- Growing awareness by public about how big companies track, sell personal data
- Owning, monetizing personal data possible through BIGtoken app
- Working to educate consumers on how to protect, own use of personal data
People are starting to understand how vulnerable their data is and how big companies such as Facebook, Twitter, Snapchat and other social-media platforms track and sell that data. Every individual creates data by what they search, view, read, listen to, purchase and like. That data is collected and sold, generating billions in revenue each year. SRAX Inc. (NASDAQ: SRAX), through its BIGtoken platform, is placing power of that data back into an individual’s hands. Through SRAX, consumers can now own and monetize their personal data.
In spring 2018, the European Union’s General Data Protection Regulation (GDPR) set guidelines that caused online companies worldwide with audiences in the EU to scramble for compliancy. While the United States doesn’t currently have the same restrictions, things are beginning to change. The California Consumer Privacy Act (CCPA) will go into effect Jan. 1, 2020. This new law will give consumers the ability to forbid a company from sharing their information and request that their information be deleted. Just as the GDPR had a worldwide ripple effect, the CCPA will affect any state that does business in California (http://ibn.fm/adXVl).
SRAX is a step ahead of privacy acts that will impact California and, potentially, the entire country. The company created BIGtoken as a way to place the power of data mining into an individual’s hands—and the company isn’t just doing it in one state but worldwide.
After being operational for a year, SRAX decided to poll its BIGtoken community regarding its data-privacy awareness. The survey yielded valuable insights into the way consumers view their online presence. For SRAX, one promising result of the survey showed that 62 percent of its users would allow more advertisements if they were being paid for the data that delivered the ad. Of concern for the company is its finding that the majority of consumers are concerned about browser privacy but aren’t as aware of how social-media apps have access to their data. Survey results indicated that many social-media users aren’t taking the basic steps necessary to protect themselves – and these stats come from a polled group that had opted into data privacy. Survey results clearly indicate much can still be done when it comes to educating and equipping consumers to take ownership of what is rightfully theirs.
SRAX has risen to the challenge with its BIGtoken Insight on Consumer Data Privacy (http://ibn.fm/njats). The SRAX platform provides agencies, businesses and individuals with the ability to grow brand awareness and loyalty. It places the brand’s information in the hands of individuals who are more likely to turn into a loyal customer rather than those who are targeted through data mining. Through SRAX, consumers have willingly opted into the targeted messages expressing an interest in the product. Because consumers are in charge of their own personal data and the brand’s use of that data, it creates transparency and trust between the two. Rather than receiving a request to delete data and potentially leaving on negative terms, brands are able to engage with pre-approval. A personalized shopper ad is experienced, foot traffic and purchases are increased, and the brand’s ROIs are increased.
BIGtoken works to provide quality information to the agencies, businesses and individual brands that will foster a long-term relationship between them and consumers. SRAX sells access to the data in the form of anonymized segments. This access can be removed at any time.
BIGtoken also works to educate consumers, letting them know what happens behind the scenes, how their data is accessed, and how much it is worth. Users worldwide can sign in to the BIGtoken app at any time to see how their data is being used and how much they have earned for that information. Surveys, check-ins and purchases all go toward earning rewards. The consumer can be paid with a deposit to PayPal or a gift card, or they can even donate their earnings to a charity of their choice. Sixteen million users worldwide have already opted into BIGtoken’s data-management solution, proving that there is a growing interest among consumers to be compensated by marketers for the use of personal data.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX