We at BTC Geek aim to bring you the latest trends in the world of crypto before they become apparent to the general public. This is how we went early on concepts like Autonomous Corporations on Blockchain that have become a cornerstone today in the Ethereum community. Another trend we’ve been discussing of late is the combination of IoT with blockchain and crypto. This is going to be more of a longer term play and potentially trillions of dollars worth of economies created.
There are several blockchains working towards concepts of IoT payments on the blockchain. This is an interesting approach, to be sure, but is higher risk because of the network effects and winner-take-all effects this may have. The other side of the equation is building application layers that are functional today in the real world, and use the power of crypto and blockchain to improve the value of the IoT product and application.
The Loomia Product
This latter approach is what Loomia is taking. The team is building an embedded layer that can be used in everyday clothing. The product is technology that can be used by clothing manufacturers without restricting the ability of the fabrics to bend and fold. In a nutshell, the Loomia product makes any fabric into a ‘smart fabric’. This is useful because it can turn the smart fabric layer into a clothing layer that you wear everyday.
So what does this electronic layer in your clothing do? It is a data collector that is very intimately tied to your biology and physiology. You can collect all sorts of useful data. If you thought your Apple Watch was a must have to track your activity, wait till you start using something so intimate, which should also be much more accurate. This is data about you throughout the day. You can use it to better your lifestyle, make yourself more productive, or simply use it as a repository of your life.
Privacy for Data
The big question that should occur to you immediately reading the last section is who owns the data. In an increasingly complex world where increasing amounts of data is being collected about us and our behavior, who is in-charge here? Is this one of the cases of ‘you are the product’? The answer thankfully is NO! With Loomia, you are in fact in complete control over your data, i.e. you own the data and no one else. Not even Loomia will have unfettered access to your data.
The way the company accomplishes that is with the help of a physical device that stores the data, called the Loomia Tile. This device stores all the data that is gathered by the electronic layer throughout the day.
Loomia and Data Markets
The device doesn’t just store data, but also lets you sell it to researchers on your own terms. This is where the power of blockchain and crypto becomes apparent. First, you are in full control of your data. Second, your data is private. Third, you can actually monetize that data, but again, on your own terms.
The best thing is, the data is very valuable to researchers because Loomia is able to tie your real identity to your digital identity. The ‘real identity’ comes from usage and behavior that the device already tracks.
Loomia therefore is more than just an IoT meets blockchain company. In fact, it is a way to create one of the first personal data markets on the blockchain. This is quite a powerful tool, which can be useful for many different brands. Especially the ones that want to stay ahead of the curve. The users are in complete control over how they want to sell the generated data. This makes the data valuable. It is also forward thinking as newer generations are more cognizant of data collection and related privacy issues.
We think Loomia is a longer term project that has a lot of right elements for success if the team can execute on their vision.
Photo Credit: wintersoul1