It’s recommended to first visit the Information Delivery page before this section.
SpotMi’s innovations are based on a new way of managing information. Part of this innovation relates to how Organizations obtain information. There is the foundation of this mechanism, Information Delivery, but this innovation serves as a foundation of making information sharing consented, relevant, efficient, secure, and meaningful. If we look at information as a product that can be transacted, then we see a whole new world of how information may be obtained.
SpotMi’s Information Transacting allows Users to go beyond just granting access to their information. Now a User can actually sell their information. Under this innovation, a User can specify a specific category, attribute, sub-attribute, or any type of carve out of their information, and in turn sell the information. Although there are many different ways applications might manage this, we can imagine that one possibility is a bid/offer system, where the highest bidder gets the information.
Once the User sells this information, the buyer receives access to the information. This innovation allows for many different types of transactions. For example, a User may sell a static piece of information, such as their sex or their ethnicity. A User may also sell a piece of information that is dynamic, specifying whether the buyer gets the information at one point in time, or (likely at a higher price) gets updates on the information. Examples of more dynamic pieces of information might include health attributes, movies watched, sport events attended, education, etc. In addition, Users may also specify whether the buyer can share the information, and to whom it might be shared, etc.
The extent of information, durations of updates, sharing parameters, and the accuracy of this information, and other factors contribute to the value of the information to the buyers. Although using standard currency is likely a good way to use this innovation, the innovation allows any type of currency. For example, an organization may offer credits, discounts, or promotions for their services or products, in exchange for the information. The innovation allows for a very flexible and dynamic marketplace.