Home / Business / Data Science will drive the personal data-driven economy
Data Science will drive the personal data-driven economy
Young NRI entrepreneur launches New Mobile App that Changes the World of Personal Data
- NRI Hersh Hemant Bhatt & Quan Pham founded a company in Australia and created the disruptive new PI.EXCHANGE app, which enables average individuals to create a free personal data bank vault. The vault has data constantly streamed into it from the sources users select and stores them in a form that is fully owned by the user. PI.EXCHANGE then uses this data to produce more valuable insights profiles that can be enjoyed by the user or anonymously sold to businesses, earning the user a royalty. The app has already earned critical acclaim from social trendsetters & allows all users to invest with and reap personalized insights from their passively generated data. Hersh Bhatt gave an exclusive interview from Melbourne to Sanjay Trivedi, Editor of ‘Asia Times’.
- Q: Please tell about how you founded the company?
- Hersh Bhatt says: I am the co-founder and head of marketing and growth at the age of 24.
- I grew up in Singapore, but originally my grandparents came from India. I have always been a very market-driven person and since the young age of 13 - I have been following my father Hemant Bhatt (Global CEO of Golden Agri Resources) to lots of start-up board meetings. I started playing a key advisory role by the age of 14 for our family fund, helping make key strategic decisions for investments based on my evaluation of the market.
- At 21 I moved to Melbourne and studied Marketing and Management at the University of Melbourne. I went to plenty of startup networking events but never quite found an idea that I thought could change the world. You see, for me, money is always the side effect of doing something amazing. As luck would have it, close to the end of my time at the University of Melbourne, I met Quan Pham who had the idea to create a system that lets people get rewarded for the data they generate.
- Over the next few months, I continued my education while working with Quan on the side to establish a marketable business model and product concept. I connected him and he managed to get PI.EXCHANGE funded to be the World's First Personal Data Bank. From there I worked with him both as a strategist and a marketer to help define the product, the market and raise awareness about the world of personal data. He hired me to work for him as a marketer 1 week after I graduated from University.
- Quan Pham says:
- I am an engineer turned entrepreneur with a passion for developing novel and market-disruptive solutions to tackle real-life problems. I was/have been a software engineer, a security consultant, an academic research, an IT executive and a startup founder. I can ask him to send a more personal coverage of himself if you prefer to cover the article from his angle. Either is totally fine with us.
- Q: Your slogan is: Invest with your data, we will earn you royalties! How this is possible?
- A: It is possible due to several reasons. Firstly, the amount of data we generate is increasing exponentially each year in the digital world. Secondly, most businesses today understand that without understanding consumer behaviours, preferences and choices it is impossible to compete. Therefore it is only logical that we create a market that allows an ethical and anonymized way for individuals to share data with organisations and make money in the process. However, there is more behind the scenes. After we collect your data, we use an AI system to extract insights from it. This allows your data to be rapidly accessible by anyone (without compromising your identity). We then combine your insight profiles into different segments and each time a company uses an insight from a segment, you will earn a royalty. So you see, you never truly lose your data - you just get paid to let companies have a look at it.
- Q: Latest trends in Data Science and increasing importance of Big Data worldwide
- A: The latest trends in data science are heavily focused in the space of machine learning, natural language processing and personal assistants. Meanwhile, trends in big data have seen the business times refer to personal data as 'the new oil' and have started to be very critical of many unethical and often sneaky practices used by some large corporations to collect personal data. The existence of blockchain also enables the possibility of a personal data-driven economy existing.
- Q: How Data Science will revolutionize life in upcoming years?
- A: Data Science has been progressively driving the interactions that people have with organisations, allowing companies like Google and Facebook to target people's needs with often unsettling accuracy. This ability to understand a person's needs/interests will become pervasive, and available to all scales of businesses, and also to individuals. The net result will be an acceptance of low levels of privacy and an expectation that all interactions that a person has will be well targeted. However, the team at PI.EXCHANGE believe this does not have to be a foregone conclusion there is another way. That is to create a data-driven economy that allows for the ethical trade of data.
- Q: How the app is useful?
- A: The app is useful for:
- Storing and managing a valuable resource you produce daily with no effort.
- Finding and connecting you with ethical businesses that will pay you for anonymized insights.
- Ability to regain official ownership of your data.
- Ability to track and see just the amount of data you produce every day (it's quite fascinating)
- Run personality analytics on yourself, celebrities or compare yourself to celebrities. They will change as you change over time.
- An activity map to help optimise your daily productivity
- A likability index that helps social media users not only monitor basics like a number of likes and number of comments but it actually analyses the sentiments in the comments and rates them as positive or negative.
- A locations map that allows you to store your journeys and share them with friends.
- 100% free!
Tags App Australia Data Science NRI
Gandhinagar: Israeli Prime Minister Mr. Benjamin Netanyahu has presented a unique gift to the Indian …