The use of blockchain is not limited to a finite amount of sectors, and as of late, an increasing amount of projects have cemented that notion further.
One of the latest entries in this segment is PickioChain, which aims to revolutionize personal data management by using blockchain technology.
PickioChain aims to offer these personal data management services to individuals who want to maintain a digital version of their personal data, so that it can be accessed remotely. The platform will help users share their personal information with targeted and relevant entities in a timely manner, while also ensuring that their information remains safe and secure.
What is the problem that it aims to solve?
The company points out that the way data is shared in today’s day and age makes it highly vulnerable to hacks, such as the widely reported Equifax hack in 2017, which saw the information of more than 143 million customers being stolen, including Social Security and driver’s license information. The data breach is termed as one of the worst instances in recent history, and its effects keep growing.
The other problem that PickioChain refers to is the lack of regulation over companies in terms of recording users’ personal data.
It seems that individuals have had enough and want to take back control of their data. Users all over the world are now asking for complete control over their own data, where they want complete freedom to make the choice of sharing or not sharing information with a company or its partners. An example of which is the General Data Protection Regulation (GDPR), an European legislation – starting in May 2018 – that will allow users to remove their data from a company upon their discretion.
PickioChain also mentions how customers’ data is monetized without their express permission, where companies share it with their partners or within their own services to promote their offerings or model them according to user segmentation.
Furthermore, there are other inconveniences in this realm of data. Take for instance the way that personal data has to be shared on multiple sources in today’s day and age. It takes a lot of time for user to go through such procedures and processes– think about the last time that you had to sign up for something and all the information that you had to manually type out. How may times have you done so, Pickiochain is willing to bet that you’ve done so many times. You’ve signed up with bank accounts, various services, providers and institutions and had to continuously share the same information because there is no present streamlined way to do so.
By offering its solutions, PickioChain aims to resolve the many present problems in this space.
How will their solutions work?
By the usage of blockchain technology, PickioChain will ensure that its users’ data remains secure by using the utmost technological advances available. By the usage of decentralized solutions, PickioChain also aims to employ measures that will allow users to share their data when they want, and how they want it to be shared with specific parties, “selling” data where applicable.
Through the utilization of solutions such as verification proofs, PickioChain will be redefining how data is effectively maintained in a place that is controlled by no single company, and thus provides complete control to the owner of said data through its processing engine, MatchUpBox.
This will not just provide security and peace of mind, but ease of use and convenience too. PickioChain also aims to utilize the offered solutions in real world settings, where users could even store their medical records on the blockchain, which can then be accessed by any medical institution upon the users’ discretion, regardless of the location or the setting that either party comes from. This will ensure that proper care could be provided to patients who – due to any emergency – would be rendered unable to describe their past medical history themselves.
One more use case that PickioChain defines is how pre-verified data could be shared with parties that would otherwise need verification of such data, preventing the need to go through redundant steps. PickioChain suggests that if user data is already verified with relevant proof in the blockchain, then institutions such as banks might not need to verify it again, saving time and costs that arise due to such operations.
This verification model will also work towards enhancing the effectiveness of cryptocurrency settlements through smart contracts, where, organizations offering Token Sales through the platform will be able to back up their credibility through verified data, and also complete know your customer (KYC) procedures for these Token Sales effectively. For this purpose, the PickioChain platform will be using its PikcioTokenSaleWallet (TSW), which is meant to facilitate easy execution and management of Token Sales.
To summarize, PickioChain will provide solutions that allow users complete control over their data, and where organizations looking for such data could purchase it directly from users (where applicable). It will also allow businesses to trade and exchange their own data, while ensuring that users’ interests are not compromised. The added functionalities of Token Sales with verified data, also add to the basic data management solutions from the platform.
The operations will be fueled by the network’s native token, PKC, currently available for purchase through its Token Sale.
Where does the project stand for now?
PickioChain has a team that brings together individuals with experience from different industries.
While its founder and CEO, Didier Collin de Casaubon, holds 15 years of experience in business and banking industry, one of its co-founders, Fabien Bucamp, who also serves as the company’s CTO, has worked at the French Department of Defense in its Network Security division. Its other co-founder, Jorick Lartigau, holds a PhD in Computer Science and is an expert in Data Security and Big Data algorithms.
The project has received funding of $3 million from NEO, another blockchain network.
PickioChain currently has its Token Sale running with a scheduled date of completion on March 31, 2018. It has a hard cap of $30 million for the Token Sale, where 36,009,716 (around 36 million) PKC will be distributed against a total token supply of 83,088,000 (around 83 million) PKC.