A lot of evidence shows that consumers can no longer ignore the fact that large technology and social media companies collect data on a large scale and sell user information to third parties-we only need to look at the recent scandal of the British data analysis company Cambridge Analytica (it Not only affects users of specific applications, but also affects their Facebook friends). The old saying goes well: the wool comes out of the sheep.
In the past ten years, many people have become accustomed to this model. The question is, is the user worth the money? Although some companies are now sitting on billions of dollars in valuations, for users, they are clearly getting bad. (Facebook's first-quarter earnings report showed that advertising revenue was close to 12 billion U.S. dollars, while Google's parent company Alphabet made more than 26 billion U.S. dollars). With the proliferation of data breaches, risks related to security and data privacy have been exposed. (Few people will forget the Equifax data breach in 2017 and the catastrophic consequences that followed).
This is a difficult dilemma that is difficult to resolve. On the one hand, recent data leakage incidents have sounded the alarm for the world to a certain extent, and users have become more and more vigilant about the storage of such sensitive information from indifference. On the other hand, social media platforms and "likes" have become important ways for people to communicate with friends, family, and even business management.
The value of data
As mentioned above, the technology giants are getting amazing income from advertising. It is well known that these figures are based on a large amount of personal and behavioral data for arbitrage. These companies can profit a lot from their users, so how many rights should those users who use data have?
The calculation of the exact number varies greatly, ranging from $0.20 per year to more than $240. Regardless of the actual amount on the spectrum, it must be remembered that this number only reflects its value in the existing infrastructure. With the rise of the emerging data economy based on blockchain and decentralized technology, new data joint business models will emerge.
It is also worth noting that the financial value of data should never be the only indicator of its importance. After all, behind the anger at Cambridge AnalyTIca's use of Facebook data, it is still unclear whether it is a lack of financial returns.
Considering the risk of data leakage mentioned above, we should adopt a multi-faceted approach to assess the value of data as soon as possible. The Equifax data breach caused 143 million people's data to be used by hackers. Furthermore, compared with the lack of financial compensation, this is a malicious behavior that users care about, but if users voluntarily share these data, they are entitled to financial compensation.
Starting point: data privacy
Considering to ensure that users can properly monetize their data, it is wise to first consider how it is currently stored and who controls it. As mentioned earlier, blockchain and decentralized technologies will play a key role in the new infrastructure, and decentralized data storage will greatly improve the security and privacy of the emerging data economy.
The original single-system database model established by the Internet has several sources of failure and a problem about lack of privacy. The current centralized cloud model has eased the point of failure to a certain extent, but it still does not provide any solution for privacy leakage, as a series of high-profile data leakage incidents have revealed.
The decentralized database storage not only eliminates the point of failure, but also provides the highest level of privacy and can be effectively expanded. For personal data storage, this means a public/private key infrastructure that allows users to fully control the life cycle of their data, including the place of use, time of use, any updates to it, and any application that uses it Deleted from the program.
Economic rewards for data union
On the basis of personal data privacy, users have the right to share their data and receive financial compensation. Not only that, but such an infrastructure will encourage the establishment of new publishing platform models and provide remuneration for the contributions made by individuals.
This data union and economic reward system will be realized through the token economy closely related to the decentralized network. The exchange of digital tokens not only ensures that individuals do not need to disclose their personal data in exchange for services, but they can also choose to only share specific subsets with specific groups.
To truly understand how to monetize data in an appropriate way, one must first establish new ways for individuals to control data. Through decentralized database storage, they can regain control and establish an emerging data economy based on the responsibility of managing, storing, and disseminating data among individuals, companies, and governments.
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