Blockchain startup DOVU will reward users for sharing transport data
Blockchain technology has branched out from cryptos in recent years and into other sectors. The latest application is on the collection of transport data and the rewarding of users who share their data. Blockchain startup DOVU has signed an agreement with Go-Ahead, a railway company operating in the U.K. The agreement will allow Go-Ahead to collect data from its users and reward them for sharing.
This is a crucial partnership for the London-based startup which aims to become the “the global marketplace for transport data. Data has become increasingly important in recent times, with tech enthusiasts branding it the new oil. And DOVU is positioning itself to be the transport go-to data marketplace where users can get rewarded for sharing.
Under the partnership, commuters who use Go-Ahead’s trains or buses will share their transport data with the company. Such data includes times and frequency of travel, the frequent places traveled to, changes in travel habits and more. In return, Go-Ahead will compensate the users with DOV tokens. These are the native tokens of the DOVU blockchain network. Effectively, this will act as a loyalty reward program for the company.
Go-Ahead facilitates over one billion journeys every year on its trains and buses. This means that the data to collect will be plenty. The company is listed on the London Stock Exchange and is a component of the FTSE 250 Index. It operates primarily in the U.K but also has operations in Norway, Singapore and Germany among others.
The new multi-billion dollar frontier
Data has become the lifeline of the new industrial revolution. With artificial intelligence and machine learning becoming more mainstream, data acts as the bloodline. This has sparked a digital gold rush by global tech giants to collect data. Traditional powerhouses such as Facebook and Google have had an edge over the years; however, recent revelations that companies like Facebook have misused user data have led many to seek alternatives. In comes blockchain technology.
Unlike Facebook and Google, blockchain systems are decentralized and near impossible to attack. Moreover, the user has ultimate control over the use of the data and can receive compensation for the use of this data.
DOVU has been one of the players that have arisen to take advantage of this new opportunity. The startup is backed by the U.K government through its venture arm, Creative Motions. It’s also backed by Land Rover’s investment arm as well as InMotion Ventures.
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