The Marketing Group PLC (NASDAQ OMX:TMG) is to launch a blockchain-enabled marketplace that will enable consumers to take back control of their personal data.
There is an adage relating to the internet that says if you are not paying for the product, you are the product, which basically means the owners of many of the sites you visit are selling your personal data.
The TRUTH Data Cloud, launched by The Marketing Group’s TRUTH subsidiary, will let users choose to sell their personal data to brands, agencies and publishers and directly benefit from its use in personalised advertising, in the form of discounts and offers on goods and services or as currency.
Beyond building an efficient advertising ecosystem, the aim is to create a global marketplace for the efficient buying and selling of advertising data.
The new service is fully compliant with the General Data Protection Regulations due to come into force in the European Union on May 25.
“The TRUTH Data Cloud will openly reward consumers for transparent, permission-based use of their personal data, unlike the recent Facebook data scandal and the pervasive nature of digital advertising - unwittingly powered by consumers’ personal data,” the statement from The Marketing Group (TMG) said.
In return for access to their personal data, consumers will receive TRUTH Tokens, which represent consumer data held securely within the blockchain-enabled TRUTH Data Cloud. TRUTH tokens can be exchanged for discounts on goods and services or exchanged for their preferred currency.
For the geeks out there, the TRUTH Data Cloud will have open application programme interfaces (APIs) and software development kits (SDKs) to encourage third-party applications to integrate with the marketplace.
READ: The Marketing Group's TRUTH unit in first successful advertising campaign deployment using blockchain technology
This will create huge potential for the platform’s uses, such as influencer marketing, loyalty programmes and customer relationship marketing, The Marketing Group said.
StylePoints, a digital loyalty scheme operator, has already signed up for the platform, as has Narratrs, a platform that enables people with large followings on social media sites to get paid for plugging products.
“Now is the time to address how we use big data in the advertising industry. Personal data is being used without consumer permissions. Brands’ advertising spend is being wasted and consumers are receiving too much irrelevant content,” asserted Adam Graham, the chief executive officer of TMG.
“With the TRUTH Data Cloud, we want to give consumers the power to control their own data and give advertisers and publishers the reassurance they are using that data with consumers’ explicit consent,” he added.