YourBlock Secures Personal Data for online comparison shopping
A new approach to managing personal data security and comparison based purchasing; employing Private Blockchain technology, Smart Contracts, AI interface and Cryptocurrency based rewards system.
By: YourBlock Ltd
So how do consumers regain control over the use and sharing of their data while getting their share of the value of their business to these organisations?
Employing private BlockChain technology it creates a secure online filing-cabinet of a consumers personal data and subscriptions. Once their identity and information is verified on YourBlock, they will no longer need to share personal data with any third party with whom they interact or purchase goods or services from.
Most people today subscribe to many services from a variety of providers from Car & Home Insurance, PayTV and Mobile Phones to household Utilities such as gas or electricity. Each and every one of these organisations currently hold personal data on their customers, with many also selling on this customer information to third parties. While GDPR is set to address this, the full scale of the issue remains unknown and a clear way for consumers to regain control up to now has been evasive.
In addition over 18 Million people in the UK currently use comparison sites to evaluate and select service providers. The way these sites currently operate is that once you request a quote on these sites your personal data is automatically shared with multiple organisations, with the selected vendor paying between £40-£60 commission per qualified lead back to the comparison site.
Daniel Antcliff, Founder & CEO of YourBlock commented, "Having worked in the insurance industry for over 20 years it has become clear to me that there is a better way for consumers to manage their personal data and profit from its value. There is really no reason for a home insurance vendor to know your date of birth or how long you have held a driving licence; just as a vehicle insurer has no need of your full residential address, more than the first three characters of your postcode, upon which the quotation engines base their decisions."
"It was this insight that drove me to develop the concept of a secure, online filing cabinet where you could manage your personal data, purchases and subscriptions all in one place. And by having your information in a single place you would be able to better manage your money and gain insight for more informed purchasing decisions.
"Additionally we would be able to use Cryptocurrency, in the form of YBK Tokens, to pass on rewards to our customers from the commission's we receive from vendors. Consumers can redeem tokens against future purchases to gain discounts or additional benefits."
YourBlock will operate in a similar manner to existing comparison sites, in that consumers will request quotes for a specific product or service from various service providers, with one major difference - the third party will never have access to personal data. The consumer remains in control of their data at all times, this will remain secure within the YourBlock framework. Service providers or vendors will upload their pricing guides to a secure part of the YourBlock platform to provide an accurate quotation. Consumer Identity and data remains secure and private on YourBlock at all times. Upon selection of a provider and successful completion of the transaction, consumers will then share in the commission paid by the vendor for the qualified lead generation in the form of YBK Tokens*.
In addition, through the use of Smart Contracts, YourBlock provides a free platform to store all paperwork associated with any agreements or purchases secured via the platform, such as contracts, reminders, disputes and payments. The Blockchain technology ensures these are fully searchable (by you), auditable and impossible to alter, providing reassurance for consumers and vendors alike.
The benefits of having all this information secured in a single digital 'filing cabinet' is not only peace of mind and simplicity, it allows a whole new way of interacting with the data around subscriptions and purchases. Through an AI powered smart assistant Dave, an integral part of the YourBlock platform, consumers can manage their expenditure, purchases and subscriptions, receiving up to the minute and accurate advice on how to get the most from their money.
Dave also lives within a standalone app (Dave & You) but is also happy to talk with other voice assistants such as Alexa to make immediate advice and information only a question away.
YourBlock (www.yourblock.io) - making your data work for you!
+44 7508 788789
Page Updated Last on: May 02, 2018