue their data generates,” Biotin CEO Pavol Magic said.
Once installed, the Biotron mobile application and web browser extension collect user information automatically to create highly accurate and complex user profiles. Biotron users can also choose to manually input data to make their information more useful and valuable. Created user profiles are then uniquely matched with location data to generate a wide variety of analytics products.
Blockchain allows Biotron to provide transparency within their platform while facilitating the instant micro-transactions needed to pay the users. The model developed by the Slovak-based technology brand already complies with the EU’s pending GDPR regulations.
Thanks to the explicit user consent inherent in Biotron’s data collection process, they can quickly collate information that is validated and highly accurate. No funnel of data collectors, brokers, or other low-key entities exists between the data creator and the consumer. Data goes directly from user to Biotron, where it is processed, and then on to the customer.
The solution creates a wide range of analytics and surveys covering marketing intelligence, financial intelligence, healthcare analytics, fraud detection, and more. The analysis provided ensures that the business intelligence their customers receive can be quickly actioned, for a fast return on investment. When customers purchase a Biotron product a smart contract is created. This smart contract exists within the blockchain and ensures that the revenue generated is distributed back to users, leaving Biotron its commission.