VETRI is a dAPP that allows users to share research data with other users in exchange for VLD tokens. The company has now launched a pilot with the Czech market research agency STEM/MARK. After completion, VETRI wants to onboard further agencies and users.
Zurich-based VETRI has an ambitious goal: To “empower people across the globe by enabling them to collect their digital footprint and partake in the data economy.” VETRI was built by the Swiss company Procivis AG, which we have covered in another article here.
VETRI is a not-for-profit, peer-to-peer platform that offers a research data marketplace with an eID verification functionality. On this platform, users can share their data with others while still maintaining control over their data. In essence, VETRI functions a privacy-protecting interface between data owners and data consumers.
VETRI wallet screens the marketplace for data matches
The VETRI dApp runs on the company’s side chain of the Ethereum network. Users download and install a VETRI wallet where they can store their data, protected by a private key. Nobody can access, use, or view the data, until the user decides to share it at the right price, for example for marketing purposes or for a survey.
Entities that want to acquire data can send “data exchange requests” to data owners, which are based on smart contracts. The request contains information about the reward for the offer, the duration of its availability, and specifies the data the acquirer wants to buy.
If a data owner decides to accept an offer, he can share the requested data with the acquirer. The data is hashed and registered on the blockchain and then sent to a data-pick-up-service, which confirms the correctness of the data by comparing it to the hash. Once verified, the smart contract automatically executes, which means the acquirer can use the data and the data owner is being rewarded in VLD tokens which are sent directly to his wallet.
As data acquirers cannot view the data in the wallet, the VETRI wallet automatically screens the VETRI marketplace for offers that might fit the data contained within the wallet. So instead of the marketplace looking into the data to determine whether a user is a fit, the wallet looks onto the marketplace for offers which fit its content. During this process, none of the data gets published or shared.
Pilot with STEM/MARK final step before VETRI goes live
Earlier this month, VETRI announced the launch of a pilot project with the Czech market research agency STEM/MARK. The agency is onboarding their panelists onto the VETRI application where they will be completing market research surveys and get the possibility to share this data with the market researcher.
During the pilot, VETRI will onboard between 2,500 and 3,000 users and test the app’s performance within 6-7 weeks, according to a company representative. Both partners will jointly evaluate the results of the pilot. Afterward, the application will be moved out of the testing environment and be made available for the on-boarding of additional agencies and users.
Eventually, VETRI’s goal is to reach a total number of 100,000 active users by the end of 2020, which is about one percent of the Swiss population. In the long-term, VETRI wants to expand beyond Switzerland’s borders and provide a global research marketplace where users can own and share their data.