Blockchain can Succeed Where the Congress Failed
Recently, (the American) Congress summoned Mark Zuckerberg to question him about Facebook's treatment of people's personal data. Many have dubbed the event a facade as no actions will be taken to secure the public's personal data.
Media and social media firms have to appease shareholders' prime demand: increased earnings year-on-year. This is evidenced by Facebook's president's talk with Congress last year; he was reluctant to agree to say no to even payments in North Korean Won. So, it's obvious that corporate greed isn't thinking in people's best interest. But the reality is that with the deep pockets most major companies, that drive revenues from ads powered by personal data, can buy plenty of lobbyists--it's for this very reason Zuckerberg's recent encounter with Congress has been dubbed as a facade. Congress will likely take zero legal actions to limit Facebook and other personal data abusers' powers.
But while Congress may disappoint everyone, a new blockchain project, Opiria, may offer a welcomed solution.
A Look at Opiria
Opiria offers a marketplace where anyone can sell his or her data to any entity. The key takeaway, in respect to securing individuals' data, is that there will be a supply of authentic, reliable personal data straight from the source: the people themselves.
The main reason companies utilize ads from channels like Facebook is not just that they have an audience; they have the ability to leverage massive amounts of personal data. Consequently, many companies have to maintain a partnership with Facebook to develop well-targeted ads.
The key focus here is targeted ads.
With Opiria, companies can use PDATA tokens to buy all the personal data they need to develop the most targeted ads ever possible as they can knit-pick any data point from any group living anywhere. The result: companies have less dependence on centralized data holders and can independently build targeted ads via any marketing channel. Companies, like Facebook, lose their power and crown as the sole means of providing targeted ads.
Opiria makes it possible for companies to independently drive targeted ads with an added benefit: the data they have will be more genuine than the ones being utilized to make ads on Facebook or other media/social media platforms. As people are trying to protect themselves, they often develop online profiles with misleading data. Now, companies have a much more reliable source.
Opiria Offers a Solution
While Congress may take no action to forcefully limit the power of personal data holders, Opiria could offer a solution. As Opiria provides authentic data, companies currently abusing people's personal data may voluntarily adopt better data handling policies to ensure people are comfortable enough to share genuine personal data online. It may become a necessity for them to carry on profitable operations.
As Opiria makes it possible for companies to securely gather accurate personal data, other companies reliant on personal data for revenue will have to make efforts to become credible enough for users to share accurate data on or with their platforms.
Opiria Essential Links
🌐 Website: https://opiria.io/
💡 Whitepaper: https://opiria.io/static/docs/Opiria-PDATA-Whitepaper.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=3076122.0
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Hey @hatu
I think it is a great idea. As users, we must really own our data and decide what to do with that. Opiria is a totally applicable project because it is not fair that companies like Facebook profit from our data.
This allows us to have a more direct contact with the multiple companies that see in "the databases" a potential way to expand their market.
Personally, I would like to sell my data and receive the money for it, not that a third party is rewarded for my information and I do not even know how my information will be used.
The blockchain technology is giving us back our financial rights and now also our privacy and decision of how to distribute our data. Social networks make untold fortunes thanks to the personal data that we as users provide, in addition to the data and content that we generate daily. What profits would Facebook have if we all stopped using it? NONE.
I am happy that projects such as Opiria are born, that they recognize users and give them the tool to use their personal data and information as they wish :)
Excellent post I really like the topics you choose, they are quite informative.
Well Said, ladaural.
The vast portion of media companies' revenues runs on users' personal data, but the users who get no piece of it. And good to see that people are fine with selling their data; you point a good benefit of that beside money. You will know "how [your] information will be be used".
Yes. Thanks for reading my comment and answer. We need to control our data and how others are using it. :)
Good post 👍
Thank you Aditya! :)
Opiria sounds like a plan. Facebook is selling our data for millions of dollars, which means our personal data have some value but the money never come to us. It goes solely to facebook which is unfair. The marketplace for selling data is realistic for me because we need to have control over our data, we should have our own decision to sell the data. I am positive that this project will succeed.
Not just Facebook, but a vast portion of market cap giants in the tech industry derive profits from personal data. This is proof of how much potential is in this market.
Opiria sounds legit, specially given that its our data that is making social media giants rich, and mark zuckerberg the third richest guy in the world. Users don't get any benefit of that, what they get instead is a tool to waste their time and intellect on. Therefor making personal data worth something for an individual is a great idea, and therefore i like what opiria is trying to achieve.
But then to assess the success of this project or to check how realistic the goal is, one needs to look at what does this data are we talking about. I dont know what the case is but opiria needs access to data like facebook and google, from which one can tell behavior and personality. May be the user allows opiria to access their data on facebook and google and thus opiria has the whole history of individuals, or it takes time to understand individuals by accumulating data over a period of time. On top of that, it also needs to bundle data of many individuals. I dont know effective data of a small group is. The wider the net, the better. Also, may be they can benefit by developing the algo for matching ads to a group of users, rather than handing it over to the company, just like fb does.
You're mention of Mark's wealth actually brings to mind a point. A project like this can create greater wealth distribution as, instead of a few benefiting from everyone's data, everyone benefits from everyone's data.
Also, page 8 of the whitepaper provides a very detailed explanation of how the ecosystem eases data sale, and it goes far beyond the current categories of personal data being sold. A simplified explanation is that the app users download has all the features to monitor location, physical activity, internet activity, and more. It's up to the users to allow permission for the features they decide.
Opiria is really a good plan to make the bond between the companies and their customers , the consumers stronger, it's an ecosystem that has been created which allows both parties to collaborate & deal directly. The operating mode of this ecosystem has a simple formula-based on the free market, companies can purchase personal data directly from consumers by paying with PDATA tokens. The Opiria ecosystem puts a good value on personal data and creates a currency that expresses the value of the data which is the PDATA token.
This is such a great post @hatu
I actually didn't consider this point.
You're right; such a system can actually grow customer loyalty of the brands that participate. People would prefer that they get the money from the brand for their personal data.
@hatu many media like facebook selling our personal data without our permission or by stole from us. But opiria give us choise to selling our personal data which we want sell and for this in return we can earn from it. it means they only get the data which i want sell not all my confidiencial data which i dont want sell.
@hatu yes opiria will get huge successfull. Many company buying personal data for marketplace its multibillon dollar market.Other company selling peoples personal data without giving single penny also without permission.Buy in opiria i can sell my personal which i want really want to sell and get profit. Thats differences will make opiria more successfull and more popular and trusted.