DataHive Builds a Fair and Efficient Personal Data Economy
Our information economy is broken. BigTech companies have hoarded and monetized user data and violated people’s privacy and data rights. What’s there to be done?
TX collaborated with DataHive, a ground-breaking Web3 startup, and helped to bootstrap its concept that lets people reclaim the ownership and control of their own data. DataHive builds a whole new personal information economy that is fair to its users and efficient in creating value for its stakeholders.
The value promise
DataHive brings together some of the cornerstones of personal data economies in one AI-driven and blockchain-based concept. It couples decentralized, self-sovereign identity management together with user-controlled and transferrable personal data profiles. Users are given power in the form of effective consent management.
As the users opt-in to share their data, they get in return a number of useful services: A universal login to sign in to websites. A credit and reputation score for financial services, and truly personalized product and service offers. There’s even an option to automate repeating online tasks with an AI-powered assistant.
To companies, DataHive provides an ethical and sustainable way to collect consumer data and manage user consent for marketing purposes. Instead of building their own identification and KYC (Know Your Customer) solutions, companies can rely on the identity and profile that the users carry with themselves on DataHive.
Companies get rich consumer insights based on the coupling of financial and consumption data, and can create product offerings with a level and accuracy of personalization never seen before. This, of course, happens only with the consent of the users, which they can change or withdraw at any time.
Ecosystem mapping for tailored service offerings
DataHive, a US and Canada-based startup was in the process of finalizing the concept to make it ready for investors and marketing communications, and to enter the development stage. This is where TX entered the scene with its Web3 bootstrapping process.
DataHive is building a truly decentralized service ecosystem where value production takes place directly between its stakeholders instead of through the platform company. This ecosystem and its value flows needed to be modeled and understood before advancing to the specifics of the service components which build upon the ecosystem.
TX facilitated this process through a series of co-design workshops together with DataHive. An ecosystem map was produced with detailed profiles of the ecosystem members, and all value flows were charted for an overview of value production.
The work continued with the creation of user personas and value propositions for each of the user groups. It turned out that there are diverse reasons to join DataHive, such as to protect personal privacy and data, generate passive income from sharing personal data, and even receive personalized product and service offerings. The user groups of DataHive are therefore different and service must be tailored to fit the needs of each group. However, the value propositions of the service do not exclude each other and can be accommodated under the same roof.
TX provided some insight on how to extract even more value and feedback from user data and create a user experience that engages the members of the DataHive community, giving them a good reason to read the notifications and open the app on a daily basis.
To pave the way for DataHive’s go-to-market strategy, a roadmap was created in sync with a scope and feature set for each stage of the roll-out.
Leader in personal information economies
DataHive’s value chain starts with user identification and consented and rich user data, and it ends up with a cross-platform user data profile that can be applied in a multitude of use cases and also transferred from one platform to another.
As an open ecosystem, DataHive provides third parties with an opportunity to build additional service components. Its governance will be decentralized just like the platform itself and shifted to its user community, “The Hive”, which is a decentralized autonomous organization.
In December 2022, DataHive announced a partnership with Swash, the leading platform for browser data monetization. The objective is to create Web3’s answer to Google Analytics, a joint platform for “zero-party customer data” collection for marketing purposes. For companies, this new platform will provide explicit user consent and a full range of reliable metrics.
DataHive leads the way in personal information economies and shows the value of user data especially when it is connected from multiple sources for rich insights, processed with AI tools, and when fully consented and controlled by the users themselves.
We’re expecting that decentralized, open ecosystems will gradually replace today’s data silos and become the norm. This opens up an opportunity for DataHive and related personal data economies to become the powerhouses of value production and the entire future Internet.
The TX team have played a key role in helping us think through the inner workings of our value proposition, refine our thinking, and uncover adjacent offerings which we hadn’t explored. Their Web3 bootstrapping process, co-design workshops, and defining user personas truly tested our thinking to help create a unique offering which has given us a first-mover advantage.— Ray Gill, Co-Founder at DataHive
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