Place/Date: - July 19th, 2018 at 4:47 pm UTC · 3 min read
Contact: Truth Data Cloud, Source: Truth Data Cloud
It uses smart contracts and AI to bring transparency to the trade in digital consumer data by advertisers and agencies. giving the consumer ultimate control of who uses it.
The internet runs on data with the largest companies making tens of billions of dollars by harvesting their users’ personal information to drive advertising and other activities.
While this has been a long-running concern for privacy advocates, episodes like the Facebook/Cambridge Analytica scandal have brought the issue to mainstream attention and, along with developments like the new GDPR laws, illustrate the unsustainable nature of the situation.
Truth Data Cloud (TDC) aims to address the endemic problems of online advertising by launching a new model. Underpinned by smart contracts and a blockchain-hosted token of value the platform will enable consumers to upload, control and trade their browsing and buying intention data.
Unlike the routine and aggressive harvesting of personal data by almost every online service, this puts the customer back in the driving seat with a permission-based approach: they can sell different elements of their data to advertisers if they wish in return for the platforms native TRU utility token.
Mary Keane Dawson, CEO and co-founder of Truth:
‘The global data economy is worth a staggering $42 billion today and is forecast to grow to $106 billion by 2027. However, its use in advertising is bedeviled by fraud, inaccurate data and the poor targeting, making it inefficient for advertisers and annoying and intrusive for consumers. The Truth Data Cloud will help transform this industry into one where all participants can trade in a free market ecosystem built on blockchain, providing fairness and transparency for consumers and advertisers.’
Given that up to 93 percent of programmatic advertising spend can be lost in the layers of middlemen and brokers that lie between brands and media owners, this peer-to-peer approach promises to be more efficient for advertisers. TDC is designed to put money back into the system by creating a transparent and ethical marketplace that ensures publishers and consumers get paid fairly.
Truth has funded development of the platform up to this point and is now seeking funding for production launch, including APIs and SDKs for third-party applications and a range of tools to facilitate data collection. The project’s blockchain infrastructure uses the open Ethereum platform, as well as the Hyperledger protocol for scalability.
From a business perspective, one of the great strengths of TDC is its backing by global network RYVL. The team have extensive experience working with high profile clients in the advertising industry and are well positioned for the launch of the platform later this year. Legal services are provided by Lewis Silkin.
The team aims to raise up to $50 million during the token sale, with the pre-sale already successfully under way. 50 percent of total TRU supply will be made available during the token sale, with percent of supply reserved for early adopters of TDC data wallets – helping to bootstrap the ecosystem and attract advertisers in to purchase the data supplied by users.
The TRU pre-sale will run until 18 September when the main public token sale opens. The token sale closes on 15 November.