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SRAX BIGtoken is empowering people to own their digital data

People's digital identity is in someone else’s hands currently.

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MUMBAI: The new-age customer is getting smarter. S/he knows the value of their digital data and how it is being used to serve the purpose of the biggest of the marketing giants. That time is not far when people will start demanding their data’s worth legally. But SRAX BIGtoken is helping them to get that right now, with its secure technology and intuitive behaviour. It is a data-driven secure platform that empowers digital natives to realise and claim the value of their digital self, its website explains.

The brand is now getting fundings and partnerships within India too, and recently joined hands with Yash Birla Group of Companies to take the platform to more people. Indiantelevision.com got in touch with SRAX BIGtoken CEO and founder Christopher Miglino recently to know more about the platform and partnership. Edited excerpts follow:

Please shed some light on the concept of SRAX BIGtoken.

BIGtoken is a wholly-owned subsidiary of publicly-traded company, SRAX (Nasdaq: SRAX). Founded in 2010, SRAX’s technology delivers the tools to unlock data to reveal brands core consumers and their characteristics in the CPG, automotive, investor relations, luxury, and lifestyle verticals.

Today, the projection of our digital-self spans social media sites, dating apps, video games, and all the other places we visit on a daily basis to be more connected, informed, entertained, and efficient. While the web was created to enable this exchange and access of information, it doesn’t come without a price. We instinctively give away our personal data to enter our online realities. And from there, everything we search, view, read, listen to, purchase, or like, is collected and sold to any entity that’s willing to pay. Our digital identity-the extension of who we are-is currently in someone else’s hands and they are profiting from it without our awareness or informed consent. BIGtoken solves the current challenges in the digital ecosystem by giving consumers the power to own, manage, and earn from their data.

How is BIGtoken technology helping marketers as well as the consumers?

There are three challenges with the current state of data. First, because data collection has been done without transparency to consumers and without clear consent, the data has not been verified. And often, the data is constructed with models probabilistically. These have created very inaccurate data. Second, data is stuck in walled-garden silos where audiences are not communicating across platforms. Last, emerging global regulations will require first-party opt in consent.

BIGtoken is a consumer-first platform. Its transparent data collection and permissions systems, creates opt-in data sets at scale. BIGtoken utilises a machine learning multi-touch point verification system to ensure data accuracy.

Consumers are compensated at the point of data collection and when data is purchased, and because they have complete control of their data at all times, they are completely empowered in the platform.

What, according to you, is the market size for BIGtoken ventures in India currently? What is the future like?

We’re very excited about the opportunity in India. We believe the scale is vast. As the country continues to grow in economic prosperity, the consumers in India will become more valuable to advertisers and as a result their data will become more valuable giving each user more earnings. This is the perfect time for advertisers and consumers, and BIGtoken is a platform that will create value for both consumers and marketers.  

How is your merger with Yash Birla Group of Companies going to help you in your plans for the country?

BIGtoken has started to grow organically in India, so we recognised that we needed a partner that understands the Indian market and the value of the consumer.  We have partnered with then Yash Birla group to help us navigate the India market.  We could not be more excited to have such an icon in the market helping us.  

A venture with the Yash Birla group will effectively give us the reach within India and the region. India is a sunrise market for our company and our research says that digital economy is now growing at a very rapid pace in India. Getting quality data still remains a challenge. Providing data which is well structured, tailor made for the need of the promoter with consent provides a wholesome solution which is lacking in many areas of this growing economy. Therefore, promoting brands and services with well researched data is the need of the hour and India with having a huge consumer base will definitely benefit by this offering.

Who are some of your biggest competitors in the market?

Currently, none.

What are your marketing strategies for the Indian market? Which media will you be focusing on the most?

India is one of the largest consumer markets in the world and is the fast-growing ad market. A marketplace requires supply and demand. For the supply side, the platform has grown almost exclusively through word of mouth, user referrals, and user generated content. We plan to leverage this same approach in India through working with social media and social influencers to leverage the community and viral components of the platform. We will also partner with key media organisations to create data and user consortiums.  

How are concerns about data protection impacting the business? Will data protection laws have an impact on SRAX BIGtoken and its workings?

Data and privacy regulation is a big step in protecting and empowering consumers. Data regulation requires informed, transparent opt in. BIGtoken values and embodies these principles and goes above and beyond these requirements.

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