Big Tech & the Data Trade are in crisis
The old walls are breaking down; tech companies like Facebook and Apple are fighting each other to expose how the ‘black boxes’ of their rivals abuse data and markets.
Why? Because that data is worth more than ever, and there is currently only one winner – Big Tech. One problem with recent regulation was it made life tougher for smaller businesses, so more power and control flowed to the dominant platforms.
What about us as citizens? Right now, the only way to make money from your data is by filling in surveys or permitting your browsing or location info to be read and sold to data buyers.
Since GDPR, a PrivTech ecosystem has sprung up to meet the need for people to control and own their data. However, people still face two major problems: accessing their data in a standard, easily transferable format, and finding a market where they can discover its real value.
Another factor is inertia; even in lockdown, current data oligarchs like Facebook, Apple, and Google rely on people having better things to do with their time than find, take back, and grind out something approaching market value for their info.
Because of this friction, from cookie banners to privacy policies no-one reads, consumers are missing out on the benefits of an explosion in data growth from connected cars, devices, and wearables reaching 175 ZB by 2025:
(Source: IDC Data Age 2025 research)
Now, a new market for data has arrived. In late 2020 regulators in Europe and California, two of the biggest economies in the world have drawn up regulations to encourage the model of share and earn.
These states’ intentions are clear; they want the New Data Economy to succeed, and people to bargain collectively for their rights because together we’re stronger, richer, and in control of our digital future:
“Value of data produced in the EU per year is €1.5T…we want to put those who generate data in the driver’s seat… data needs to be shared and exchanged more widely….”
New regulations open up the data silos
- Legal standing and powers to Data Unions, so data buyers and regulators can trust and delegate to these new, human organisations instead of big tech
- Allowing users of Amazon, Facebook, Google, and other massive platforms (known as gatekeepers) to transfer their data in real-time to third parties such as Data Unions via API’s
- Funding in the form of billions of euros in grants to build out the systems and infrastructure the EU and regulators want to support
New tech needed for people to share and sell data
Although the offering from Data Unions to their members is simple – share data and earn money – the tech needed to make this work is complex:
- Data portability and wallets to move data from users to buyers
- A mechanism for grouping together and keeping secure multiple data streams, plus an engine for processing that data anonymously
- A way of productising and packaging this for buyers
- Payment rails for buyers to use FIAT and for distributing value back to consumers
As one of the pioneers of the original movement, here’s where Tapmydata comes in; we already have the leading data rights and storage solution for consumers with a mobile app, an established user base, and proven technology.
Tapmydata & the New Data Economy
Our use of Privacy by Design and blockchain technology means data is future-proofed and accessible to the needs of Big Data buyers, be those hedge funds or AI companies, without identifying users’ info.
With the opening up of ‘gatekeeper’ platform data silos, all this data can be provided in read-only streams coming out of your permissioned accounts.
Music you listen to, shows you watch, and searches become your property to monetise instead of Apple, Google, and Facebook just selling this to their customers.
In the past year, we’ve seen the value of DeFi explode as crypto projects made the tokens sitting in users’ wallets work harder and provide new sources of income.
Not everyone has crypto, but we all have data and getting people to the place where they can say ‘this is mine, and I’m going to sell it’, together with the power of collective action, is what Tapmydata is all about.
We’ll be using our token, technology, and upcoming partnerships to drive this forward in 2021 and the years to come, so check out our roadmap and telegram group for the latest information…