Monetizing Personal Data, using Web 3.0 ?
In the Data Protection Bill expected to be introduced in Lok Sabha in next few days, there is no provision for enabling the data-owner ( the User ), to monetize his personal data
This, despite the Bill saying : “ Personal Data is the property of the User. He owns his own data “
But the Bill has no mechanism to allow an User to “ SELL “ his data
For over 3 years, I have been pleading with our Policy Makers to incorporate this feature by implementing :
Only Answer : a Statutory Warning ………
Digital Dividend from Demographic Data [ 4 D ]…………………….. [ 14 Feb 2019 ]
SARAL ( Single Authentic
But, I have not lost hope !
I strongly believe, it is only a matter of 2 years ( at most ), before WEB 3.0 ( centered around BLOCKCHAIN technology ), forces Social Media / e-Commerce portals etc., to pay / compensate the users for collecting / compiling / and selling their personal data.
WEB 3.0 will ensure that the content creators are rewarded, by paying them for using their content for making money
Following article supports my proposition :
What Is Web 3 & Why Is It Called the Internet of the Future ? / MEDIUM / 08 Nov 2021
Extract :
Instead of a free and open web, the internet is now entirely controlled by a few companies. Financial inequality grew as owners of Web 2 platforms — Zuckerberg & friends — became the big winners. In contrast, the rest of us are unpaid participants.
When we post, like, share, and comment, we either don’t make any money or get a tiny fraction of the value we add. Yet, we — the users — are the pumping heart of these platforms. Without us, they’re nothing.
In Web 2, we have no control over our data, where it’s stored, and with whom it’s shared.
Platform owners collect and sell our data to various companies, sometimes without even our consent. And what do we get from this sweet deal ? Nothing tangible except custom ads and recommendations.
In Web 3, users and builders alike can earn money and make a good living.
This is possible because dapps and other Web 3 services are powered by cryptocurrency tokens.
Every time you use, improve, and interact, you earn tokens. The more you participate, the more tokens you accumulate. The tokens you earn will appreciate. You can either hold onto your earnings or exchange them against fiat currencies.
Because Web 3 is built on the principle of shared ownership, everyone has “skin in the game”. When a Web 3 platform grows and succeeds, all win, not just a select few. In Web 3, you are a user, a creator, but most importantly, an owner.
In Web 3, you own your data. You can even get paid to lease it. This level of control is possible due to digital private keys. Your data are the equivalent of a digital safe deposit. Only you have the keys to open the safe.
Do you want custom ads and news feeds? Easy.
Sell some of your data to advertisers, so they know a bit more about you. Select who can access your data and who can’t.
Select the bits you want to share and the bits you want to keep secret. You are in total control.
We know how difficult it is for talented people to monetise their passions. Scientists lack funding. Artists don’t sell. Web 3 will change that. People would monetise their passions, whatever that passion is.
Thanks to non-fungible tokens (NFTs), painters, poets, scientists, and musicians can sell digital rights to their creations or share ownership with a dedicated community.
But for a Web 3 future to happen, leaders and builders seeking a just and equal society must take the first steps.
I’m talking programmers, entrepreneurs, investors, scientists, and politicians. Only then will the masses follow.
Web 3 promotes democracy at all levels of society. In Web 3, we cease to be exploited; everybody wins.
Dear Shri Ashwini Vaishnawji / Shri Rajiv Chandrasekharji ,
I urge you to modify / alter proposed DATA PROTECTION BILL, to incorporate clause for “ Compensating “ the Data-Owners, as per Data Custody Portal , suggested in my earlier e-mails
In much the same way that Aadhar / CoWin / JanDhan / RuPay / JAM / Ayushman Peronal Health History Cards etc., are being adopted by many countries of the World, you have an opportunity to lead the World, by jumping from WEB 2.0 to WEB 3.0 ( launching of www.IndiaDataCustodian.gov.in , as explained in my emails )
With regards,
Hemen Parekh / hcp@RecruitGuru.com / 05 Dec 2021
Related Readings :
MeitY proposes national blockchain strategy for adoption across sectors / BS / 04 Dec 2021
Extract :
The Ministry of Electronics and Information Technology on Friday released a “ National strategy on blockchain ”
MeitY has suggested setting up a National Blockchain Framework (NBF) with three types of participants :
# confident user of technology ( application developers ),
# provider or operator of technology ( infrastructure and services, Blockchain as a service ), and
# complete technology stack builder ( IP creator ).
The sectors, where blockchain models have applications, have been identified as education, governance, finance & banking, healthcare, logistics, cyber security, media, legal, power sector, etc.
The National Strategy to evolve a trusted digital platform for providing e-Governance services using Blockchain lays out overall vision and the development and implementation strategies for a National Blockchain Platform covering the technology stack, legal and regulatory framework, standards development, collaboration, human resource development and potential use cases.
eSign
- is a Public Key Infrastructure (PKI) based on-line service. This service helps the citizens for instant signing of their documents, enabling non-repudiation and in a legally acceptable form. eSign service is being leveraged in various applications by government and private agencies are leveraging eSign service.
ePramaan
- is a standards based e-Authentication framework. It facilitates authentication and security of citizens while accessing different government applications.
DigiLocker
- is an online service delivered under Digital India Initiative by Ministry of Electronics and Information Technology (MeitY), Government of India. It provides every citizen with an account in cloud to access documents / certificates such as vehicle registration, academic certificates & mark sheets, driving license and so on
Potential Blockchain applications of National interest include :
Electronic Health Record Management
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CC :
Dr. B K Murthy, GC (R&D in IT and NKN)
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