Personal Data is Becoming the New Currency

By 17. September 2018October 10th, 2020No Comments
data is becoming the new currency

The access to personal data in combination with Machine Learning, Artificial Intelligence and Blockchain technology, will make it possible to think of personal data as a scarce digital asset and will disrupt the job market more than the Industrial revolution. In order to secure the consumers’ power of their own data, it is required to have applications made to run atop decentralized systems of personally owned data.

Via the intelligence of Machine learning we can begin “to tie together our behaviour to start predicting not just what we’ll buy, but for whom we’ll vote and even what we might someday invent. It’s all just the first step in training artificial intelligence, which is likely to be more disruptive to the job market than the industrial revolution.

Blockchain technology—cryptocurrencies’ underlying infrastructure – makes it possible to think of our data as a scarce digital asset that can be owned, rented, and sold in new ways. As our money becomes data, our data is becoming money. We might not be able to stop the rise of the machines, but we can at least create a more consensual system: a fair day’s wage for a fair day’s data.

Markets based on datastored in personal digital vaults, referenced via blockchain-tracked tokens and financed via cryptocurrency microtransactions, could make Data Farmer andDigital Day Trader lucrative careers of tomorrow.”

To enable the consumer in taking control of their own data, it is important to introduce shared distributed ledgers in which “the consumer has known identities and are protected by laws and regulations”. This requires “applications made to run atop decentralised systems of personally owned data.”

“The line between data and money is dissolving. It’s too late to avoid a global techno-dystopia, but it’s not too late to demand better from those in power, lest they lose access to what they need to survive—our data.”

If you want to read the rest of this article, you can find it here

We develop applications and standards that enable shared distributed ledgers and interoperability of personal data between companies. This allows consumers to take control of their data – in compliance with the laws and regulations. If you want to learn more about how this works, please contact us