How blockchain can restructure the data economy

Filecoin provides secure storage for important data and documents on the blockchain. Datawallet is aiming to give its app users financial control over the access to their data. More and more projects are tackling the potential of what has become the world’s most valuable resource: data, or in other words, you!

A few companies like Facebook, Amazon, and Google monopolize most of the world’s user data. Startups have it difficult to compete in providing services, and we as individuals are exposed because the big companies can sell our data to anyone for profit.

Through decentralization of data ownership, users can take back the power over their data. This means more security, and possibly new revenue streams for the use of one’s data. It can also provide more opportunity for smart business ideas because we can choose to provide our data for them.

Our thoughts
Datawallet, for example, is only just launching. More ideas that provide flawless security and smart monetization schemes for data use will hopefully emerge soon. We think this could be one of the blockchain’s strongest use cases if it gains traction in a world where data is power.

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