A major breakthrough in Web 3.0 — Data Monetization
Current status for data of Web 2.0
If you ask what’s one of the most important knowledge in the Internet era, the answer must be: data. From web 1.0 to Web 2.0, we have witnessed the rapid development of the Internet, and experienced the convenience of the Internet for our lives: getting news, buying clothes online, ordering food, telecommuting, hailing cars, and so on. But meanwhile, our personal information, including search, behavior and other records are quietly recorded as billions of data, some for precision marketing, some for product improvement, or other purposes without our permission.
According to reports, as of January 2021, the number of Internet users is 4.66 billion. The surge of Internet users has contributed to the growth of a series of Internet giants such as Amazon and Google. Many Internet companies make a lot of money through the business model of advertising, and the development of AI technology has greatly reformed the traditional advertising model. This is the basic characteristic of Web 2.0 — users exchange data for services.
However, what has brought on well deserved public scrutiny is the abuse of precision marketing and privacy leakage. This makes the public pay more attention to more privacy protection when talking about data. Because the development of technology cannot keep up with the growth of data, and the relevant laws are not complete, the value of data is still like crude oil that has not been refined, which needs to be purified and used.
Data asset value of Web 3.0
In the era of Web 2.0, we have realized the importance of data value, although most of these values are only used by enterprises providing services. Although users are data sources, it is almost impossible for them to obtain real benefits after providing data. In web.3.0, we should first solve the redistribution of Internet users’ contribution value. The value generated from data ownership and use should return to users themselves to truly allow the new data ecosystem to shine.
If we don’t submit the data to the platform, how can the platform provide services for us? For example, the login account needs an account and password to determine the identity. To solve such problems, we often need to use encryption algorithms and other technologies. Just imagine, the platform can confirm the information we input after encryption without getting our original data. Even if hackers attacked the server of the platform,but they still cannot crack our data, which not only ensures that we can use the data as normal, but also ensures the security of privacy, putting agency and ownership back in the hands of users and data owners — This is the exactly what Good Data Foundation (GDF) try to implement!
In the era of Web 3.0, data reflects value in medical and scientific study. If a large number of data are collected and applied to the research of medical drugs and the discovery and diagnosis of diseases, the medical industry will make great progress. However,due to the problem of privacy protection and the self-interest of medical institutions, the data between medical institutions is still difficult to circulate now. Even if the application of AI technology in scientific research can make the research results more accurate, it also needs a lot of data to support. The monopoly of data also causes many obstacles in the application of the above technologies,thus it is difficult to realize the true benefits of data without further innovations to the status quo.
GDF has committed to promote global data’s security, federation and sharing, deep learning, data protection and value generation. In order to solve the above problems, GDF combines technologies such as differential privacy, multi-party computation, federated learning and blockchain to enable data owners to do machine learning without uploading the original data, and obtain more accurate results. GDF solves the problems of data privacy protection and data joint computing, so that data can be monetized legally and freely.
Data is not only only a product of Internet services, but also the asset for the whole humankind. GDF has always committed to discover the true value of data, so that data can truly serve all human beings.