Who Will Own the Data Generated by the Internet of Things?
Who Will Own the Data Generated by the Internet of Things?
The Internet of Things is a concept that has penetrated every aspect of our lives. Sensory devices are found everywhere. Fitness bands, smart TVs, even our homes’ thermostat are collecting data for us, informing us of our progress, movement or adjusting their operations according to the settings we provide.
The data collected by devices is unorganized and has little value to us as users, but for different firms, organizations and researchers this raw data is important, for they can sift through it and create a coherent information database that helps them in their cause.
Smart devices and IoT collected data is, by default, our property. We either let it sit idle, offering no value or addition to the world’s progress, or unwittingly, hand it over to big organizations that are device manufacturers or application developers. Ethics become a grey area in the modern data collection world. The recent Facebook scandal is a prime example.
The need of the hour is a trading system, where device owners are made the possessor of the data. By connecting these people with other individuals and parties that require their data, the system can become a marketplace, where data sellers and data buyers can connect. This enables data owners to monetize on information their devices have gathered, thereby creating a source of income. Data buyers are also given the opportunity of collecting data in an ethical manner, with consent of the sellers. Buyers are also connected to a larger audience, further helping them in obtaining greater amount of authentic and high quality data.
Our platform, Datareum is the answer to this data trading. Based on Blockchain technology, we offer a platform that connects ordinary people like you, who wish to cash in on their devices’ information gathering ability, with other people who wish to acquire the data for their research purposes. You, as a seller, will have complete control of what information about yourself you sell out; and the buyer is assured that the data is real. Using Blockchain and our innovative DTN token, buyers and sellers are connected directly, with no middleman and the payment is transacted immediately, reducing commission charges and delays in receiving money.
