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On today’s episode, co-founder and CMO of Measure Protocol Paul Neto joins Sima Vasa. Together, they talk about the value blockchain plays in today’s market research landscape, and how Measure is promoting fair compensation and usage of consumer data.
Paul Neto – Measure on Blockchain in MR
There has been a lot of discussions about what blockchain means for the market research industry, and Paul and his team has seen its value. Measure is a blockchain-based protocol or platform that facilitates the marketplace that is full of so-called person-based data. In this marketplace, individuals have full control of their data that they can monetize.
Contributions to this pool of data are made through various types of tasks such as participating in surveys and sharing of behavioral data. All these are done to benefit two core stakeholders. These are the correspondent or contributor, and the researcher and data buyer.
“We specifically utilize blockchain and cryptography to build what we’d call protocols, and it’s really just defining a set of rules of engagement.” – Paul Neto
Consumer Trust and Data Quality
Measure aims for building consumer and buyer trust and driving data quality. Their founding principles include data sovereignty, privacy, transparency, and compensation. Their scheme allows consumers to engage with various data offers and tasks, from which an exhaustive data contribution profile can be drawn.
And to complete the process, they employ a series of mechanisms that allow them to request access to the data. Contributors are then compensated fairly.
“The idea is to have utilization of the protocol whether you are a brand, whether you are a panel or an existing research house.” – Paul Neto
Symptoms of a Broken Industry
A lot of people have yet to understand the magnitude of what might be broken in the industry in terms of respondent experience or respondent rates. When asked what the problems are, they would often talk about long surveys, declining participation, and fraud. But Paul thinks these are simply symptoms of the actual problem.
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