The name says it all; cryptocurrency is primarily about the privacy of data, and decentralized money systems put up several issues concerning keeping transactions secure and private. It was highlighted by high profile incidents such as the collapse of Mt. Gox and authorities monitoring or seizing crypto savings of private individuals. More often than not, these negatives about the virtual currency are usually the subjects that hit the headlines while the positives of the industry are every so often underreported.
Digital currencies perform two purposes: new business models and safe transactions.
Concerns regarding security have been a significant hurdle to widespread adoption of virtual currency, and things like the NSA and Chinese authorities surveillance on private Internet activity have made crypto users anxious about protecting their transactions.
Picture how challenging it is to guard your data on the Internet while browsing. Numerous companies are paying millions of dollars to get as much information on their customers as possible. It might look alarming, but they usually just want to tailor their products to best suit your needs.
The high demand for user data looks unaffected by the concerning trend of little privacy and security. Digital currencies are at the crossroads of the drive for further safe transactions and the growing industry of selling user data.
The latest innovation from a blockchain project sees a possible win-win for users. It might be unnecessary to prevent companies from getting user data or forcing them to use shady practices to get a hand on it. A new service called DataWallet allows users to benefit from selectively share their data using a blockchain platform. Everything will be facilitated by digital currency technology. Users can produce money as they browse the web and this is sent directly into their crypto wallet.
Although market research and data collection is a major global industry, most users experience difficulty in selling their data to those who are interested. Some of the most significant tech companies globally acquire a substantial portion of their income from this activity. However, the users see none of that profit.
There are three significant issues hindering users and companies from trading data conveniently. There is the issue of the quality of the data, wherein brokers are either restricted to access or unwilling to vend the needed data to the interested company. There is also the issue of the data being siloed with several brokers making it hard for a company to have a complete picture of the customer they are researching. Included to this is limitations on the ability to safeguard sensitive information that a user doesn’t want to share but end up with a situation that is nearly impossible to navigate.
DataWallet aims to make this process simple for regular Internet users through their blockchain solution. Their platform links users to interested buyers of their data through a blockchain that records both payment and the data transfer itself. The DataWallet team outlined the research they have done in their comprehensive whitepaper and blog posts. According to them, data creators cannot access their profiles because they have a limited idea of what has been gathered from them nor the interferences made by data collectors regarding their characteristics, behaviors, and personalities.
The team added that aside from providing creators with a safe marketplace for trading their data, the DataWallet will assist them to have a better understanding of their data.
The team further explained their value proposition from the enterprise perspective by stating that “data brokers are confined to sourcing only a fraction of the data people create.” The team said that employing low fidelity probabilistic models is necessary to link data from different platforms to one profile. The team suggests a blockchain-technology based data wallet as an alternative to disrupt the data-brokerage system. It will restore trust and control for users while giving data-informed businesses the most accurate data profiles possible.
The company has been developing the system for 2.5 years. Using the DXT token to underpin an ecosystem that includes APIs for data consumers, it has built a mature offering which contains Augmented Experience Apps, Direct Service Apps, and Channel Apps, all with a complete marketplace where users can vend their data to possible buyers.
Among all the industries, those that involve several actors and many interactions benefit most from blockchain technology. This market barley exists to consumers meaning, DataWallet could unlock a lot of value.
DataWallet’s whitelist pre-sale is opening soon.