Fluree, a company headquartered in Winston-Salem, North Carolina, which has developed a graph ledger database and data pipeline toolset for trusted-, interoperable-, secure-data management and sharing, today announced a partnership with Fabric.
Fabric is a fintech company based in Santa Monica, California, which uses Fluree technology to enable consumers to control and monetize their own personal data. Fabric removes “middleman” companies such as Facebook and Google that currently collect consumer data and sell it to advertisers without express permission of the individuals in question. That system has exploited people for years, benefitting corporations at the expense of those whose data they’re using.
“Fabric is an example of exactly the type of use case we envisioned when we founded Fluree,” said Brian Platz, Fluree co-founder and CEO. “We are looking to create a world where people can control their own data and use it as they wish. With Fluree’s trusted ledger database, Fabric has built a business that seamlessly helps to improve the relationship between regular people and the brands appealing to them. Fluree seeks to work with disruptive organizations looking to build new applications and services that make data more sovereign and business models more equitable.”
Consumers who sign up with Fabric receive payment from brands in exchange for sharing their data and providing feedback. It is pioneering a new category of “data rewards” in the form of cashback for consumers by merging social e-commerce and banking into one app. Consumers earn cash back by watching advertisements, racking up dollars on a Fabric-provided debit card.
Fluree’s blockchain data ensures advertisers know their consumers are real — eliminating fraud — while simultaneously cryptographically protecting the identities of those consumers. That same Fluree blockchain technology allows consumers to sell their personal data to advertisers they choose. The interplay between those two groups creates Fabric’s dual-sided ad marketplace.
Fabric appeals to anyone looking for a side hustle to supplement their income: social-media users, full-time parents, Gen Z members, millennials and others. In the future, Fabric also will be available to those younger than 18 who receive verifiable permission from parents.
“Fluree’s unique data management platform unlocks new opportunities for startups like Fabric that are disrupting traditional business models,” said Paul Taylor, Fabric founder and CEO. “Fluree’s technology enables Fabric to operate in a fraud-free environment, making us a perfect example of a startup that can disrupt status quo middleman-intensive industries.”
Fluree’s merger with ZettaLabs, announced in September, has expanded the company’s offerings, particularly in data management, and positioned the company well for rapid expansion next year in the global data management market. Fluree in December also announced Peter Serenita as the inaugural member of its advisory board.
Fluree’s products include its secure graph ledger database product Fluree Core, perfect for new projects that need digital trust and distributed data collaboration. For companies steeped in legacy infrastructure grappling with disparate data sets, data silos and outdated data-governance systems, Fluree’s product Fluree Sense will guide them toward a modern data architecture.
The company continues its mission of building data-centric infrastructure for its Web3 customers, enabling the power of digital trust for new applications in verifiable credentials, enterprise blockchain and decentralized-data management. Fluree also continues to assist enterprise organizations in data transformation journeys for upgrading legacy infrastructure into collaborative modern data platforms. The company seeks to help all its customers by providing data-centric architecture that simplifies governance, consolidates security and provides secure access to clean and linked data for a diverse range of data consumers.