‘My data can be money’… The Rise of Reward-based Blockchain Services
Within the blockchain industry, a business model in which users provide data and get rewarded with tokens are newly on the rise. Relevant companies are compensating users who provide their data with tokens in order to collect big data.
This trend is especially prominent in industries such as healthcare and insurance services, where ‘data’ is the major business model. Since it takes long time for blockchain-based businesses to develop their own Mainnet, DApp, etc., they are eager to collect user data prior to platform development as part of the business.
Cosmochain, which facilitates blockchain-based beauty social media platform ‘COSMEE’, provides ‘Cosmo Power’ to users who shares cosmetics reviews, or evaluates contents through comments or likes.
Cosmo Power, which is similar to the concept of mileage, can be later transferred to COSM, a token issued by Cosmochain, and be used to purchase cosmetics products within the online marketplace. COSMEE analyzes the skin type information that the users provide, users’ product preference, transaction data, consumer behavior patterns within the app, and sells the data to cosmetics companies. Companies can utilize this data for product development and marketing.
Ultimately, user data compiled by blockchain startups can be not only helpful for the startups themselves, but also be a means of revenue generation, as it can be sold to other players in the relevant industry. However, the business model differentiates itself from the conventional businesses, as the subject generating profit could be the users, and not necessarily the companies.
The essence of blockchain is ‘decentralization’. Decentralization means that participating entities will voluntarily provide and manage data and operate the network, even in the absence of a central governing entity.
— by Hwa Yeon Song(News1)
This posting is an excerpt of the original article which can be viewed in the following link: http://news1.kr/articles/?3485913
※ The contents above contain information subject to change or yet to confirm under the contract. Also, It serves no purpose of recommending or attracting investment in Cosmochain project and is exclusively for sharing information. Accordingly, any results from making a decision based on the contents as a reference are the responsibility of the decision makers themselves. In other words, the Cosmochain Team holds no legal responsibility for any damages, losses or other results.
For more details about Cosmochain and COSMEE, please visit the websites below.
Cosmochain Web: https://cosmochain.io
COSMEE Web: https://cosmee.co/
Medium : https://medium.com/@Cosmochain