Fabric removes middleman companies like Facebook and Google that currently collect consumer data and sell it to advertisers without express permission from the consumers.
Fluree, providers of a graph ledger database and data pipeline toolset for secure-data management and sharing, is partnering with Fabric, a financial technology company, to enable consumers to control and monetise their personal data.
Fabric removes middleman companies like Facebook and Google that currently collect consumer data and sell it to advertisers without express permission from the consumers. Consumers who sign up with Fabric receive payment from companies in exchange for sharing their data and providing feedback. Consumers can also earn cash back by watching advertisements, racking up dollars on a Fabric-provided debit card.
Fluree’s blockchain data ensures advertisers know their consumers are real while simultaneously cryptographically protecting the identities of those consumers. That same Fluree blockchain technology allows consumers to sell their personal data to advertisers they choose. The interplay between those two groups creates Fabric’s dual-sided ad marketplace.
“Fabric is an example of exactly the type of use case we envisioned when we founded Fluree,” said Brian Platz, Fluree’s co-founder and CEO, in a statement. “We are looking to create a world where people can control their own data and use it as they wish. With Fluree’s trusted ledger database, Fabric has built a business that seamlessly helps to improve the relationship between regular people and the brands appealing to them. Fluree seeks to work with disruptive organisations looking to build new applications and services that make data more sovereign and business models more equitable.”
“Fluree’s unique data management platform unlocks new opportunities for startups like Fabric that are disrupting traditional business models,” said Paul Taylor, Fabric’s founder and CEO, in a statement. “Fluree’s technology enables Fabric to operate in a fraud-free environment, making us a perfect example of a startup that can disrupt status quo middleman-intensive industries.”