TOOL Global innovates blockchain ecosystem for Big Data to power SMEs

User behavioural data is a major component of cyberspace today, and internet users are active contributors to these (big data); All user activities on the Internet are intangibly recorded and stored by various platforms.

The importance of user behaviour data acquisition

The importance of user behaviour data acquisition (aka “traffic”) is often emphasized in digital media industries through page views (PV) and IP address tracking mechanisms. With the invention of so many digital applications and e-services, these user behavioural data are also becoming more diverse. However, not all of them constitutes as valid data. A 10-year-old who’s highly interested in cars, visits automobile websites daily, but has no real buying power, is not a real prospect for a car business, hence all data supporting otherwise is invalid.

The loophole of behavioural consumption

However, to this day, companies selling consumer data do not recognise this loophole of behavioural consumption. Based on years of analysis on pain points in big data consumption and e-commerce businesses, IBD Technology has focused on the research and development of new business and technical consensus; With the aforementioned issue of data validity, the TOOL e-commerce ecosystem solves business roadblocks like these.

TOOL Global blockchain e-commerce ecosystem for SMEs

TOOL Global’s new ecosystem is built on a solid foundation of blockchain technology. It provides REST API interfaces for global SMEs and merchants to collect effective user behaviour data and encrypts and stores these desensitized data to provide value mining of tokens. So there will be no more worries about security and privacy protection. A number of platforms aggregate global consumption data and share them to SMEs /merchants looking to use them. These merchants would distribute tokens according to the established standards of the platform. For example, if businesses join the ecosystem today, they can independently issue BT (value tags for measuring the contribution of customer behaviour data) to users within the ecosystem. The system distributes this authority in a distributed manner; Decentralized merchants decide how to issue BT, instead of the platforms.

All businesses follow a certain standard to keep accounts, and the data is stored on all nodes. This is called mining of behavioural data at a commercial consensus level. It’s not a real machine node mining through a computational competition, but a self-incentive mechanism based on the contribution of user’s consumption behaviour data. If merchant A determines that a user’s consumer behaviour is worth a dollar, it will issue a BT worth a dollar. If merchant B feels this behaviour is worth two bucks, they can issue two BTs. The users decide which merchant to choose, and they benefit from this competitive environment.

Motivate data contribution

Fees paid by these data users (the SMEs/merchants in this case) are automatically rewarded (by the platform) to data sources (people like you and me) that contribute according to established standards, and serves to motivate data contribution, thereby forming a sustainable, ecological closed loop. The technical consensus of TOOL Global is called DS-PBFT (Delegated Stake- Practical Byzantine Fault Tolerance). It is a billing node voting method for polling and can reach a consensus with high efficiency. It can’t be completely distributed and decentralized like the POW mechanism, but it can achieve a certain degree of multi-centred effect. It can effectively reduce costs and resource waste while improving efficiency and data protection.

The above two consensus innovations are key breakthroughs in TOOL Global. Of course, in the TOOL ecosystem, there are many other functions such as smart contracts, AI modules for financial payments, and so on. IBD Technology will make hard efforts to create more functions that will enable SMEs to reduce their operating difficulties. In the near future, small and medium-sized enterprises and merchants in the TOOL ecosystem can achieve truly low-cost precision marketing.

For more information on TOOL Global, visit www.IBDT.io

An announcement by Alson Liu, at IBD Technology.

Disclaimer: This article is for information and entertainment purposes only and should never be construed as investment or trading advice. Bitcoin and other cryptocurrencies can be extremely volatile and you should always do your due diligence and research on the topic, utility, product or service and legal and regulatory requirements before deciding to invest. We do not take any responsibility for possible losses you may incur.



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