The acceptance of blockchain technology by the mainstream financial world is growing by the day. In addition, data is now seen as one of the most valuable commodities money can buy, making it perhaps inevitable that some companies are seeking to revolutionize how data is managed and verified. Enter SRAX (Social Reality, Inc.), which claims to have the capability to do just that.
What is SRAX?
SRAX is a digital marketing and consumer data management and distribution technology platform company, which offers a portfolio of technology products. These contain tools which are able to produce data showing brands’ and content owners’ core consumers and their various attributes across multiple marketing channels. SRAX is also in the process of creating a data marketplace with a difference, via its blockchain identification graph technology platform, BIG.
BIG Platform and BIGtoken
SRAX describes its BIG platform (which runs on the blockchain) as a “consumer data management and distribution system” and its BIGtoken as “the blockchain platform for consumers to own, verify and sell their data” – the first of its kind, according to the company.
SRAX claim that BIG, though secure open source blockchain technology, will allow anyone online the ability to manage and access their verified personal data in a transparent way. Participants will be able to decide exactly which elements of their data are for sale and who can buy it, and will also be able to earn via a reward system. Developers will also benefit, in that they will have the facility to create online experiences hosted on the BIG platform.
Advertisers and media companies also stand to gain, in the form of access to verified consumer data with which they can more effectively reach their target audiences. SRAX believe their technology and tools will be of great benefit to brands in such areas as CPG (consumer packaged goods), automotive, sports and lifestyle by offering a one-stop shop of advertising services, including verified consumer participation. SRAX’s CEO and Chairman Christopher Miglino had this to say about the launch of BIGtoken:
“We are excited for the Beta launch of BIGtoken, which is working to solve data accuracy for the data market that is estimated to be over $130 billion. As promised, we are issuing a dividend for BIGtoken Inc. We look forward to rewarding shareholders as SRAX and BIG grow.”
Looking to the Future
It’s no secret that goods and services rarely sell themselves – one way or another, they need to be marketed to consumers. SRAX, with its BIGtoken, aims to combine the power of blockchain with innovative ideas about marketing and the use of personal data to create an ecosystem that so far hasn’t existed. It’s no small challenge, but if SRAX succeeds, the rewards for all involved may be substantial.
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