It's in the name: Cryptocurrency is primarily about data privacy, and decentralized currency systems raise a lot of problems keep transactions secure and private. High level incidents such as Mt. The collapse of Gox and the authorities that monitor / seize the crypto savings of individuals have highlighted this. Although these negative aspects of digital money are often in the news, the positive aspects of the industry are sometimes underestimated
Privacy and Security
Cryptocurrencies serve two purposes: new business models and secure transactions Security concerns have been a major impediment to the widespread adoption of cryptocurrency, and things like the NSA and Chinese authorities spying on private Internet activity have made the crypto users very anxious to keep their transactions.
Imagine how difficult it is to protect your data on the Internet while browsing? Thousands of companies are paying millions of dollars to get as much information as possible about their customers. This may seem scary, but usually they just want to adapt their products to your needs.
So, on the one hand, we have a worrying trend of low privacy and security, but at the same time there is a great demand for user data. Cryptocurrencies are at the crossroads for safer deals and the growing industry of selling user data.
A new innovation from a Blockchain project sees a win-win potential for users. It may no longer be necessary to prevent companies from obtaining user data or forcing them to use shady practices to seize them. A new service, DataWallet, allows users to selectively share their data through a Blockchain platform. All this is facilitated with cryptocurrency technology. Users can earn money by surfing the web and this is transferred directly into their crypto wallet.
A limited market
Despite the fact that market research and data collection users are really struggling to sell their data to those who want it. Some of the world's largest technology companies derive a large portion of their revenues from this activity – but the user does not see this profit.
Three main problems prevent users and businesses from easily exchanging data. There is the question of data quality, in which existing brokers do not have access or do not want to sell the required data to the interested company. There is also the issue of burying data from multiple brokers, making it difficult for a company to get a complete picture of the customer it's looking for. Added to this are limitations on the ability to protect sensitive data that you do not want to share and you end up with a situation almost impossible to navigate for users.
DataWallet wants its Blockchain solution to simplify this process
Comprehensive Data Platform
The DataWallet Platform connects users to those who want to buy their data via a Blockchain that records both payment and data transfer. In her white paper and blog posts, the Data Wallet team describes the research she did:
"Data creators can not see their own profiles they have little knowledge of the data that has been collected from them, and the inferences that data collectors make about their behaviors, characteristics, and personalities, DataWallet will help creators better understand their own data, while providing them with a secure marketplace where to sell their data as they please. "
The Data Wallet team continues to explain its value proposition from the perspective of business. company:
"Data brokers are limited to supplying only a fraction of the data that people create, and they must also use probabilistic models of weak trust. to link data from different platforms to a single profile and they work entirely without the express consent of data creators. DataWallet offers an alternative that disrupts the data brokerage system and not the Internet experience of data creators. We offer a Blockchain-based DataWallet that restores user confidence and control while providing IT organizations with the most complete data profiles possible. "
The DataWallet System Has Been Under Construction for Two and a Half Years With the DXT token that underpins an ecosystem of APIs for data consumers, the company has developed an advanced offering that includes applications of enhanced experience, direct service applications and channel applications, with a complete market where users can sell their data.
Investing in Data
Of All Industries , those that already involve multiple players and a lot of interaction are the ones that will benefit most from the Blockchain technology.While this market hardly exists for consumers, DataWallet could unlock a lot of value.
The pre-sale of the company's whitelist will open shortly.
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