According to the latest startup news, a startup named StreetCred is building a blockchain based marketplace for location data. The startup is creating a set of rules that will motivate the collection and maintenance of data for locations across the globe.
StreetCred has extensive experience with open mapping software and data. It may also be a perfect time for a high-quality, permanent and decentralized solution to the place data problem. Taking advantage of this opportunity, the company aims to build a system where individuals can participate and earn incentives.
They also aim to provide data that is open and accessible to anyone and everyone who wants to use it. They are also planning to create a system where individuals can participate and earn incentives.
Major applications such as Google Maps and Yelp that provide a huge amount of information about local restaurants, stores and other venues of interest have some major drawbacks. Along with this, the information provided is also not necessarily correct.
To overcome this, the team of StreetCred is creating a blockchain based system that will collect and sell data in order to improve this system. Currently, StreetCred has raised $1 million in seed funding from Bowery Capital and Notation Capital.
CEO Randy Meech said, “If we can get this protocol and data economy right, it can’t be shut down.” He further added, “It’s a very natural way to open up and decentralize the data and also to build a payment mechanism around that.”
The team is still researching about specific details of how contributions are incentivized and compensated and aim to build an asset where the value of the currency is tied to the value of the data.
Keep reading iTMunch for the latest news, blogs, and updates.