Measure Protocol has secured £2m funding.

The London firm is an ethical person-based data marketplace powered by blockchain.

The funding round was led by Dynata and Blockchain Valley Ventures (BVV), with Medicys Limited also joining.

Measure has built a blockchain-based marketplace where individuals take control of their data and monetise it directly with researchers, advertisers and brands.

Consumers contribute data by completing surveys and other data-generating tasks or by providing access to existing data sources such as purchase and location.

Owen Hanks, CEO of Measure Protocol, said: “The new investment is a clear illustration that the industry is starting to pay attention to consumers’ needs, both from a practical and ethical standpoint.

“The super-power of blockchain is its ability to build trust in a marketplace, and provide a foundation upon which to meet the consumer’s needs for privacy and transparency – whether they are aware of the technology taking place in the background or not.

“Having the additional funding to work toward a fair model for both consumers and data buyers is a fantastic step forward for our team.”

Gary S. Laben, CEO of Dynata, said, “Dynata is committed to developing and investing in the next wave of technologies, such as blockchain, that have the potential to transform the future of insights, advertising and marketing.

“This investment is in line with our long-standing, member-centric approach to bringing transparency and fair value exchange with members to the forefront, while ensuring the quality and security of data for our clients.”

Paolo Guida, head of investments at Blockchain Valley Ventures said, “We are very pleased to support Measure’s highly experienced team, which extensively investigated how blockchain technology could be applied to solve real problems and to provide better and more efficient services to the market research industry.

“We think Measure’s solution can improve certain business KPIs by a factor of 10 times.”