PLATFORM FOR MONETIZING USER DATA BASED ON SMART CONTRACT

Smart overview of the Invention

A platform is designed to facilitate the monetization of user data through the establishment of smart contracts. These contracts dictate how user data is collected and utilized, ensuring that data is automatically retrieved from various sources. Once collected, this data is compiled into a personalized dataset for each user, which can then be transformed into blockchain tokens. Users receive compensation for these tokens, effectively turning their data into a financial asset.

Current Advertising Limitations

Traditional advertising methods often rely on outdated techniques that do not effectively target potential customers. Many advertisements are based on broad demographic data or past behavior, leading to irrelevant ad placements. Statistics reveal that a small percentage of users generate the majority of clicks, while many ads go unseen. This gap highlights the need for more precise and relevant advertising strategies that utilize up-to-date user data.

System Functionality

The platform operates through electronic devices that run a dedicated data application. This application captures relevant user data and communicates with a central data platform via networks. The platform ensures the retrieved data is applicable to the user and adds it to their dataset. It also evaluates whether the dataset is complete before generating blockchain tokens based on this information, allowing users to monetize their data effectively.

Data Management and Tokenization

Beyond simple data collection, the system emphasizes robust data management practices that include validation and segmentation. Users can specify how their data should be used, and they are rewarded for sharing access with interested parties such as advertisers and marketers. The platform supports various forms of compensation, including digital currencies and charitable contributions, encouraging users to engage actively with their data.

Enhanced Advertising Capabilities

The integration of real-time data tracking allows for improved advertisement targeting based on comprehensive consumer profiles that reflect both purchasing history and investment interests. By leveraging diverse sources of user data, such as credit card transactions and stock trading activity, the platform enhances the effectiveness of advertisements across multiple formats. This innovative approach aims to create more relevant advertising experiences while empowering users to benefit financially from their personal data.