Loomia takes the idea of "wearable tech" a huge leap beyond a smart watch, they're embedding it into jackets, shirts, pants and whatever else you can imagine.
The idea is that you become a constant data gatherer, and in a world where data is king - once you've gathered it, it's yours to sell to the companies that want it. The payout - of course an idea this futuristic will pay in cryptocurrency.
It works like this, the "Loomia Electronic Layer" embedded into the clothing collects data - where you've been, how often you wear this item, how much physical activity you do, and even temperature. This data is stored on the device which also serves as a battery pack, called the "Loomia tile".
Then, when you get home you connect to the blockchain via the internet. Your clothing will sync with Loomia's data exchange, and you can choose to sell the data you've gathered for tokens.
Now you may be thinking - wow, that's... intense.
Well, it's important to note this is already happening as the companies you shop with, sites you buy from, and social networks you use are already selling whatever data they can gather about you - but without you having a say, or getting a cut of the profits.
With Loompia, they promise the data is yours. Yours to sell, or keep to yourself.
“Loomia is creating a bridge between digital intelligence and the physical materials that we interact with every day. The Loomia Platform would shift the consumer data paradigm so that individuals, not corporations, own their personal data and profit from it if they choose.” says company CEO Janett Liriano.
If you do decide to sell, you'll recieve payment in the form of "Loompia tokens" which are then spent in their internal marketplace for other items, perks, etc. Basically, a rewards program for the user.
Beyond the traditional uses of mined data, which has been limited to marketing up until now, Loompia is also addressing what they call a gap in the feedback loop. Clothing designers and retailers can see which designs sell best by simply seeing how fast they sell. But now they can gather whole new data sets - like how often was it worn after purchase? What occasions and locations was it worn to? They can also now tell when it's gone out of style, by seeing when it's not being worn any longer.
Loomia is already lining up an impressive list of partnerships including Calvin Klein, North Face, LL Bean, and Google.
Read more about their project, and upcoming ICO at https://Loomia.com
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Author: Mark Pippen
London News Desk
