The Gold Standard! How This Blockchain Project Redefined Consumer Data Practices
Blockchain may finally be living up to its expectation. Following the decline in blockchain hype, companies are now looking at the technology critically.
The technology truly has the potential to disrupt normal industry operations. The precedence set by platforms such as Insights Network is proving that blockchain is indeed a revolutionary technology.
Insights Network is an excellent example of how the sober application of blockchain technology can work to everyone’s advantage. Through blockchain, the platform manages to address various challenges that plagued the market research industry. The platform is built on top of INSTAR Blockchain and the INSTAR tokens fuel surveys and market research on instarwallet.com
Furthermore, corporate executives are now admitting the relevance of blockchain technology in enterprises. Several studies conducted by renowned consulting firms show that belief in technology is growing stronger.
Setting The Standard For Market Research
Perfecting any industry requires proper studies of the challenges plaguing the industry and using the study to come up with viable solutions for the industry.
In market research, several issues were identified as a hindrance to efficiency. Most of the problems highlighted stemmed from one standard route, centralization.
Insights Network applied blockchain technology, through their platform, in the market research industry. The results have been very encouraging thus far.
What blockchain allowed Insights Network to solve
Before blockchain, market research had the issue of low-quality users providing unverified and even sometimes fraudulent data. These problems still exist in centralized platforms but not in platforms such as Insights Network.
The project uses third parties to verify data submitted by their users. Because of blockchain technology, this can be done using unique hashes that third parties cannot trace. Moreover, it allows their INSTAR blockchain to weed out any “low quality” users through the registration process.
Insights Network can also assign committed values to users based on the registration process. This solved another problem of poor user experience. The user experience in various centralized platforms relies on “river sampling,” which involves asking a potential respondent several questions to determine their compatibility with a particular study.
The value system in INSTAR makes it possible for respondents to be appropriately matched with surveys that they would want to participate in.
Trust was another problem in the market research industry. Can the data provided be trusted? Blockchain now makes it possible for data to be trusted. Any data provided via the Insights Network platform can be verified using a blockchain verifiable ID. Thus, any data provided by a respondent can be confirmed at any time due to blockchain’s immutable nature.
Moreover, because of the high levels of privacy associated with blockchain, the confirmation can be done without retrieving the content provided or revealing the details of the user beyond the verifiable ID.
Surveys on INSTAR have incentives in the form of INSTAR tokens. Centralized platforms had the problem of settling invoices in time. The use of smart contracts in blockchain technology streamlines the compensation process. Once payment is approved, it can be sent in record speeds of up to one second.
Insights Network Continues To Evolve
In their latest move, Insights Network has removed their proxy server, thus allowing the platform to become a fully-fledged and functioning public market research network.
The move further strengthens their presence within the market research industry.
INSTAR blockchain is now powered by approximately sixteen Block Producers globally. Thus, the platform can meet the growing demands of the market research industry. Furthermore more BPs are planning to join the INSTAR blockchain while simultaneously gaining from their activities in supporting INSTAR blockchain.
INSTAR also recently opened its staking, voting and account creation features. This will see users participate actively in decision making on how the platform is run.
More on their latest release can be accessed here.
Blockchain Is Now Comparable To Many Industry Norms
Blockchain has performed commendably in the market research industry with the likes of Insights Network.
Now, other market segments are taking note of this. Research and development on the viability of blockchain as a solution in various industries is taking place. A recent study by PwC and Deloitte highlights the growing trust in blockchain technology by corporate executives.
Financial services, logistics, and healthcare are among the industries testing out blockchain technology.
The success stories of platforms such as Insights Network are inspiring many to consider blockchain as a serious option for the future. Blockchain’s attributes make it very attractive especially given the privacy concerns that have rocked the world lately.
Disruption Is Inevitable
Currently, there are a few hindrances to the adoption of blockchain technology. These include issues of trust, the market perception, among other major and minor issues. However, based on the studies conducted by PwC and Deloitte, these challenges will be easily overcome shortly.
More people are starting to look at blockchain from a sober perspective. Eliminating the hype around blockchain allows for a critical analysis of how the technology can be used in a revolutionary manner as opposed to the token centered approach that excited the markets in 2017.
From the achievements of Insights Network to the realization of the true potential of blockchain technology, it is only a matter of time before blockchain becomes the market standard.
Featured Image Source: Unsplash
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com