The Business Information industry is an $800 billion industry. Companies of all sizes and industries use Business Information for marketing, sales, compliance, and many other strategic business functions. Traditionally, collecting this information is outsourced to the large credit and information bureaus who act as central trusted third parties and stewards of all business information. The information they collect is financially focused, not current and doesn’t represent critical operational performance. Today, there are a select number of large companies (Dun and Bradstreet, Experian, Equifax etc.) that control most business information. These centralized organizations control the information they don’t produce, disincentivize higher quality information and the information they provide is limited in scope and depth.
Currently, Trust Exchange is an information network that enables organizations to connect, collaborate and exchange mission critical information largely used in highly regulated industries such as banking, pharma and government. We have over 40,000 users monitoring 100,000 companies. However, we envision enhancing the Trust Exchange network with a blockchain agnostic protocol and token used to incentivize a multi-sided marketplace between organizations, information creators, information validators and data consumers.
This new platform would enable organizations to create their own collaborative network, establish monitoring procedures and policies, and incentivize the creation and validation of various forms of information. It will utilize a token and seal these transactions into an immutable blockchain layer. The new Trust Exchange platform would have a wide variety of applications across industries and would be the first network effect platform of its kind. Currently, Trust Exchange serves banks, local governments and pharmaceutical companies, but we envision the new network being utilized by more industries and functions. By implementing the token driven system outlined here, organizations can create a decentralized, crowd-powered system that is infinitely more effective, lower cost and more flexible.
Trust Exchange will issue and sell Tokenized Digital Certificates (NFT’s) that will entitle the holder to several benefits. First, in order to earn contributor rewards, you must purchase and hold either a Curator or Validator Certificate. Second, the daily contribution rewards will be distributed based on which Digital Certificate is held by each user. In the near future, Custom Digital Certificates will be issued by Trust Exchange customers (banks, cities, non-profits etc.) which will entitle the holder to additional rewards and bonuses.
Trust Exchange will sell its first series of Digital Certificates beginning on March 1. This “Founder” series will be a limited edition that entitles the holder to earn rewards through the 2023 calendar year and an additional “Founders Bonus” that will be delivered to each holder’s wallet for the life of the project. Thereafter, each annual issue of Digital Certificates will expire at the end of each calendar year.
The first Digital Certificate Sale will commence on Mar 1, 2023 and will include the Founder Series of Curator Certificates with the Validator Certificate sale to occur shortly thereafter. Rewards will accumulate immediately.
If you would like to learn more, you can read our whitepaper here: whitepaper.trustexchange.com