User behavior and search data is worth billions to companies — should users be compensated for this?
It all started with a broken system
In 2017, the digital advertising market spend is estimated to hit $83 billion in the U.S. alone. Digital advertising now beats traditional TV advertising in total spend – yet the industry is deeply flawed, if not completely broken, in its current form. On paper, digital marketing should be a mutually beneficial experience; businesses get access to potential customers who are actively interested in their specific product or service and in return users receive adverts that are relevant and of value to them.
The reality however is a far different picture. Businesses are charged increasingly huge sums for access to supposed relevant and targeted audiences by the three giants of digital marketing, Google, Facebook and Amazon – all with absolutely no guarantee on the legitimacy of the audience, the effectiveness of the adverts or any true benchmark for measuring return on investment. The user, in turn, is bombarded with adverts – the majority of which provides no value and little relevance, plus, the value of their personal data has now become a commodity traded to the highest bidder. Obviously, the only winners in this arrangement are the likes of Google and Facebook who, depending on your viewpoint on the grey area of User Agreements and transparency on data sharing, have either unethically exploited their user base or simply provided a service that should benefit both parties – however, their lack of will to fix or improve their transparency to both businesses and users certainly points to the former.
The true value of your data
In 2016, every UK user was worth on average $46 per year to Facebook – if you were a U.S. Facebook user, on average you made Facebook $62. Obviously every user is different and for many regular users that value will be much higher. So if you are a daily Facebook user in the U.S. the true ‘cost’ to you could be in the hundreds of dollars per year. Now add in Google and Amazon and you start to understand the true worth of your personal data.
BitClave believes that each user should have far more control of how, when and with whom they share their personal data and that they should be compensated for their data. For businesses, BitClave removes the extortionate costs of the middleman while also ending the estimated 50% of advertising traffic that is solely bot traffic and click fraud.
The future of search – building mutually beneficial relationships
With BitClave’s decentralized search engine, powered by blockchain, users have complete control over their data. A successful search experience in the BitClave ecosystem is in no way dependent on sharing data – however, if users choose to reveal data to businesses as part of their search, businesses can respond to the search with highly targeted, relevant adverts – which users are then compensated for through cryptocurrency. By removing the middlemen BitClave aims to provide value and transparency for all parties in the digital advertising market. Now users and businesses can have a mutually beneficial relationship that both consent to – users keep control of and are compensated for their data while receiving ads that they actively want to see while businesses know that they are actually targeting relevant and willing users while having the transparency and traceability of blockchain for complete accountability.
The future isn’t far off – BitClave just completed an incredibly successful private and public pre-sale token event raising over $16 million. With the start date for BitClave’s crowdsale already making huge waves online, BitClave expect to reach $50 million during the crowdsale. With the final finishing touches being applied to BitClave’s search platform – the next revolution in advertising is close.