By Joe Martino, Collective Evolution
- The Facts:In a survey, it was revealed that 62% of people 35 and under were OK with digital spying to obtain their data if it meant they would receive discounts from companies.
- Reflect On:Why should companies be the ones profiting from your data when you can profit from your own data using the blockchain? Would you opt into monetizing your own data and getting paid?
How do you feel about companies profiting off of your data? It’s a good question.
A new survey found that over 60% of people aged between 18 and 34 would be willing to let insurance companies obtain and use their digital data, from social media to health devices, if it meant lowering their insurance premiums.Interestingly, the trend changes in older groups polled. It seems the younger people are, the more willing they are to share their data in exchange for discounts said the survey. Whereas older generations are the less willing. It seems the younger generations may be more desensitized to the idea of their privacy and information, gathered from online activity, being passed around from company to company. Older generations are used to a greater privacy, thus making them less willing.
Here are the survey specifics from Salesforce.com Inc.’s MuleSoft Inc. Over 8,000 people globally were surveyed.
62 percent of 18 and 34-year-olds would be willing to share their digital data.
45 percent of 35- to 54-year-olds are happy to allow insurers to access to their digital identity.
Time To Change The Game?
With recent news of the Facebook and Cambridge Analytica scandal, people have a much greater sense of how their data is collected and used, en masse, to make billions for companies. As consumers continue to share more of their personal data online, it appears governments are increasing the way they protect consumers by creating laws and rules around it. We saw this recently with the European Union’s new privacy law, known as the General Data Protection Rules. You likely received a million emails about it in your inbox around the end of May 2018 as companies needed to let you know how your data is being collected.
Before we get to the solution here, is data truly that profitable? I mean are these companies really making billions of data or is it something else? Have a look at this, Facebook’s CEO just gained another $1.7 billion with the launch of Instagram’s IGTV. At age 34, Zuckerberg is the youngest of the world’s ten richest people, and he is doing it by making billions of users’ data. Yes, DATA!
Despite the fact Facebook has come under huge fire over data safety, people seem complacent with the fact that big data companies are making billions of their information. So we know a change in public behaviour is unlikely, but what if we could change the game and strip data selling power away from companies like Facebook and Instagram and instead hold the power ourselves?
It’s time to start thinking about how we can monetize our own data, and companies like Timicoin are helping you do that. Timicoin is a platform bringing together a crypto token and a powerful blockchain use case. They are pioneering the tokenization of health information through a decentralized blockchain ecosystem. They promise to allow users to monetize their own health data, and have access to their health information whenever they need it.
In a short time, you will be able to opt into monetizing your health information, and it’s only a matter of time before you will be monetizing every aspect of your data. Keep an eye out for companies like Timicoin and let’s bring power back to the people.