New INSTAR Wallet Allows Users to Securely Control and Receive Compensation For Their Personal Data and Insights
Insights Network, an EOS blockchain-based data exchange, recently launched its INSTAR Wallet mobile application. Insights Network is creating an infrastructure enabling individuals to securely own, manage and monetize their data through a unique combination of blockchain technology, smart contracts and secure multiparty computation. The launch of the INSTAR Wallet will allow users to subscribe to Insights’ partners’ bl ockchain projects and be rewarded with INSTAR tokens for their data. Over 100,000 potential users have signed up to use the app and 40,000 users have already passed their Know Your Customer (KYC) check, which means they’ll be ready to use the app as soon as it’s available.
Over the past several years, there have been a variety of notable data breaches, compromising the personal information of millions of individuals. Recently, Cambridge Analytica, a London-based data analytics firm, came under fire after allegedly exploiting the personal information of over 50 million Facebook users.
“The Cambridge Analytica scandal is a perfect demonstration of the ability of powerful entities, such as Facebook, to pawn off their users’ data at their own discretion without consent on a case by case basis,” said Brian Gallagher, CEO of Insights Network. “Under current practices, our data is being collected behind our backs for nefarious purposes and we need to move to conventions for data use that are based on transparency and consent. This is why we’re building Insights Network and offering a solution that provides users with secure storage and ownership of their personal data through a blockchain-based model for data exchange.”
On May 25, 2018 the General Data Protection Regulation (GDPR) goes into effect across the European Union, requiring companies to comply with consumer data protection rules or risk strict penalties. The GDPR aims primarily to give consumers control over their personal data by requiring corporations to be able to provide proof of consent from each individual whose data they process. Under the GDPR, companies can face a fine of up to 10 million Euros on their first violation, and 20 million Euros on their second violation if they cannot prove consumer consent of how they are processing their data. Companies can ensure they abide by new regulations by connecting directly with consumers using the Insights Network solution.
The Insights Network solution uses secure multiparty computation to facilitate the exchange of data with Blockchain smart contracts. These contracts ensure the transfer of funds and record a proof of consent on the blockchain ledger. Insights Network user data is stored locally on the user’s device or in a distributed web format which is the new gold standard for consumer data storage and could prevent future data theft incidents.
Insights serves two types of users: those who request data, called requesters, and those who provide it, called providers. Requesters are typically organizations, but anyone can buy INSTAR tokens and use them to submit a request for data to the Insights Network. Providers are users who comply with a data request by providing data; the ones who fit a data requesters’ target demographic are compensated for their data in INSTAR tokens. This system allows for consensual data sharing and rewards those who share it.
About Insights Network
Insights Network’s EOS blockchain-based data exchange is reinventing how brands interact with consumers. Individuals will now have control over their personal information and can choose to interact with brands securely, while being financially compensated. Founded in 2017, Insights Network is automating the data brokerage industry using blockchain technology, secure multiparty computation and smart contracts. For more information, please visit www.insights.network and follow Insights on Twitter, Telegram and Medium.