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We are living in an age of information that is as a result of the technological advancement experienced over the past few decades. Information is the main driving force of various economies around the world.
Information has led to the creation of profitable platforms such as Facebook — who leverage the data that they amass to be able to attract advertisers. This wealth of data and the societal inferences around it has caused The Economist to very aptly summarize:
This is the new economy, and many tech companies are applying working practices from this approach. Earlier this year, Facebook came under much scrutiny due to the discovery that the company had intentionally let Cambridge Analytica use personal data of over 80 million users during the 2016 US elections. It also came under fire from Europe’s GDPR, which was going to fine them up to $1.6 billion for the data breach of more than 50 million accounts, where hackers were able to access the login account tokens of its users- resulting in a £500,000 fine for Facebook.
The scandal led to the realization of what actually can happen to user data after collection. User data is valuable due to the influence and results achievable through the information provided. Various institutions are eagerly searching for the right source of user data, trying to obtain it ethically to avoid the problems that Facebook and Cambridge Analytica faced.
Advertising undoubtedly requires the greatest need for user data due to the strict requirements of adverts to be relevant and have the maximum chance of eliciting positive reactions from targeted markets in accordance to the objective goals of the advertiser.
Data is fueling the growth of various industries thus there is a need for data in its raw and refined form. Platforms such as Wibson, Datawallet, and Lumeos are working towards making it possible for users to profit from their data. However, Insights Network has already taken a unique approach that sets them apart from the rest of the data and market research industry.
Blockchain technology has shown to provide great promise in being the chosen platform for future data exchange and sales.
✅Its structural architecture has proven to be a very encouraging foundation for projects presently and previously developed on it, so much so, Forbes have noticed platforms like Wibson which are making profits possible for their uses by incentivizing their data sales.
SAP- the German-based European multinational software corporation that makes enterprise software to manage business operations and customer relations is among the latest companies to acquire a rapidly growing company in the survey and data industry.
✅They recently purchased Qualtrics- an industry leader in user data- in a move worth $8 billion that will help expand SAP’s influence globally. This marks the second largest acquisition by a SaaS company only topped by Oracle’s purchase of NetSuite which was worth $ 9.3 billion in 2016. This acquisition is hot on the heels of an earlier successful IPO back in September for online survey provider SurveyMonkey, which is currently trading at a $1.75B market cap. What was more impressive is that SurveyMonkey shares jumped by 60% after its Wall Street IPO, thus exemplifying the markets powerful desire for survey and data companies.
✅These recent events reinforce the tremendous opportunities for establishing blockchain-based data startup Insight Network — who recently launched a new data marketplace that connects consumers and businesses for mutualistic beneficial data exchange.
The new Instar Wallet is now available on Web and Google Play and allows consumers to earn cryptocurrency (INSTAR) for completing daily activities such as polls, surveys, and other data exchange. Businesses and individuals can create targeted polls and surveys using the Insights Requester Beta which works similar to Audience by SurveyMonkey.
There are a few significant similarities between Insights Network and the more traditional survey and data industry kingpins Qualtrics and SurveyMonkey.
Qualtrics, SurveyMonkey, and Insight Networks are all marketplaces which exhibit a significant focus on polls and surveys. Businesses and individuals can create unique questionnaires within these platforms and publish them to their target market. These surveys can also be used to extrapolate a specific target market for actionable requests.
All three platforms are made to serve individuals and corporates and offer flexible pricing. For Qualtrics, they provide dynamic pricing plans that allow their software to cater to a broader reach of its target market. Flexibility in pricing may have been a decisive factor that allowed for both Qualtrics and SurveyMonkey to grow over the years to its current standing. Insight Network also offers flexible pricing which allows custom survey creation for all budgets.
All of the platforms have a broad base of engaged users. SurveyMonkey alone has over 60 million registered users and over 20 active million users. Even more impressive is that SurveyMonkey’s on their answer approximately 20 million number of questions on a daily basis and an average of 90 million surveys are created monthly on the platform.
Insights Network is showing great promise to achieve similar growth and maximization of users base by already establishing over 50 thousand users which have led to the creation of almost 3 million data points in the network.
All parties put the focus on making sense of the data and analytics and aim to achieve a universal agreed equilibrium for all stakeholders involved.
Many companies are existing in the data collection industry such as Acxiom, who profit from brokering data to other big corporations. Most of this data is collected in ways that the owners may not approve and this is what Insight Networks wants to change.
Insights Network has the goal of creating a trustless and decentralized data exchange network that benefits the masses. The network uses a unique combination of Secure Multiparty Computation and the blockchain to enforce exchange of both payment and data between data requesters and data providers without any third-party involvement. This translates into a user-managed secure consumer database that is the first of its kind.
✅Through blockchain technology, Insights Network will be able to safely and securely share data that has been submitted by the user willingly. It won’t be Insight Networks that will sell the data, but the actual users themselves who will be selling their data to interested parties. Insight Networks will only be a conduit for their meeting — this will create confidence in the purchasers of data as they are assured that they are obtaining data from the primary source — the most accurate place for authentic data.
Although Insights Network has some notable similarities to both Qualtrics and SurveyMonkey, there are a few different technological advances that Insight Network utilizes that will provide them with a crucial competitive edge in the long run. Some of the most apparent benefits of the platform include:
This is arguably the essential difference between the three companies. Insight Network uses blockchain technology to create a trustless decentralized data exchange network for the masses. Unlike Qualtrics and SurveyMonkey, where there is a centralized approach with a single point of entry, Insights Network results are verifiable on the INSTAR Blockchain. The data is fully encrypted, and the requester can open it with using a provided one-time pad. Requesters can extract the data themselves, and that original file will never be opened again. Insight Networks also features INSTAR wallet to help in the management of INSTAR Tokens and other cryptocurrencies.
