Web3 Technology executives have discussed the idea of people owning and selling personal data to brands of their preference at a CES panel.
Selling personal data could be the future of the internet
Blockchain technology may allow users to protect their digital identities while simultaneously earning money, as opposed to being monitored by internet firms.
“People getting rewarded [for] data, I love that,” stated Jon Vlassopulos, CEO of Napster, while predicting the possibilities that the coming internet era may bring to both users and businesses. The trend is toward exchanging data for something of worth.
If an airline learns that I plan to travel to Iceland and I give them permission to access my information, they may then offer me a companion ticket, which puts money in my pocket. That’s like magic,” remarked Vlassopulos, pointing out that some internet businesses, including Brave, are already experimenting with ways to pay consumers for their online behaviour.
Potential full shift fueled by Blockchain
Many have lately proposed that the widespread use of blockchain technology in Web3.0 with encryption would give people more alternatives for controlling and protecting both their digital identities even after selling personal data.
A “paradigm shift” might be brought about by a new set of standards supported by blockchain technology, according to Mary Hamilton, a technology innovation executive for the enormous global consulting firm Accenture. Hamilton is hopeful about a new model in which individuals not only own their data but also decide whether and how to monetize it.
Today, smartphone users have already gained more control over how certain advertisers, like mobile apps, track their behaviour. Most notably, Apple introduced an App Tracking Transparency that allows iPhone users to decide whether or not they want an app to track their behaviour. This technology may be costing Meta income loss to the tune of up to billions.
“This may also be better for brands as well. You’re giving them accurate information by not giving them a guess or an estimate of who you are, but rather the truth,” Hamilton added. And you permit it for the companies you wish to interact with and trust.
The CEO of the Sizzle Network, Brian Weiner, stated during the panel discussion that “consumers are encouraged to sell… data to the companies, and it puts them in the driving seat.” Many of them are enthusiastic about the revenue prospect.