data, learn

Data The New Oil

Data is the foundation of our digital lives, but are you in control of yours? You will become the master of your data in the #decentralized world of #Web3 with the help of distributive technology. Data is being generated at an exponential rate, and has become the world's most valuable resource, one that will underpin almost every facet of life. Data permeates our lives so much that it has become more valuable than oil, gold or diamonds.

The World Economic Forum estimates that data will be worth $500 trillion by 2030-more than all physical resources combined! The responsible use of personal data needs to take into consideration the fundamental right to privacy and data protection. It is crucial that the law and policy are aligned with this objective.

Selling Your Data

As we talking, 1st party Data Broker (Meta) is suing a 3rd party Data Broker (Voyager) over the unauthorized sale of YOUR data.(https://arstechnica.com/information-technology/2023/01/meta-sues-scraping-for-hire-service-that-sells-user-data-to-law-enforcement/) Everyone coin into money your data in “secret, private data markets” while you the User are the product. You are the owner of the most valuable currency this world has to offer and yet not at the negotiations table.

We are rapidly being flooded with large amounts of data from a wide variety of sources such tweets, satellites, smart phones and social network services. If compared the beginning of the internet what a global network carried about 100 GB traffic per day, with today's 25,000 GB per second, we can easily realize the new economic and ethical challenge of our era.

From a consumer status that we used to have, we now become providers of our personal data. It is therefore very important to be able to manage and analyze these vast amounts of information efficiently in order to extract the insights that matter for people, society and our planet.

Data Ownership

Open source solutions will empower the world for users in order to own their personal and private data, which is currently exploited by Web2 organizations for profit. An alternative answer to this is Itheum which is the world's 1st decentralized data brokerage platform and wants to change the current model of data collection, exchange and level the playing field.

Itheum solution wants to replace this toxic connection with a mutually beneficial trade where each party benefits equally from their use of your data and generates profit for both parties. Itheum is a protocol for the data economy that gives everyone in it, both the data producers and consumers, access to new ways to monetize their personal data. It makes possible the creation of a single global market for all types of digital assets generated from user's interactions on blockchain-powered platforms.

The Bottom Line

As the world becomes more data-driven, it is important to become aware and build the skills and tools required to be able to analyze and explore what this data concept really mean. We have to make better decisions and eventually monetize something what companies profit in the last two decades at our expense and in exchange of our attention. As I have discussed above, this can have huge implications for society as a whole but also for individuals who are trying to make their way in an increasingly complex world.

#OwnYourData

Note. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Razvan Chiorean g a l l e r y.