All data is submitted by KYC Verified participants who have provided their data honestly. This ensures that the quality of data and the network improves over time. SurveyMonkey and Qualtrics, however, have continued to gather data from unverified users and proceeded to display the data as authentic to the broader public.
SurveyMonkey makes a $0.50 donation for each survey taken and offers cheap chances at prizes. Insight Networks benefit their community members through various rewards for tasks completed. For example, they will reward its users through INSTAR token which can either be traded or used within the network. Users can pay for various services and even trade their tokens for other cryptocurrencies or fiat depending on the exchanges upon INSTAR is listed. The platform itself is incentivized such that users of Insight Networks get rewarded through the INSTAR token for the data they produce. Usually, Big Data companies and other corporations gain from the data that people create. The human population is the one that realizes losses from their data, but this can change through Insight Networks. Through the incentives provided, users of this network will have a chance of profiting from the data they produce.
Blockchain platform allows for a trustless set-up. The data is fully encrypted. The requestor can extract this data using a provided one-time pad that ensures the privacy of the results and thus the original file cannot be opened again. Instant Data Sharing vs. Compromised Data Sharing (full decentralization by the end of Q1 2019)
Insights Network is considerably cheaper. A comparable survey targeting users in the Philippines cost $4.59+ per person while on Insights Network could go live for as little as $0.03-$0.05.
Insight Networks has a great project at hand. It can house data requesters and data providers in its platform. It also has polls and surveys that can be created by various institutions to try and get more information from users within the network. Rewarding users for submitting data to companies bridge the gap that exists between businesses and their consumers. This has been the source of criticism lately where businesses use underhand ways to obtain user data which often ends up backfiring on them. With a setup such as Insight Networks, enterprises can receive factual data in either raw or refined form depending on their requests.
✅Data is usually stored locally by the data requestor. The data providers also choose to have their data stored in encrypted databases to ensure that their sensitive information is not obtained. Insight Networks only acts as a conduit through which data requestors and providers transact and has no control or visibility into the users’ data.
✅Data is only obtained through targeting users in surveys after data requests have been made. Records are kept regarding all the targeted requests such that anyone in the world can access the user data as long as they have made requests. Smart contracts will enable the users and requestors carry out their transactions through the reception of INSTAR tokens by the users from the requestors. The user will receive an export of any information in case the requestor decides to close their data request.
The Insight Networks is an exciting project with exciting opportunities. However, like many new vibrant projects (as well as old); there will part of the project which can be improved upon for future instances. These include:
Qualtrics has amassed over 9,000 partners during its lifetime. This is undoubtedly a tremendous number. While the Insight Network is very far away from that number, it’s unique and convenient features will provide an excellent platform for many partners around the world to collaborate with the company.
It is worth noting that there has not been much talk outside the Insight Networks community. Most of the discussion on the future of the network is on its blog posts and community pages. For Insight Networks to grow to a level similar to Qualtrics or even surpass its value, it has to have a social presence that engages beyond its community to allow it to expand globally and truly let the wider public know of its existence and benefits they provide,
Competition from other established centralized systems may hinder Insight Network’s growth, in the short term at least. Blockchain has not yet penetrated to levels the market may want; hence it may take some time before Insight Network’s potential is realized. This could instill a little bit of doubt to investors from supporting this project initially as they seek more traditional products in centralized platforms.
For investors to pour money into a project, it has to have a robust growth plan or an already established presence either locally or globally. Qualtrics is a global brand that provides services for global companies hence its high valuation. It has dealt with companies like Disney, Marriott, Nike, and IBM. These brands alone are an indicator of how influential and global Qualtrics is. Insight Networks will also be following the same path.
The significant aspect of blockchain technology is that it cannot be restricted to one place. As long as one has access to the internet, Insight Networks can be accessed therefore making Insight Networks virtually a global company. Even its whitepaper is written in multiple languages to show its presence on the world market. The success of Insight Networks will also depend on how many markets it can penetrate, and its global presence will give it that advantage.
Both these companies are bridging the gap that exists between business and their consumers. Insight targets to bridge this gap by providing a way through which both parties can mutually benefit from each other. Qualtrics bridges the gap by offering a host of products that are suitable to all levels of businesses and consumers. It has tailor-made approaches for each category thus enterprises can come even closer with their target audiences. They also do this through their various community programs which have helped increase the public’s awareness of these platforms. Insight Networks has even gone a step further by having bounty programs to attract even more people to help build its community and portfolio.
The Insight Network’s gameplan for Q4 has adequately been mulled over. The team is planning to integrate:
These are some of the milestones Insight Networks is aiming to achieve. They are both within the same industry just under different platforms. It is likely that the same factors that made Qualtrics successful will be the same factors that make Insight Networks successful.
At the same time, users get to enjoy a piece of the value of their data in this digital age where data reigns supreme. Rewarding through INSTAR will allow Insight Networks users to benefit even much more depending on the amount of INSTAR in the market at the time of trading.
Some of the challenges they face can easily be solved by creating more awareness about the project. Insight Networks has the potential to become even more significant than Qualtrics.
✅Data is incredibly important for businesses because it helps them to expose variability and optimize their operations for the highest quality results. By examining large amounts of data, it is possible to uncover hidden patterns and correlations. These patterns can create competitive advantages, and result in business benefits like more effective marketing and increased revenue. However, with the Insight Network’s blockchain based platform, there will no need at all to compromise user security and trust that so very often arrives almost concurrently when collecting data. If data is as essential as fuel, then the Insight Network could very well prove to be among the defining projects of a generation 🤘.
For further information on the Insights Network, please use the following links:
#InsightsNetwork #INSTAR #Qualtrics #Surveys #Data #Q42018
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.