In a world that has become obsessed with screens and people are glued to their laptops or mobile phones either on social media, streaming, or merely browsing the Internet. They are all essentially consuming large amounts of data. Most of the time, this data is user-generated; social media has become the new "reality TV" users are always sharing their life stories online. Data has become a highly valuable commodity, and there is no shortage of companies wanting to buy this data.
The current model allows everyone along the data brokering chain to make a considerable amount of money from data trading, everyone except the actual creators of data. People generating the data invest time and energy into its creation; it's only right that they should be compensated fairly. Most of the time, users are not even aware that their data is being curated, categorized, and sold to hungry buyers. This is because most platforms hide that user data is being harvested and collected in lengthy terms and conditions statements that most users don't take the time to read. These statements are deliberately loaded with legal jargon and complicated working to make them as confusing as possible.
Over the past few years, people are becoming more aware that the data they create has value. More importantly, the information they share on various platforms is owned by the forum and can be used for whatever purpose they deem fit. People have also realized that their data is being used for marketing purposes and that their buying patterns and online behavior is being monitored. Thanks to documentaries like "Terms and Conditions May Apply" made by Cullen Hoback, more and more people are becoming more aware of how their data is being used. According to HuffPost, in a recent article, Hoback pointed out, Silicon Valley "knows" that anonymity isn't profitable. This has driven Internet monoliths such as Google and Facebook to turn the Internet into a cog that turns us into a real-time surveillance state and George Orwell into a historian and prognosticator instead of an acclaimed fiction writer.
In recent statistical research compiled by Statista, they estimate that "By 2022, annual revenue from the global big data and business analytics market is expected to reach 274.3 billion U.S. dollars. The largest share of big data revenue is believed to stem from services spending, representing 39 percent of the overall market as of 2019. The major providers of big data and analytics software include global names such as Oracle, Microsoft, SAP, and IBM."
As people are becoming more responsible for sharing data and becoming more aware that their data has monetary value, data management companies are trying to find creative ways to work with people and monetize their data. There are many players in this space, yet only a handful stands out as pioneers.
And among these, you can find GeoDB, which is probably the first company to consider the users an essential part of the equation, rewarding them, making them a necessary part of the industry as they are. GeoDB, a decentralized peer-to-peer big data-sharing ecosystem, has successfully run a crowdfunding campaign on Seedrs, having exceeded it by over 150% and now demonstrates an impressive growth of active product users. The company has already attracted over 200k users from 150 countries and established several strategic partnerships with the leading industry representatives, such as Grupo Next, Wola, Wave, and others. GeoDB has seen a recent spike of users after launching the referral program and has crossed 150k downloads worldwide.
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