ARCS
Challenges with personal data
In recent years, personal data has become increasingly fragmented across different services and often rests in databases without proper user consent. This leaves users without proper control of their data and, to some extent, their identity. The European General Data Protection Regulation (GDPR) was brought into EU law to address this problem, however, corporations still accumulate large volumes of personal data for analytics and
monetization. Data is often described as “the new oil” and users are fast becoming aware of the value it holds. This has given rise to several data banking businesses who strive to buy data and sell for profit, nonetheless always with the interests of large corporations in mind. AIre is built with mechanisms to give a fairer distribution of profits made from personal data by giving users self-sovereign identities.
Solution
AIre solves the problem of inefficient data use. Currently, each company only stores and uses a portion of the information its users leave online. Therefore, a complete and accurate profile of users cannot be collected. Users generally have negative feedback on the current use of their data because the information and/or recommendations they receive as a result of it being used are often inaccurate. To solve these issues, AIre enables unified management of user data which allows for data to be used with consent and data rights protected. We believe that this mechanism can provide a wide range of application services for users. We refer to the interface which can offer these services as a “next-generation bank” . The next generation bank is a comprehensive digital wallet necessary for the coming era of digital
transformation. A single service provider will not provide all services and each service provider will provide their service as part of a next-generation bank using a single token. The next-generation bank is a digital wallet which handles these services. AIre tokenizes valuables as security tokens through the data bank, such as stocks, real estate, art, etc., and makes payments/transfers using cryptocurrencies. Further details are described in “future development” section. AIre utilizes this data to create new evaluation standards. In addition to ensuring compatibility with other participant companies on the AIre platform, AIre will take the initiative in handling new technologies and concepts regarding user data management to become a true “user sovereign” platform
Information industry market
As the value of personal data increases, the markets targeted by information banks are growing year by year. AIre acquires various types of personal data, adds value to the data, and returns it to the user. Looking at a specific use case, this can be applied to the marketing and advertising sectors. The table below shows the average information value per year for the real estate, lifestyle, finance, health, and beauty sectors. For example, if the unit price is 30 to 50 million JPY for buying and selling a detached house or condominium, when a sale is established by providing the customer status, it is common to pay an information provider fee of 300,000 to
500,000 JPY (1% of the sale price) as a contingent fee. If the average purchase cycle of a detached house or apartment is estimated to be around 30 years, the annual information provision fee can be calculated to be between 10,000 and 16,000 JPY. Similarly, if you calculate it for life, finance, health, and beauty, and calculate the total value of the information provision fee per year, it will be between 41,000 and 95,000 JPY. In other words, here it can be assumed that the value of user information is worth 41,000 to 95,000 JPY per year. Since what is mentioned in this table is part of the market, it is considered to be worth at least 100,000 JPY.
Market Size
AIre targets a wide variety of markets, the two main markets are: the information industry market, AIre's information banking initiative will target this market; and the financial refugee market, as described in the “future development” section. To give an example, a
decentralized digital identity (DID) infrastructure can be developed by utilizing data stored in an information bank. As a result, it is possible to target unbanked people who do not have access to financial markets since they do not currently have a digital identity.
TEAM
Masashi Mizukura
Kunihiro Katsuragi
Hiroshi Mizukura
Yoshikazu Abe
Ryohei Osaka
Yoshinobu Shijo
INFORMATION
AUTHOR
Cyrinda
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