With online everything coming to be reality, consumer data now includes each click, view, image, and tag that a person generates through his or her online actions. This massive, exponentially growing pool of information is known as Big Data, but what is the value of Big Data?
For many industries, companies and governments, Big Data provides information about target audiences, constituents, and economies. Having such information allows decision-making to be more accurate and efficient, and that is valuable.
User engagement — clicks, views, impressions, etc. — feeds Big Data, and will continue to do so forever, but only if users continue to engage. This makes users quite critical in the equation for Big Data, and its value. Therefore, it’s time for users to be compensated for their key role in creating this value.
Here are the 5 steps to get you started on monetizing your data:
1. Authenticate yourself
Anyone and anything can generate data; because of this, it is important to authenticate yourself as being a real person, as doing so adds greater value to the data you provide.
reCaptchas and 2FA are the more common methods used to ensure online interactions are created by real people.
Know Your Customer (KYC) is a term that has been used in the finance industry for quite some time and is now carried over to the cryptocurrency industry. KYC registration is usually more rigorous to complete because it’s related to investments. As a result, KYC is among the top levels of authenticity an online user can have.
2. Generate data
This is the easiest step; you simply need to surf the web. Every photo you like, every ad you click on, every video you watch can all be stored in a database and linked to your name or anonymous ID.
3. Secure your data
With every online interaction being trackable, brands are easily able to collect, store, use and sell information about you. However, if your online interactions are connected to a blockchain network, only those people you approve can have access to your online data.
4. Sell your data
In current online platforms, it is difficult, almost impossible, for consumers to be compensated for the data they generate, but on blockchain platforms, like NOIZchain, smart assets lock up consumer data, enabling consumers to control who has access to their personal information. A consumer can also set requirements that purchasers must meet in order to buy the consumer’s data.
5. Roll around in your digital assets
It’s not easy to profit from your usual, everyday life activities, so when you do, celebrate!
Every action you take online has value to someone; make sure that someone compensates you for the value you create; and if you follow the above steps, you will be getting the most out of your data!