The blockchain technology has allowed a lot of new and innovative projects to come to life. Through blockchain monetary transactions get recorded in a systematic manner onto a public ledger. This ability allows it be decentralized and provides with autonomy and transparency. The Blockchain ledger can be downloaded by anybody as long as they have access to the internet.
It is cheap, transparent, and safe and decentralized which allows it to attract a lot of people to its platform, especially startups.
One such project that is planning on inculcating the blockchain technology onto its system is the Loomia Tile. The Blockchain technology is an important part of the platform and acts as a constant backbone by ensuring data authenticity and providing users with a seamless backup system.
About Loomia
The Loomia Tile is basically a hardware device that will turn garments into data collecting and exchange tools. It is an elaborate platform that will combine a variety of innovative technology to gain vital information through people's clothes. The platform has a three-tier system of the Loomia Electronic Layer, the Loomia Tile, and the Tile Platform, which provides support to the Loomia Data Exchange.
This hardware device works alongside the Loomia Electronic Layer which, according to their whitepaper, is a soft flexible circuit embedded into textiles with the ability to sense changes in its environment, such as heat and touch. Moreover, the Loomia Tile boasts the ability to associate a person's physical identity, contained within their biometrics and habits, to their digital identity, which exists on their online profiles and activities. They will be able to assign individuals a physical identity to their preexistent digital identity. It allows users to bridge the gap between physical and digital identity and allow them to control their personal data. They will do this by using personal data collected from user's garments, which will be synced to an online profile and verified with a fingerprint.
With the technology of social media, companies have power over personal data and information. A lot of platforms make their money by buying and selling the digital information available online of individuals in an opaque industry whose value might be anywhere from $156 billion to $300 billion. Through the Loomia Protocol, users can control how they want to use their particular information. Individuals can own and sell their data to brands, researchers, and other organizations who are interested in learning more about how their products are being used. This helps to create an ecosystem with no middlemen and empowering the individuals by giving them the control over their personal information. By using blockchain, Loomia can ensure data integrity and security on their platform.
According to Loomia's whitepaper, customer research can cost a brand or research group upwards of $100,000 per product to conduct surveys and focus groups, predict product outcomes, track inventory, and evaluate marketing campaign reception. However, despite taking all these steps, brands can be left with incomplete and incompetent information, with limited context. Loomia provides a solution by providing an ethical way for brands and companies to attain the data and feedback they require to understand and study their market better.
How it works
The system of Loomia includes a three layer technology of the Loomia Electronic Layer, the Loomia Tile, and the Tile Platform, which provides support to the Loomia Data Exchange.
The Loomia Electronic Layer can dispense heat and light as well as detect variations in adjacent materials through circuits. The Loomia Electronic Layer works like a circuit board and can move like fabric that can be integrated into textiles. It basically helps in gathering data and can be customized in terms of size, shape, and function for many different use cases.
The next part of the system is the Loomia Tile that is a hardware device which collects the information gathered by the Loomia Electronic Layer till it gets synced onto the Tile Platform. The Tile also provides protection that allows it to identify a particular garment uniquely through a general-purpose input/ output pin. The reason for the protection is because the Tile gathers important data such as how many times the garment has been worn, and for how long, when and where. Moreover, the Tile has the ability to supply a "multi-signature" identification scheme.
The next part inculcates the Tile Platform collecting and gathering the data received by the Loomia Tile and offering it on the network for further use. The Tile Platform is the P2P software and is completely automated. It will not require the extra inefficient effort of servers and will ensure decentralization by ensuring that at no point does the app need to offload data or connect to a central server.
The last place of the process is the Loomia Data Exchange Platform. This acts as a marketplace where users can sell their information directly to brands and third parties. This is information is used to study in aggregate for product and service betterment and is delivered while maintaining the user's discretion and anonymity.
Conclusion
Loomia has a very novel idea of using information collected through people's garments and selling it to brands on the conditions of the users. Moreover, it will be using blockchain's technology to do so, thus ensuring decentralization. It already promises to have a lot of advantages for society and will surely prove to be a hit in the marketplace as something like this will prove to have a strong demand both from brands and users.
Loomia shows great promise and will definitely prove to be a great investment.
Important links
Website : https://loomia.com/
Whitepaper : https://github.com/LOOMIA/loomia/blob/master/LOOMIA_whitepaper.pdf
Authored By: Etheran
Btalk profile: https://bitcointalk.org/index.php?action=profile;u=1108165
