Phunware Inc (NASDAQ:PHUN) has announced that it intends to give control of data currently stored by the company back to consumers in an ongoing effort to commercialize a new data economy that leverages blockchain to reimagine how brands engage consumers.
The enterprise cloud platform for mobile said to better manage consent and ensure fair compensation for first-party data, Phunware will enable consumers to identify and manage data being curated within the Phunware Knowledge Graph.
“We can lay nearly every failure of a broken system at the feet of an elite minority who sought to exploit asymmetric information at the expense of an uninformed majority,” Phunware chief operating officer Randall Crowder said in a statement.
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“Phunware’s decentralized data economy is now a moral imperative because consumers will continue to be exploited until they are able to control how they are engaged, but the only way to do that is through transparency and the disintermediation of data oligarchs who have never fairly compensated consumers for their data,” Crowder added.
Phunware also noted it intends to compensate consumers in PhunCoin for use of their data and increasing the value of the ecosystem, while rewarding them in PhunToken for generating additional data through brand engagement.
The company added that it has gathered over a petabyte of data from billions of devices with the intention of creating a Phunware ID for every human being on the planet with a mobile device touching a network.
To start the process of claiming consumer data currently stored by Phunware, please complete this form.
Phunware is a pioneer of MaaS, an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale.
Contact Sean at sean@proactiveinvestors.com