Over the last 12 months the location services market has grown substantially which has led to an influx of companies entering the space. There are now hundreds of companies that sell some form of location data. Most of the demand for location data is in marketing, but financial services, real-estate, and AI have become increasingly attractive.
The increased competition in this market has had its benefits, notably in the increased awareness of location data use cases, but the rush of companies has led to some mass inefficiencies in the market. For example, there is a clear lack of transparency on how data is generated and who generated it, with only word of mouth promises and marketing pitches to confirm a dataset’s quality.
This has stifled adoption from many leading companies that could benefit from location data, especially for companies working with AI and machine learning which depend on high quality data.
Over the last year, Fysical has been working on how we can solve these problems inherent in this growing data market, and we’re excited to announce a solution:
We’ve found there is only one way to help data buyers acquire high quality data, with complete transparency, and without placing trust in a centralized third party, and that’s through the blockchain.
Fysical is a blockchain for the location data market. It provides an open, transparent, and highly efficient way to obtain data on how humans move through the physical world.
What is Blockchain?
Blockchain is technology that offers a digitized, decentralized, public ledger of the exchange of data. Its decentralized nature means no single person or company controls data entry or its integrity, and its method “chains” together data entries so that they cannot be modified later. Blockchain provides a way for large groups of unrelated companies to jointly keep a secure and reliable record of the exchange of data.
For location data to provide value, it needs to be highly accurate, privacy compliant, and contain information about how the data was generated, and who generated it. Blockchain provides this, without the presence of a centralized authority, in a trustworthy and scalable way.
For data buyers, blockchain enables audit trails, facts about the origin of data, and therefore greater confidence in the integrity of data purchased.
For data suppliers, blockchain provides full transparency on data usage, clear ownership rights on data, and therefore greater trust in sharing data.
Fysical is a protocol
Importantly, Fysical is a blockchain protocol and remains neutral in the space, allowing any data buyer or data supplier to utilize its blockchain directly.
Fysical will continue to offer robust tools and an exchange to make it easier to buy and sell data using the Fysical protocol.
We’re excited to announce Fysical to the community and we encourage anyone interested to reach out and learn more.
Check out our Website: Fysical.org
Join our Telegram Community to chat live with the team here: https://t.me/fysical
Follow Us on Twitter: https://twitter.com/FysicalProtocol
Keep up to date on our Blog at: https://medium.com/fysicalblog