Information. It’s the elephant in the room (the size of 5 exabytes of data every 2 days) that finally has everyone talking. Who gets to collect it? How is it permissible to use it? What’s it worth? Recent disclosures about information being gathered and used in secret have turned up the heat on these conversations. The startup Handshake proposes a gentlemen’s solution for all interested parties.
Handshake.uk.com is a platform for making agreements about information exchanges, an online marketplace where buyers and sellers negotiate a mutually acceptable price for information and rewards.
Clandestine tactics aside, much of the outrage over personal information use by companies – be they marketing, retail, utilities, intelligence or other – results from the rightful owner receiving nothing in return. Handshake envisions itself as a way to right the scales and keep exchanges on the level.
The Handshake arrangement and process makes good sense. For brands eager to create the long-term loyalty that translates into highly-engaged customers, recommendations, and ultimately, greater earnings, Handshake allows businesses to state their intentions clearly, earning both respect and trust. And it rewards customers, at least partially on their terms, for their participation.
Handshake shrewdly rethinks information exchange, restoring balance to the relationship between organizations and individuals. Let’s face it, the handling of personal data vital to the success of many organizations has remained a tremendous gray area. Handshake has many virtues to offer, among them:
- It’s transparent.
- It’s flexible, with negotiation at its core
- It creates a framework for determining the proper value of data; smart because some information is harder to come by, takes more time to produce, carries different significance for different people, and, well, is more valuable.
- It honors the fundamentals of reciprocity and equity.
Personal Information For Financial Reward
According to a survey Handshake cites, 57% of consumers are willing to divulge personal information in return for rewards. This represents the potential exchange of a tremendous amount of data, not to mention great need for the startup’s marketplace. Just some of the types transactions that Handshake might facilitate include:
- survey data
- post-experience customer feedback
- credit and past transactional data
- referral data (based on socio-demographic and behavioral data
- permissions to track behavior
- incentives for paying attention to future sent messages
Handshake is currently recruiting beta testers. Their aim is to offer “an efficient and cost-effective way to handle transactions.” Terms, policies, interface and more will no doubt evolve as the startup grows. As for promoting ethical ownership and protection of data, and providing a solution to many bedeviling questions, they’re already off to grand start.
An opportunity to partner with Handshake and have a stake in the company is also on the table. Visit the Handshake website for more information.
What information would you willingly sell? Would you like to shake on it?