Datum - The personal data marketplace

What is Datum?

Datum is a decentralized and distributed user data marketplace backed by a blockchain ledger. This technology allows to store and trade user generated data, such as social media data, internet activity data, health and wellness apps data, and also data from wearables, smart home, smart car and other IOT devices in a secure, private and anonymous manner. It lets individuals retake ownership of their personal information so they can sell it directly to businesses on their own terms.

How Does Datum Work?

Datum works by providing a decentralized and distributed high performance NOSQL database based on a blockchain ledger. The technology will allow anyone to backup structured data (say, social network data or data collected from wearable devices) in a secure, private, and anonymous way. Then, Datum provides a marketplace where users can share or sell data on their own terms.

Today, personal data management is a bit of a mess. We use social networks for “free” by selling them our data. They sell this data to advertisers, and the social networks earn an enormous amount of money. We have little control or knowledge over where our data ends up, or how it’s being used. Datum aims to use the blockchain to put us back in control of our data. You can choose to sell your data to trusted organizations – or, you can choose to hold onto your data long-term.

What's the problem with the current market?

Many companies offer 'free' services, however they then make money from selling your data. Ironically the only person who generally doesn't profit from this sale is the user themselves. The cost of buying an individuals data can vary from around $1 to $100s.

Companies such as Facebook or Google collect your data which then allows companies to buy ads with them and then target their ads at you more effectively.

Datum plans to allow users to profit from their data themselves by selling it directly to companies on the new decentralized platform.

The Datum Solution

The new platform will be available for a variety of different users:

Users: Users will have the option to submit their data on the platform and then given the option of selling it, by being on a decentralized network users will know that their data is completely safe.
Users will be able to use the simple to use Datum app which allows them to decide what data they wish to offer for sale.

Storage: The new platform will require a lot of storage, users will have the option of offering storage to the platform.

Consumers: People wishing to access data, users will have the option of allowing access to their data for free or for a charge. The network will require consumers to verify their own information so that users know exactly who's purchasing their data. Users offering storage will receive token rewards.

Token holders: Token holders will govern the decentralized platform.

Datum is developing a mobile and desktop client and will include platforms such as Facebook and Twitter to allow users to monetize on this data. Additionally, they are striving to create compatible support for devices such as electric cars and IoT devices to enable individuals to unlock the value and monetize on the data produced from such devices. They will start out with an iOS and Android application.

Datum proudly compares itself with the app HealthKit from Apple, only decentralized. Apple’s app HealthKit compiles structured data from any app or wearable devices such as a step counter regarding to health as to benefit the user into a healthier lifestyle. Users can then track their overall health from fitness progress to blood pressure. Datum expects the same rapid adoption effect as HealthKit with the Datum network once it gains ‘’critical momentum’’ as stated in their whitepaper.

Datum expects to see such a high rate users joining the network that the collective of users can insist that data is stored and handled trough Datum network. However, this is purely speculative and no proof or confirmation of actual legal or global implementation once datum data management reaches such momentum are provided. It can therefore be regarded as highly experimental.

Who’s Behind Datum?

The concept for Datum began in September 2016, with the whitepaper and concept validation launching in June 2017. The pre-sale is taking place throughout August, and the token sale is taking place between September and October 2017.

The company is led by CEO and Co-Founder Roger Haenni, who also co-founded StockX, SwissInvest, PCP.ch, and Kosi. Other key members of the team include Gebhard Scherrer (Operations, Co-Founder), and VC Tran (Marketing, Co-Founder).

Altogether, the team has over 80 years of experience building large scale data processing and management systems. The company is based in Switzerland, Singapore, and Hong Kong.