Tapping into people’s data can be an arduous and costly endeavor as bottlenecks tend to restrict the ways in which it can be obtained. Currently, many restrictions exist in the form of government regulations and monetary costs that make obtaining data economically infeasible.
Blockchain-based solutions to big data are just now rolling out, with platforms like RepuX giving data producers and acquirers a place to directly connect and benefit from one another. As time goes on, this use case for blockchain will likely grow and benefit many types of people and industries.
Moveco, a variant of the big data blockchain use-case, wants to utilize the data of movement by everyday people in order to unleash its usefulness onto the world in a frictionless manner.
It aims to do this by setting up an incentive structure that rewards users for sharing their movement patterns to the Moveco network. Users would be rewarded in the platform’s native token, dubbed MOV tokens, that can be redeemed for other things.
By rewarding people for travel, whether it be by car, foot, or some other service, people will be given a chance to offset or significantly reduce travel costs for consumers around the world. This could potentially motivate users to travel more by effectively making it cheaper to do so, meaning more data to be shared and so on, triggering a positive feedback loop.
Not only will the users benefit through reduced travel costs, but so will others as the data that is shared could ultimately contribute towards technology advancement. Indeed, Moveco hopes to pave the way for building safer, more convenient, efficient and affordable vehicles.
Moveco will use proprietary hardware to track cars’ routes, sensor data, and general driving behavior. It will be through this tech, branded Drivebox and Drivebox Lite, that the blockchain platform will gather any and all data.
Essentially, the use of blockchain technology, in the form of Moveco’s platform and supporting tech, will now allow secure and anonymous sharing and monetization of driving information.
Users will be rewarded MOV utility tokens that can be redeemed via Moveco’s loyalty program or their redemption platform that will allow users to buy goods, services, and experiences with the native token.
As Lawrence Hui, Founder of Moveco, commented on the platform explaining that the startup would like to foster the dynamic between consumers and producers of traveling-related data:
“Moveco believes car generated data is important to drive the future of mobility. We, however, also believe that consumers should be rewarded for the data shared. We look to create a win-win situation, in which car generated data can be collected while consumers are rewarded.”
Additionally, Moveco’s loyalty program will give people a chance to buy the same things or obtain discounts via the startup’s loyalty partners (which notably includes Shell, Starbucks, Esso, and Grab).