Startups

Fysical – Revolutionizes Location Data Market Through Blockchain

Location data is the name given to our physical movement across the cities of our living. It includes information about where we go, how do we commute, which stores we visit frequently, and other location related data.

Well, I thought of starting from there, but did you know that besides marketing, this location data is invaluable to other industries as well? It has applications in the law enforcement, financial services, real estate, and artificial intelligence. I’d say that literally, every human data related industry yearns for valuable location data.

Before Fysical, and ever now, that data was and still is, sold by centralized data exchanges that charge fees somewhere between 30% to 50%, according to Fysical. Besides this over charging, the data sellers and the data buyers do not get the value for their efforts and money, respectively. On top of that, there’s no significant audit of the data and the buyers have to only rely on the reputation of the data exchange. And, the data sellers are not compensated according to the depth of their data sharing.

However, since blockchain has sworn to disrupt every industry, the location data market is not going to be spared. Fysical is the disrupter in this industry.

Fysical and its salient features

By now, you might have guessed what Fysical is. If not (considering you’re like me with a Pentium 2 processor up there), then let me clear it out that Fysical is,

the new generation Ethereum based location data exchange that aims at generating real time, reliable, secure, and audited data for the data buyers and deserving, appropriate, and tokenized compensation for the data sellers.

So to speak, Fysical focuses only on what matters:

  • Ease of data obtaining,
  • Full control over the location data generated, and
  • Secure and reliable storing of the data.

Trust me, Fysical is as simple as I’m trying to convey it and the best part is that it has Ethereum at its core. This calls for mentioning the features of Fysical, but before that, I’d like to answer:

Why such a fuss about location data?

The importance of location data

If we look at the location data market today, it is blooming with all its majesty. As I mentioned above, different organizations and institutes use this data to take efficient decisions. Let me quote what the whitepaper says about this:

These decisions can range from simple, where a retailer adjusts its staff based on the number of visitors to its stores, to complex, where emergency first responders are quickly dispatched after a natural disaster according to the distribution of people in affected areas. Fysical Whitepaper

As you can fathom, location data is definitely important in guiding decision makers in different industries ranging from healthcare, retail, AI, AR, to insurance, real estate, and so on (and on and on and on…).

That being said, now let’s get back to what I’ve been going about.

1. Constant data addition

Fysical is magic. It provides real-time, constantly updated data to the data buyers without letting them delve into many complexities. As they say,

New types of data are constantly being added to Fysical, including receipt data, first-party transaction data, credit card data, Wi-Fi access-point data, or satellite imagery.

Wo! This is savvy! The best part is that this data is congregated so that it compliments each other and, in turn, provides pinpoint accuracy.

New datasets are also crucial to providing accurate location data. That is, combining many signals or relative positions can help to reach a stronger consensus than just one signal that indicates where people are in space and time.

This constant data addition is made possible by the data suppliers “who contribute more than 15 billion data points from over 10 million mobile devices around the world every month” Like every month!

2. It’s a true marketplace for data sellers and data buyers

Data sellers and buyers can term Fysical as a haven of reliability, trust, and accountability. As I mentioned above, both of these parties have something to munch upon.

The sellers are given full control over their data. They are free to publish it as an SDK or an API either independently or not. When they do, they receive compensation in the form of FYS tokens right when it is purchased by a buyer.

What does the buyer get?

He gets authentic, audited data that is immutable by anyone else and only accessible by him through definite keys of the blockchain on which the data resides.

The event of sale and purchase occur at the same time, which means that buyers get their keys and sellers get FYS tokens just like a snap without keeping both of them on a halt for a never-coming tomorrow (the plight of centralized data exchanges).

3. Real-time trade

Thanks to the mechanism of the FYS token and the smart contracts, anyone wishing to buy the location data can automate the process at their will. For example, if a police department wants to refresh the data every day or week or month, the authorities can simply automate the process.

Without you even knowing it, I’ve mentioned yet another feature of Fysical which even allows machines to purchase the data provided by it by using FYS tokens. How’s this for being smart?

4. Delicious audit trails

I’ve gone on mentioning the reliability of the data provided by the Fysical and yet I haven’t mentioned appreciably how that happens. There goes my smartness bubble. Puff!

Anyways, the audit trails are basically the courtesy of the FYS tokens, which are a courtesy of the Fysical blockchain. As explained in its whitepaper,

This (the exchange of tokens and the decryption keys) enables two powerful use cases that have never existed in the location data trade:

  1. Verifiable and publicly accessible audit trails of transactions that have occurred within the ecosystem.
  2. Reliable reputations of market participants within the ecosystem.

The verifiable and publicly accessible audit trails of transaction enable a reliable reputation system because anyone can now reference the factual history of transactions between data buyers and data suppliers.

The FYS Token

I’ve already sparingly mentioned this token above. It is the fuel of the Fysical blockchain. All of the transactions are carried out in FYS and rewards are also given in it, which are compensations for contributing to the data pool of the blockchain.

Of course, the buyers would have to first buy tokens to carry on with the transactions.

The FYS Token pre-sale is starting on June 18, 2018 and the team is looking to raise $18 million through this sale. A total of 1 billion token will be created with 40% (400 million), offered to public during pre-sale and main sale (starting on July 16, 2018). 10% of the tokens (100 million) will be reserved for future sales, 25% (250 million) for the Fysical team and 25% (250 million) for community rewards.

The exchange rate in USD for 1 FYS token would be $0.045 appx. Visit Fysical token sale website for more details & register for the pre-sale.

So, this is it. Just as I type to wrap up this never-ending article, the players of the location data industry bite their nails as FINALLY some tech is here to disrupt the way their industry works. Take that!

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Mike Ben

Mike is a cryptocurrency enthusiasts and writer. The cryptocurrency world has become his primary interest, with movies and books, some of his favorite pastime activities. He's an investor in some blockchain projects; VeChain, Stellar Lumen, Gifto, Cardano, Bitcoin and Cindicator. Mike contributes guests posts to BlockPublisher & can be connected over Twitter or email editor.news@blockpublisher.com

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