Consent Token co-founder Prof. Mindaugas Kiskis on the personal data value in TheNextWeb.com post: Ever dreamed of selling your data for cash? Dream on.
As the European Commissioner Ms Kuneva said back in 2009, “personal data is the new oil of the internet and the new currency of the digital world”. It is true now more than ever! If you need a proof, just look at how much such companies as Facebook or Google are earning from processing your personal data. Cambridge Analytica paid up to $5 for a piece of our personal information. We calculated, that every year in the US alone data brokers are selling data worth around $7000 per US internet user.
Businesses of all sizes and types are using our personal information in their sales and marketing process. But we – the supply side of the data business – are getting nothing from it.
There have been numerous attempts to help individuals to sell their own data for a profit. However, all of them have failed to offer a fair share of the real value. This is mainly because of two biggest problems: 1) you have to collect a huge set of your personal data, which is an expensive and time-consuming task; 2) there is no efficient and competitive market for price discovery, which leaves individual person without any bargaining power.
Consent Token offers a way to overcome these problems. Instead of selling our data, we can get value from the shortcut to our data – our consent. And where a single person does not have any power, thousands and millions together can achieve unimaginable things. Consent Token will pool and unify individual consents and will share consent value with you, at the same time giving you tools to control your personal data the way you want.