Big data revenue is expected to reach $210 billion through 2020*. Where does all this data come from? You. How much are you getting paid for it? Oh yeah - you aren't getting paid for it. You probably don't even know who has your data or what they're doing with it. What's worse is that your personal information is being stolen in data breaches at Yahoo, eBay, Adobe, Target, and Equifax. It's time for a data revolution.
To be fair, you've benefitted from companies that use your data. You give them your data, time, and content and they give you a useful service like a way to search the web, connect with friends, and share photos. But is it a fair trade? The problem is that there isn't any other options. That's just how it's always worked. But before we can start this revolution of ours, we need to know what the problems are in the first pace.
1. You aren't benefitting enough from your data.
There are people making big bucks off of your data. Big bucks. With your data, companies are generating hundred dollar leads just to get your attention. Instead of getting a reward, you get the opportunity to buy something. 🎉
2. Your data and personal information is being stolen in breaches.
It happens regularly. You'll hear it on the news and you'll probably get an email saying that your personal information has been stolen. You'll even get a year of free identity theft protection 😒. There will continue to be breaches as long as your data is being stored all over the place in private databases.
3. You don't know who has access to your data or what they know about you.
While working as a software developer for a sales company, I was made aware of a huge database that was used for gathering data to get leads. The data was so detailed it was creepy. In fact, we always referred to it as creepy data. They were able to build profiles around people from data sourced from wherever they could get. The truth is, your data isn't locked down. It's floating around for anyone to take and be used without you knowing.
Now that you are aware of a few of the many problems we're facing, let me introduce you to our solution:
BitBounti is an app that puts people in charge of their data and rewards them for it. We'll get into the details of BitBounti in future posts but for now, let's address how BitBounti will solve the problems we went over.
1. BitBounti rewards you for your data.
Where other companies reward themselves with your data, BitBounti rewards you. Every time your data is requested, you're paid for it. BitBounti will also connect you with ways to use your data like completing a survey, review, or other task. We call these bounties. BitBounti will reward you for things that you are giving away for free today.
2. BitBounti secures your data.
BitBounti never stores your data on its own databases. If our systems were ever breached, there would be no user data for attackers to steal. This is because BitBounti uses decentralized ledger technology and encryption. The only way your data can be accessed is through a private key that only you know.
3. BitBounti lets you choose where your data goes.
Whenever your data is requested, you will be notified of who is requesting it. You get to decide if you want to share it or not. You will also be able to keep track of who you've shared with and what you've shared with them.
People are becoming more and more aware of issues with data and privacy. Mark Zuckerberg testified in front of the US Congress over Facebook data policies, Cambridge Analytica's dark practices have been brought to light, and the EU is enforcing stronger data privacy laws. Now is the perfect time to fix this. It's time for a revolution. Let's give the power of data to the people.
BitBounti is in early stages of development. We are looking to build a strong community to pave the way for people to control their data and be rewarded for it. To learn more, sign up for updates, and contribute to the cause.