21 Jan Blog: How Knowledge.io Can Help Publishers Monetize Their Data
Blog: How Knowledge.io Can Help Publishers Monetize Their Data
There’s a large amount of commerce built on the back of datasets. However, companies face an ongoing problem. How do they monetize all the information sitting on their servers and databases? And how they put the data to good use?
Data exchanges is one solution, but monetizing data remains challenging because of the need to identify, filter and extract large amounts of information. Putting data in a singular format is difficult enough, and creating a marketplace and agreed-upon prices can be complex or daunting. Moreover, many publishers do not fully understand how their information can be valuable to potential data acquirers.
That’s where Knowledge.io can help. Its platform makes it easier for publishers to get paid for data they possess, even if they don’t go looking for it.
Publishers can install a software development kit (SDK) that can be used to transmit KNW tokens to their user bases. These users bases have critical metadata that can play well into the Knowledge network. For instance, information such as OAuth data, which includes the type of content users like, how often they consume it, and other metadata such as device type and timestamps.
Such information can be gathered by the Knowledge network through APIs. The network gathers insights on users and their habits, and these can provide value to stakeholders, creating a demand for the data.
The platform rewards publishers with tokens for sharing information, and the data is added into the system’s blockchain-based records. This means data can be shared with third parties that pay to access various insights. This approach serves as a way for publishers to monetize all the data that they’re continuously gathering.
The method works because KNW tokens aren’t mined like other cryptocurrencies. Instead, tokens are mined by users who answer questions on the platform and on partner websites and apps, including those of publishers. The more users provide value by responding to queries, the more tokens they receive. In essence, tokens are “mined” when valuable information is shared.
The captured data contains added insights beyond device types, timestamps and other simple information. Data acquirers can leverage insights such as customer segmentation, user behavior and knowledge levels because the platform’s users are real people, not bots. The platform implements security protocols that prevent ad bots from distorting or tainting gathered data.
For example, users who make in-app purchases on the websites of Knowledge.io partners are verified as real people. Such data can be sold for a premium to third parties. Captchas and two-factor authentication are also used.
Knowledge.io is more than a platform for people to share information. All the data and interactions enable Knowledge to become a marketplace for publishers to monetize their collected datasets. Companies can experiment with new business models, and unlock the data gold mines that are residing on their databases and servers.
Authors: Marvin Dumont, Patrick Stafford and the Knowledge.io Team
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