ALX, powered by Algebraix, empowers individuals to secure, take full control, and monetize their data, earning cryptocurrency on a blockchain-based mobile platform.
WHAT IS PERSONAL DATA?
Personal data, as used in information security and privacy laws, is information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context. Information and communication technology generate a growing amount of increasingly accurate data about us (credit card payment, calls made from a cell phone allowing identifying with 430 yards accuracy the place where the caller is, an internet connection). Any information about an individual maintained by an agency, including
(1) Any information that can be used to distinguish or trace an individual's identity, such as name, social security number, date and place of birth, mother's maiden name, or biometric records.
(2) Any other information that is linked or linkable to an individual, such as medical, educational, financial, and employment information. The concept of Personal Data has become prevalent as information technology and the Internet have made it easier to collect personal data leading to a profitable market in collecting and reselling Personal Data. Personal Data can also be exploited by criminals to stalk or steal the identity of a person or to aid in the planning of criminal acts.
Personal data, according to Algebraix, comprises of the following:
Personal documents and credentials. Driver’s license, work visa, passport, birth certificate, marriage license, social security number and so on. These are credentials from some issuing author¬ity (usually government parastatals) that verify a person’s identity
Financial Information. Data relating to bank accounts, debit cards, credit cards, crypto wallets, stocks and other investments, as well as mortgages and other similar financial assets and liabilities.
Personal History. Records such as previous addresses, phone numbers, educational record, transcripts, employment record, cer¬tifications, etc.
Health Information. Data such as vaccine history, medical histo¬ry, doctors’ reports, lab results, medical insurance, etc.
Memberships. Data or documents related to membership in asso¬ciations, societies and groups of any kind, such as for sports clubs, retail warehouses, air mile programs and so on.
Personal Permissions. This comprises all digital permissions (such as login details) that provide access to web sites or software applications or anything else that requires digital permission for access.
Titles. Deeds, titles, provenance, appraisals and other documents that relate to or prove an individual’s ownership of possessions such as a house, car, antiques, etc.
Digital Possessions. An individual’s digital possessions such as photographs, videos, music, sound recordings, data files and so on.
Personal Digital Tracks. This data comprises an audit trail of an individual’s personal digital activities and interactions, in effect their Internet history. It embraces whatever an
Personal Buying and Selling History. This comprises a history of what an individual has bought or sold, for which there is a digital record.
Personal information. Name, gender, date of birth, address, tele¬phone numbers, marital status, employer and so on.
MONETIZATION OF PERSONAL DATA
It refers to the act of generating measurable economic benefits from available data sources (analytics). Less commonly, it may also refer to the act of monetizing data services. In the case of analytics, typically, these benefits accrue as revenue or expense savings, but may also include market share or corporate market value gains. Data monetization leverages data generated through business operations, available exogenous data or content, as well as data associated with individual actors such as that collected via electronic devices and sensors participating in the internet of things.
In the Global Advertising Forecast report published in December 2016, Magna estimated revenues from digital advertising for 2016 to be over $178 billion (36% of the total global spend of $493 billion). Approximately 54% of this was shared between Google and Facebook. Magna expects this 36% figure to rise to 50% of the total by 2021 (i.e., $300 billion of an estimated $600 billion). Digital advertising revenues are thus considerable, averaging about $89 per Internet user, and $287 per US Internet user, and they are projected to grow at 11% per annum.
In outline, we envisage the system for creating such interactions will have the following steps:
Data owners will be in control as to whether to give out profile information in a profile database that reveals targeting information (date of birth, gender, zip-code, interests, and so on) but not their name or address or any other such identifying data. They will thus be represented by an anonymous avatar.
Advertisers will be able to query the profile database to identify possible targets for their advertisements, i.e. prospects for their products or services and thus generate an anonymized target list.
The advertisers will publish their ads to the target list of data owners, declaring the details of the reward (in ALX) for those who choose to view or read the ads.
Data owners who view the ad will be paid for their attention, receiving the specified reward.
It is expected that in most instances the ad will include a “call to action” and the data owner may then choose to take the next step and develop an interaction with the advertising business which may involve further rewards.
Every step up to and including a sale could be governed by smart contract and include an escalating set of rewards for the data owner.
The rewards to the data owner can be viewed either as payment for attention or as promotional discounts offered for a product or service, or a combination of the two.
IN CONCLUSION:
Users have become used to their data being exploited and violat¬ed without either their authorized permission or any benefits of any sort. Algebraix will provide an environment that protects frowns against such data exploitation as vigorously as possible. We will provide absolute control to the data owner, giving them leverage to put their data to work/use on their own behalf and realize its value/benefits, should they choose to.
In our view, the Algebraix Ethos is the foundation of its business and integral to its operation.
The Algebraix platform will be built on the technologies that ensure trust, its operation will be transparent to engender trust and it will be regularly audited to prove trust.
No-one (including Algebraix Team) will have access to data held in the Personal Secure Vault (PSV) unless they are granted permission by its owner, that is to say that your personal data is accessible by only the owner and perhaps those he/she chooses to allow access to data. The owner may confer access to specific data items to others and will grant such access in the context of specific personal or business interactions.
For further enquiries, kindly check us on:
Telegram Group: https://t.me/Algebraix_Data
Twitter: https://twitter.com/alxtoken
Facebook: https://www.facebook.com/alxtoken/
Website: https://algebraix.io/
Whitepaper: https://algebraix.io/whitepapers/
Writer: johnomonday53
Writer's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1860742;sa=summary