There are good reasons why owning your own data is becoming a thing these days. And you know what – blockchain could help with this trend… a lot. So we are not surprised to see not one, but few companies working to solve this conundrum to eventually kick data brokers outside of the picture. Today we’ll be talking about one of those companies which, if successful, could help all of us regain ownership of our data.
Monetize your own data
The name of that company is Datawallet and it aims to help the public own and monetize their data, which would mean you and I would be able to know and decide who sees our information and which details they can access.
This solution, the company argues, is a win-win for both consumers and advertisers, the latter of which are apparently wasting billions of dollars on what amounts to “bad data.”
In contrast, Datawallet’s solution would enable companies to access types of data that used to be “entirely inaccessible,” and would be devoid of the biases regularly seen in the data captured through conventional means. On the other hand, consumers would have a piece of mind by knowing their data wasn’t just sold to the third party, and was rather provided to them [third parties] anonymized in the form of “high-level analyses.”
Beyond advertising, Datawallet’s system could also serve as a “passport for internet 3.0,” allowing users to fully personalize new services in an instant by sharing “a few relevant data points.” For what it matters, this is something currently the likes of Google and Facebook are doing.
In addition, the company believes its solution could also prove useful for car insurance companies, which would be able to provide better quotes to good (safe) drivers. By knowing user’s driving habits, they wouldn’t have to spread the risk among all of their members.
A promising start…
Datawallet’s white paper has been selected for presentation at this year’s International Joint Conference on Neural Networks (IJCNN), taking place in Rio de Janeiro from July 8 to July 13.
“This recognition validates the work we’ve done to date and is further proof of what we stand for: real substance, uncompromising quality, and the long-term vision of building a data ecosystem that gives ownership back to users,” Datawallet’s founder and CEO Lion Engel told Cointelegraph.
Perhaps more important is that the company has managed to get investors’ attention, having successfully raised $40 million. These proceeds are going to be put towards developing Datawallet’s blockchain and accompanying software.
Data becoming a valuable resource
It is estimated that data of an average US internet user is worth $7,600, and is set to further grow to $10,100 per user, making it the “most valuable resource on Earth.”
You may think it sounds ludicrous, but just remember what happened during Presidential elections when Cambridge Analytica managed to use all that data (from Facebook users) to help Donald Trump win. And even if you supported Trump, you still should want to know who’s accessing your data and what it is doing with it. Right?