Originally published by: Find your digital self | FySelf Blog
Did you know that you can use your data to obtain a measurable economic benefit? The way already exists: it is known as data monetization. This practice includes methods such as selling information to third parties or creating new products / services based on the data.
Data have been called “the raw material of the 21st century” or “the new oil”. Data management is a very profitable business.
By 2022, 90% of corporate strategies will explicitly mention information as a critical business asset and data analysis as an essential competency of their workers. This is stated by the analyst company Gartner Research.
“Information is the oil of 21st century, and analytics is the combustion engine”.
Peter Sondergaard, senior vice President, Gartner Research.
Six figures on data monetization
- Today there are more than 4,000 data sales companies around the world, according to WebFX at the end of 2019.
- The same source notes that more than 1,400 “leading brands” sell information of loyalty card from stores to data vendors.
- It is possible that a person accepts more than 40 consents of use of personal data per year. So declared in January of this year the Security Office of the Internet User of Spain. The source said the trick is to offer users high-value, free services. In exchange they will give you some of their privacy. Some companies thus become dealers of your privacy on the Internet. Unfortunately, you don’t get even 0.1% of these dealers profit.
- In 2018, the benefit from collecting personal data from Americans was 76 billion dollars. This was estimated by the consultant of the economist Robert J. Shaphiro.
- If these benefits were distributed among users, each would receive $ 122, Crónica Global Media SL reported.
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Not only companies can benefit from the sale of data, you as a user could also get involved in the business. You must become aware of the fact that you and only you are the owner of your information: this is the first step to become a data broker or data seller.
6 reasons to monetize your data
- It is the best guarantee of reliability: There is a “false empowerment” over your data, as Javier Aznar, director of the IT Advisory and Cybersecurity area at KPMG, calls it. The expert has stated that “the best guarantee is to be your data broker yourself, exercising your right to information and your consent in services that offer proportionality and transparency appropriate to the use of said personal data.”
- There are laws that protect you: In Europe since 2018, there is the General Data Protection Regulation. THe regulation introduces a legal framework that protects you from the large technology companies that have access to your data
- It constitutes a source of extra income: For example, the more than 2,000 Wibson users in Uruguay generated nearly 700,000 wibs (the cryptocurrency with which the data is paid), according to the Spanish Newspaper El País.
- The investment is minimal: You only have to use your time, your cell phone or PC to connect to the Internet and the consumption of your ADSL, fiber or mobile data.
- It could be a hobby for you, not just a business: Can you imagine that the platform for the sale of your data is a social network?
- You have an online database: What if this database is universal? What if you can use this database to carry out procedures? Perhaps we will soon have that data sales platform at hand …
“Big Data and Artificial Intelligence are a binomial that will change business models, the concept of privacy and the world order in the next decade.”
How much are your data worth?
A lot of money! That is the answer. What data am I referring to? All the information whose access you offer for free to some applications on your cell phone to be able to execute them, just to cite an example.
According to the aforementioned WebFX study, the average email address is worth $ 89 for a brand over time, so it makes sense that they’re willing to pay for this type of information.
In another post on this blog, we have analyzed some factors that affect the value of your data. You can check it out if you’re interested.
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How did data monetization come about?
Around 1920, in the United States, electronic commerce began in its most basic form: catalog sales. Forty years later, an important form of Electronic Data Interchange (EDI) emerged in this country, which would contribute to e-commerce as we understand it today. But it was not until 1970 that commercial computer operations began.
It has been a while since the creation of the World Wide Web in 1989, a fact that turned commerce around. The other great milestone that e-commerce marked was the arrival of Bitcoin in 2009, as a result of the implementation of blockchain technology that has been working since 1991.
Are you a data broker? I would like to hear about your experience. If you are not yet a data seller, but want to be, I advise you to be patient.
Will FySelf allow you to monetize your data? Maybe you will have full control over your data, fun and earnings on the first social identity network. Countdown! #FindYourDigitalSelf