There are also options like rewards associated with payments, advertisements the user watches, surveys they participate in, etc.From the age-old Facebook to the new entry Aarogya Setu app, all deal with trading data. Facebook already came to the limelight facing scrutiny over how it handles the private information of its users. Industry experts say giving away personal information of millions and millions of users is a way these organizations/apps earn money, without the customer coming to know about it.
Having said that, nowadays to use most apps, we need to feed them personal information, as well as give them access to our data. However, apps have come up that reward individual with cash remuneration for anonymously and consensually trading data. For instance, between all the talks on contact tracing and data privacy, the Aiisma app allows its users to monetize through an anonymous exchange of information. The exchange of information is all behavioral data and not sensitive data points. Aiisma Inc. is a tech company based in the U.S. and subsidiaries in the United Arab Emirates and India. The app is on beta mode now and is available on Android.
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With the rise in requisition for user data, there has also been an increasing awareness about the value of data, and consumers are starting to demand the value for what they create. Ankit Chaudhari, CEO, and Co-founder, Aiisma says, “With the help of such a technology ecosystem, consumers can choose the kind of data they wish to share with businesses for a fair value. This app treats user data as their asset and helps them achieve the value for information they share rather than making billions for tech companies that get user data for free.”
Aiisma also has coronavirus tracking feature under the AiiHealth app. In the fight against coronavirus, contact tracing plays an important role to curb the spread of the disease among communities. This app too makes contact tracing easier using algorithmic tools to help individuals, government agencies, as well as civil societies to track people with infections and hotspot areas.
How does it benefit users?
Chaudhari says, “Indian consumers are relatively less exposed to the ‘Data as an asset’ concept but with younger population spending most of their time online rather than offline, the trend is catching up. Corporates globally recognize the value of over half a billion connected users and how they can contribute to future products, services, technology, visions, and more.” One of the only publicly traded platforms in the space – SRAX – recently tied up with the Yash Birla group to bring their offerings to the Indian users, identifying this as almost UDS 80 Billion opportunity in near future.
As a user, one of the primary benefit you will get is getting compensated for data that you are already sharing with all the different applications on your devices. Gradually, you can also participate in the apps survey’s, review new products, connect friends to the network, etc. and earn more rewards and special discounts.
The app focuses on returning the power of data back to users. The Aiisma data marketplace rewards users for sharing their data with businesses in need of real-time, structured, filtered, and legal data to improve products, services, and growth. Most of the data collected by this app are anonymous and are not collected without the user’s explicit consent.
How does the app work?
- Start with registration, which requests basic contact and demographic information.
- Once the user has verified the contact details they can activate data streams like geo-location, contacts, browser behavior, etc. as they share with applications on their device. (The primary difference being, with the share of these information users, are being rewarded for it)
- The customer starts receiving the apps (internal rewards currency) within 24 hours of them activating data streams.
- While the data stream rewards are standard, the customer can earn additional rewards filling in their daily vitals, etc.
- There are also options like rewards associated with payments, advertisements the user watches, surveys they participate in, etc.
- After accumulating 5,000 internal rewards currency, the user can redeem this for Amazon vouchers, a credit directly to their bank accounts.
Scope of earing that one can expect
Depending on the demography, the kind of advertisements that they can be exposed to, there spending power, etc. a normal user can make anywhere between Rs. 80 to Rs. 400, as of now.
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Get rewarded for sharing your data – Here is how to do it - The Financial Express
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