Ookami (ASX: OOK) has announced its plan to secure an 18.23% stake in blockchain technology company Brontech for just under A$1 million.
Brontech has developed a data market place for users to sell anonymous data on themselves to third parties.
Built on blockchain “lossless” technology, Brontech’s digital identity platform can collect data directly from its users.
According to Ookami, Brontech’s data market place “disrupts” traditional data brokerage models such as those used by Equifax, Experian and Acxiom.
Brontech’s technology enables people to monetise their personal information and have greater control over how their personal data, which is amalgamated from several sources and made anonymous, is shared with third parties.
The platform can incorporate data from Facebook, Twitter, LinkedIn, and Google+ and store up to 10,000 “data points” per customer.
Brontech is also investigating the ability to incorporate data from bank feeds, shopping and government into its platform.
Ookami claims Brontech’s data clustering capabilities will form the basis for future business models enabling “smart personalisation”, and better machine learning and artificial intelligence.
To ensure the data is secure and reliable, Brontech is creating a unique IP for its blockchain-backed decentralised data storage and management.
Brontech launched its first data and identity market place platform MyBron in May this year and now has more than 3,000 users and 1 million attributes in the data pool, as well as existing contracts with clients in banking, insurance and financial services.
In addition to Ookami’s investment, Telstra’s Muru-D Accelorator, Blue Chilli Accelerator and Artesian Fund have purchased stakes in Brontech.
Brontech has also received multiple industry awards as well as the Australian Government’s Acceleration Commercialisation grant.
The acquisition remains subject to shareholder approval and under the proposition, Brontech founder and chief executive officer Emma Poposka will gain a spot on Ookami’s board.
By late morning trade, shares in Ookami had sky-rocketed 63.89% to A$0.059 on the news.