Last Update: December 27, 2022, 12:46 pm IST
Additionally, Caden will provide users with a variety of choices about how, when and why their data is shared, as well as how it is shared.
Data restrictions by Google and Apple could be a challenge for Caden.
Yahoo co-founder Jerry Yang is backing a new software called Caden that rewards users for sharing their smartphone data, such as what they watch or buy. Users can download their data from apps and services like Amazon, Yelp, Airbnb, and more into a personal vault with Caden. Users who choose to share their data with advertisers may share in the app’s profits.
Additionally, Caden will provide users with a variety of choices about how, when and why their data is shared, as well as how it is shared. For the time being, Caden is only testing with a small group of individuals, but the business intends to launch public beta testing with 10,000 users early next year. Caden closed $6 million in funding last month.
How will Caden work? let’s understand
For $5 to $20 a month, Caden will pool the data before releasing it to third parties, according to the founder. A data score that takes into account elements such as the apps being used, customer responses to demographic questions and the services users are using will determine how much money will be awarded. Consumers will finally have the opportunity to provide more detailed information for more efficient advertising.
Once the data is collected, Caden will segment the audience into groups to share information and run ads within each group. For example, a user may choose to reveal their ride-sharing history so that marketers may identify target audiences for such information. It will eventually pay the consumers every month.
Additionally, Caden hopes that the information it collects will be useful to consumers in analyzing their spending. However, consumers have the right to decide which brands can access their personal information.
Users can restrict or limit ads on Caden by name or category. Last year, Apple instituted a privacy rule that requests users’ consent before all apps can be tracked. Additionally, Google intends to stop allowing third-party tracking in the Chrome browser. It follows that the privacy trend will be a challenge for Caden in the years to come.
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