It’s in the name: cryptocurrency is mainly about privacy of data, and decentralized money systems raise a lot of issues about keeping transactions safe and private. High profile incidents such as Mt. Gox’s collapse and authorities tracking/seizing crypto savings of private individuals have highlighted this. While these negatives about digital currency are often the things that hit the headlines, the positives of the industry are sometimes underreported.
Privacy and security
Cryptocurrencies fulfil two purposes: new business models and secure transactions.
Concerns about security have been a major obstacle to widespread adoption of cryptocurrency, and things like the NSA and Chinese authorities spying on private Internet activity has made crypto users very concerned about guarding 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 info on their customers as possible. This might seem worrying, but usually they just want to tailor their products to best match your needs.
So, on one hand, we have a concerning trend of low privacy and security, but at same time there is a big demand for user data. Cryptocurrencies are at the crossroads of the drive for more secure transactions and the growing industry of selling user data.
A new innovation from a Blockchain project sees a potential win-win for users. It might no longer be necessary to prevent companies from getting user data or forcing them to use shady practices to get hold of it. A new service, DataWallet, enables users to actually benefit from selectively sharing their data via a Blockchain platform. This is all facilitated with cryptocurrency technology. Users can make money as they surf the web and this is transferred directly into their crypto wallet.
A limited marketplace
Despite the fact that market research and data collection is a massive global industry, most users have real difficulty selling their data to those who want it. Some of the biggest tech companies in the world make a large portion of their income from this activity – but the user sees none of that profit…