- 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
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