TMG’s TRUTH GIVES CONSUMERS CONTROL OF THEIR PRIVATE DATA WITH LAUNCH OF TRUTH DATA CLOUD
- Blockchain-enabled GDPR-compliant marketplace will let consumers sell their own private data
- First partners - loyalty scheme StylePoints and influencer marketing platform Narratrs
TRUTH, a subsidiary of The Marketing Group plc (TMG), has announced that it is launching a blockchain-enabled GDPR compliant marketplace enabling consumers to take back control of their personal data.
TRUTH Data Cloud (www.truthdata.cloud) is the world’s first marketplace for consumer data to launch with commercial partners on both the supply and redemption side, enabled by open APIs letting third parties launch the next generation of GDPR-compliant applications.
TRUTH Data Cloud will empower consumers to share the data they want to share. Consumers can choose to sell their personal data to brands, agencies and publishers and directly benefit from its use in personalised advertising, in the form of discounts and offers on goods and services or as currency.
The TRUTH Data Cloud will openly reward consumers for transparent, permission-based use of their personal data, unlike the recent Facebook data scandal and the pervasive nature of digital advertising - unwittingly powered by consumers’ personal data.
In return for access to their personal data, consumers will receive TRUTH Tokens, which represent consumer data held securely within the blockchain-enabled TRUTH Data Cloud. TRUTH tokens can be exchanged for discounts on goods and services or exchanged for their preferred currency.
The TRUTH Data Cloud will have open APIs and SDKs to encourage third party applications to integrate with the marketplace. This will create huge potential for the platform’s uses, such as influencer marketing, loyalty programs and customer relationship marketing.
StylePoints, a digital loyalty scheme is the first partner launch on the TRUTH Data Cloud platform.
Consumers will be paid in TRUTH Tokens for the submission of their data, keeping their data in the cloud and also when their data is used by partners in the TRUTH Data Cloud ecosystem.
Contributors of data are both individuals (first party) and larger, trusted entities (second party) who have collated datasets. The more TRUTH tokens are owned the greater the reward when data is accessed.
Brands, agencies and publishers pay for use of authenticated data, enabling accurate pay-per-use modelling marketing activity.
TRUTH has already built a blockchain solution that drives transparency in the automated digital media buying ecosystem, as well as run the world’s first blockchain-enabled media campaign—announced at AdWeek Europe on 20th April 2018.
The TRUTH Data Cloud is the next stage in creating a truly secure, transparent, honest advertising industry.
Adam Graham, CEO at TMG plc and co-founder of TRUTHsays:
“Now is the time to address how we use big data in the advertising industry. Personal data is being used without consumer permissions. Brands’ advertising spend is being wasted and consumers are receiving too much irrelevant content. With the TRUTH Data Cloud we want to give consumers the power to control their own data and give advertisers and publishers the reassurance they are using that data with consumers’ explicit consent.”
Narratrs, the micro influencer marketing platform is the first third party partner to launch on the platform from the demand side.
Beyond building an efficient advertising ecosystem, the aim is to create a global marketplace for the efficient buying and selling of advertising data.
Media contact for TRUTH and TMG
Lydia Oakes, Bluestripe Media
Phone: +44 (0)7710 244573
Launched in 2017, TRUTH is a global media planning and buying service for advertisers. With offices in London, San Francisco, Singapore and Sydney. TRUTH is a truly transparent agency that provides a single view across the value chain and a single clear fee for advertisers.
TRUTH was launched in response to the erosion of trust between advertisers, media agencies and media owners, with middlemen and the layers involved in media planning and buying stripping 80% of the value between brands and media owners. TRUTH’s use of blockchain technology revolutionises the traditional process, allowing for complete transparency for all involved.
What is a 'Blockchain'?
A blockchain is a continuously growing list of records which are linked and secured, using cryptography, to produce an immutable, distributed ledger.
Because blockchains are transparent and secure by design, they are highly suitable for use in creating smart contracts, transferring funds and documenting the provenance of a supply chain.
Many experts believe that blockchain technology could have an effect as profound as that of the internet itself.
About The Marketing Group plc (“TMG”) in brief
TMG is building a global full-service marketing network, powered by technology, that provides a fresh alternative for global brands that want to see more bang for their buck. With offices in America, Europe, Asia and Australasia, TMG’s collaborative network of agencies provide a holistic service to deliver highly effective results. The Marketing Group is listed on Nasdaq First North, Stockholm. www.tmg-plc.com. Mangold Fondkommission AB, +46 8-5030 15 50, is the company’s Certified Adviser and liquidity provider.