What is the future of user data monetisation?

Martin MoravekMartin Moravek Streamr
edited April 9 in Technology

There are too many companies being caught selling data of their users without users being aware. Yet many still keep doing this, which shows to me that there is a huge demand for data like this and the data market is very lucrative.

What do you think would be a better way to do it? Do you think having a real user consent (not hidden on page 36 of T&C) and sharing the revenue between company and users can improve the current situation? We call this setup Data Union, and data laws seem to support this more and more.

Comments

  • Bassam ZarkoutBassam Zarkout IGnPower admin

    Not easy to answer. What to do with the valuable operational data you harvest from IoT-enabled systems when (i) there are data privacy and data confidentiality issues related to this data, and at the same time (ii) your business model and pricing model necessitates that you to monetize the data you have harvested?

    1) In industrial and B2B contexts, this type of consent can be part of the negotiation between the entities.

    2) In B2C situations, this type of consent is harder. The GDPR regulation grants the Data Owner several critical rights, including the right to know what is being done with their data, the right to have their data forgotten, and the right to have restrictions on the processing of their data. Organizations are adopting several approaches in their design of systems, namely data minimization, data pseudonymization and data anonymization, in conjunction with granular consent terms that are not buried on page 36!

    Please refer to the IIC Data Protection Best Practices whitepaper for more information on these topics.

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