The team behind Rlay believes that technology can play a role in helping businesses crowdsource their data-gathering tasks.
Founder Michael Hirn said this is a quantitative approach to venture capital, which meant pulling startup data from a wide variety of online sources. Process, and he said, "90% of the time was spent cleaning the data and acquiring the data."
CTO Max Goisser argued that this is a broad problem. Wikipedia, but in the view, they succeeded because "these things were of value for the entire world – everyone's interested in that."
"But what if you wanted to crowdsource something that is [only] interesting to you as a company? "Goisser said. Then you'd need the right incentive system to convince people to contribute. And that's where Rlay (pronounced "relay") comes in – the startup is launching onstage today as part of our Startup Battlefield at Disrupt Berlin.
There are other startups, like Dirt Protocol, offering blockchain powered tools for data collection and verification. But it sounds like one of Rlay 's big selling points.
In other words, Rlay leverages the blockchain side of things to provide a mechanism for people to contribute to their contributions, but the goal is to collect the data in a format it is useful for the company, and where, if the company desires, it can be kept private.
"We abstracted the backend database that you as a company would use, we abstracted over the blockchain or ledger technology – it's currently Ethereum, but technically, it does not matter," Hirn said. "How do we represent the date?", "You do not have to figure out" How do we represent the date?
As for the incentives, he said:
There are almost as many ways [of] incentivizing as there are different types of financial products. Some of these are more robust than others and we are going to be a little bit more complex. So with Rlay, we will provide some templates in the future.
Ultimately, this should allow companies to acquire their own data collection team. For example, Hirn said Rlay is a member of the blockchain space to gather environmental, social and governance (ESG) data required by hedge funds and other investors.
For now, Hirn said Rlay is focused on how to make it easily accessible. In the ESG case, that means writing scripts to pull the data from the reports that many companies are already publishing. Ultimately, Rlay could move into collecting data from the physical world, as well.
They are collecting is accurate.