Last month, we joined the HappyMR podcast live at the IIeX North America conference in Austin. John Martin, our CTO who was also giving a presentation at the event, joined host Jamin Brazil to talk about blockchain, sampling and market research.
John kicked off the interview with a brief synopsis of Measure Protocol's business model, which he said boiled down to "doing sampling on the blockchain." Our founding team members have a strong background in market research, so they could easily see how perfect a fit this protocol was for the industry. So, 18 short months ago Measure was born.
A great question from Jamin opened up an in-depth conversation: "What is the practical role of blockchain in MRX what is the problem it is solving in the industry?" John mentioned that he believes there are two parts to answering this question. First, blockchain has the potential to eliminate the need for putting a sample supplier in between the researcher and the respondent. Secondly, the blockchain provides transparency and privacy to the entire process.
For example, our protocol is private by design, providing what is essentially a 24 x 7 audit 365 days a year. Buyers of data and respondents can see everything: payments, validity of data that is being claimed on the network and more. Respondent data is secure because it is being pushed to the "edges", stored on respondent devices and we use cryptographic techniques to seek the information needed to find the right respondents for studies.
During our pilot, we put our theories to the test via partnerships with about a dozen
sample providers and research agencies. John covers how we "set the system running" to: find out if it works and does what we claim; educate clients (agencies and brands) about the process in a way that clearly illustrates how it works; and discover how users will respond in a blockchain-powered environment.
What were the results? John says they were "bloody good", but you'll have to wait to hear the final weigh in when we report on pilot results in a few weeks.
Listen to the whole podcast here: https://happymr.com/wire-series-john-martin-measure-protocol/