Essentia Adds Real Value To Companies And Businesses

adekogbe (53)in #ico • 6 years ago (edited)

What Could Essentia Be Worth?

The Value of a thing can be said to be its monetary, material or assessed worth. This thing can be an asset, a business entity, good sold, service rendered, or liability or obligation acquired.

To realize the true worth of Essentia, first, we have to highlight the purpose for which Essentia was created, and then analyze how valuable a solution that Essentia provides is for those who are in need of it.

What Is Your Personal Data Worth?

Personal data is a person's identity it is who we are, it is absolutely everything from basic identification data like name, email, address history, to sensitive identifying data like social security number, to demographic data, social media behavior, health data, financial data and many more.

This data is produced instantaneously every second worldwide and have genius ways of collecting and monetizing this data by selling to big companies.

Companies need personal data for their business and the most popular sector being the marketing sector which uses personal data to promote targeted ads to their customers. However not all companies acquire this data illegally, some carry out market surveys or make available to customers their privacy policy about data acquisition and storage.

The Problem With Regulations

Companies have always come under scrutiny for their acquisition and storage of personal data and regulations in recent times has been stiffer than ever. Companies in Europe, for example, have to comply with GDPR which requires businesses to protect the personal data and privacy of European Union citizens for transactions that occur within EU member states and also when personal data is to be used beyond the EU countries.

Worth Of Data Protection To Companies

Already companies spend big on cybersecurity and to secure customer and personal data. The net spend of companies is bigger than I originally thought and a publication by Gartner claims that in 2016 worldwide organizations spent over $80 billion on information security, which represents a 7.9% increase from the figures of 2015.

A lot of companies still fall victims of data breach even with the current level of investment and the cost of losing sensitive personal information, managing the breach and recovering from it runs well into tens of billions of dollars in form of payment of compliance fines and court fees, investing in forensic and investigation processes, and the protection of new data coming in.

What companies and businesses really need is an extra protection an intelligent, encrypted and secure layer that cannot be spoofed and will focus on data protection so that even when a company's security system gets breached, people's personal data remains safe and secure.

The Solution - Essentia As A Good Line Of Defense

Essentia is a decentralized platform that aims to an intelligent level of communication between humans, physical assets, and decentralized platforms in a secure, trustless and transparent manner.

With Essentia the identity of every single person is stored as a seed, this seed is the person and only a seed has access to all his/her information, both sensitive, basic, financial, legal and all kinds of information access are subject to the seed's approval. Without approval, this data is encrypted with a cryptographic key that cannot be breached even by the most sophisticated of malware attacks.

Essentia is important to companies in the two ways with which they are affected when it comes to acquisition and storing of data. The two problems are privacy and storage.

Essentia Solution To Privacy an GDPR Compliance: As it has been said earlier, the privacy policy of companies need to be subject to the customer or personnel's approval which has to be compliant with regulations. Integration of Essentia to a company's system will mean the data acquisition process can be customized such that customers are presented with detailed information about the data they will be granting a company access to, in orders to use their services. By doing this a customer can grant or reject a company's access to all or a set of data, a customer can also request the removal of their data from the company's database, and all this actions can be publicly verified using the blockchain.

Using Essentia companies can state the basic data they need and the additional data they will gather and put up a reward plan in form of ESS tokens for customers who grant access to the additional data.

The concept is this; sharing of data is not necessarily a bad thing, data allows us(the customers) to be served better, however, there should be transparency about the data sharing process and people should have control of their personal data. By adopting Essentia companies can easily comply with GDPR regulations.

Essentia Solution To Storage: When a person grants a company access to his/her personal data, this transaction is recorded on the blockchain and the data is encrypted using cryptography meaning only the customer and the company can access this data.

In a worst-case scenario where a company's cybersecurity is breached and hackers try to access any kind of information, first, they wouldn't be able to access the company's data because the company has integrated Essentia framework into their systems and only the seed can access their information.

This platform provides a safety net not only for personal data storage but also the organizational data as a whole. Essentia using the blockchain to provide this solution has the potentials to save companies billions of dollars cost for additional storage security and also spent in recovering from a data breach.

ESS Tokens

ESS tokens play a big role in the success of Essentia as a blockchain platform, they serve as the fuel that keeps the ecosystem running continuously. ESS tokens have a lot of functions which are all clearly stated in the whitepaper, here are a few of those functions.

ESS gives the platform users the ability to access and use different components of the system
Third-party applications and services connected to the Essentia framework can be accessed or purchased using ESS tokens
ESS is used to purchase additional internal and external resources on the platform

This is just a few of the applications of ESS to the ecosystem and all of the applications can be found in the project Whitepaper.

As far as value is concerned, Essentia adds value to every sector in which it is needed as well as those sectors which it will serve as an upgrade to the current systems. Ideally putting a number on the value of Essentia will either be seen as "chilling" or "downplaying" the system's value, but I believe this system will be really valuable to blockchain technology's acceptance, going forward.

Token Sale

The token for ESS tokens is currently ongoing with over 75% of the token allocation already sold in the presale and the main sale to start by June 7th. Visit the project's official contacts for more information about the project and the token sale process.