Road to Empowerment, Part 4: Data Buyers
Data buyers in the HARA Ecosystem buy the data that is made available on the exchange. By using the query mechanism of the HARA Data Exchange, data buyers can filter through all the provided data on the exchange to find the data that is most relevant to their needs. Furthermore, if the data they need is not available yet, the data buyer can request data to be added through the Data Seeking feature that is offered by HARA.
In the fourth part of the Road to Empowerment series, we will dive into the role of the data buyer, and how their needs help drive the accumulation of data.
Data buyers purchase data sets
The data buyers in the HARA Ecosystem can be a wide range of actors. They could be government agencies or NGOs that need supporting data to plan projects in a certain region, but also banks or insurance companies that want to optimize their services or reach a new clientele. These organizations can acquire HARA Token, which will in turn allow them to access the HARA Data Exchange where they will find the data they need.
One of the current data buyers that is already benefiting from HARA is Bank Negara Indonesia (BNI), the fourth largest bank of Indonesia. Through data provided by HARA, BNI was able to extend their financial services to multiple smallholder farmers in a remote area in East Java.
When data buyers access the data exchange, they can choose to spend their tokens to acquire data, and in doing so unlock the rewards for the data providers and data qualifiers. To make sure that these tokens are always available in case a data buyer wants to buy more, the HARA network operators maintain a reserve of HARA Tokens which allows anyone to acquire tokens as needed.
In short, in the HARA Ecosystem, the data buyer exchanges his fiat currency for tokens through the network operator. The data buyer then uses the token to access the platform and attain the raw or processed data from the HARA Data Exchange as needed. When the data buyers run out of tokens, but still require more data, they can repeat the process.
Seeking out specific data
It is likely that some data buyers would like to acquire data that is not yet available on the data exchange. If this happens, the data buyer can make use of the data seeking feature that is built into the HARA Ecosystem.
Any data buyer on the exchange can file a request and fund the acquisition of highly specific, granular data that is not yet available. Through this feature, mini tasks that are aimed at resolving the request will then be sent out to the data providers, based on the specific target of the request. The data providers will perform the mini tasks and be rewarded for it, and the data buyer will obtain the requested data.
The data buyers are the main source of demand for the data that is available in the HARA Ecosystem. Furthermore, through the data seeking mechanism, the data buyer also plays an active role in diversifying and increasing the available data on the HARA Data Exchange. This article of the Road to Empowerment series explained how data buyers obtain data from the exchange.
In the final part of this series, we will examine how value added services improve the HARA Ecosystem.
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