This article was first published on Stories by moac.io on Medium
About 10 years ago, Silicon Valley was abuzz with software companies discussing the potential of “Big Data” and cloud services that could aggregate information. As technology progressed, software companies improved their data collection processes and many networks, apps, and devices began to ingest all information linked to the Internet.
Initially, companies were flooded with data, mostly in relation to their consumers, and companies viewed this consumer data as digital gold. They mined as much of it as humanly possible. Soon, they realized they had too much of a good thing. Cloud technology opened up streams of data from social media, emails, phone calls… everything stored on the Internet. But only some information was useful, and it was difficult to trust all the information pouring into the data pool.
Furthermore, when consumers caught wind of the growing data aggregates silently collecting their information, they were understandably rattled. Big Data promised to improve both the lives of consumers and enterprises, but the cost of privacy and trust wasn’t easy to resolve.
Today, political powers have restricted how technology companies collect data. Transparency is a must, and, in most cases, consumers must volunteer their data for companies to use it. Still, many customers feel unresolved. They don’t want to sacrifice data privacy, but they want to benefit from the convenience of an internet-connected world.
So how can customers retain privacy and data ownership? At the same time, how can companies incentivize consumers to volunteer data that can help improve products and services?
The answer is blockchain.
Blockchain technology offers us a way to tokenize data and cryptographically secure that data in private wallets. Cryptocurrency is programmable and can act as ...
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