Today, we’re happy to announce our new data verification partnership with XYO Network, a cryptographic location verification network. This partnership is particularly unique because Fysical and XYO have shared visions in improving the location-based data trade, and we’re finally joining forces to tackle this space together.
Partnership Overview
One of the challenges for businesses and data scientists who utilize location data is understanding data veracity or “truth” of the data. For example, one everyday use case of location data is to determine foot traffic to stores. Foot traffic statistics can help a hedge fund trader forecast stores sales for a publicly traded company such as Starbucks, allowing the trader to make a more informed trade prior to the companies release of their earnings figures. This is great for the trader, as long as she can assume that the underlying data used to make the foot traffic analysis was accurate, and here lies the problem. How does that trader verify that the underlying data she used was accurate? More importantly, how can she prove the data was accurate? Proving the accuracy of data in a decentralized, trustless, and transparent manor is precisely what Fysical and XYO Network will do.
Proving the accuracy of data in a decentralized, trustless, and transparent manor is precisely what Fysical and XYO Network will do.
How does data verification work?
XYO Network will act as a verifier of location data trade on Fysical by utilizing their existing network of millions of proximity beacons already deployed in the real world. How does this work? Prior, to a location data set purchase by a data buyer from Fysical, the dataset can now be analyzed for accuracy using the XYO Network. The end goal is to provide an accuracy score for each data point sold via Fysical, which will allow data buyers to more easily understand it’s quality and value before purchase. In the end, this can greatly enhance the efficiency and transparency of the location data trade and allow data buyers to eliminate wasted spend on inaccurate data.
Together, Fysical and XYO Network are excited to join forces in transforming the location data trade while bringing new, real-world use cases to the blockchain industry.
