At the heart of Facebook’s revenue model is that the social-media giant can monetize users’ data, whether the user likes it or not. The company has used clever marketing, surreptitious opt-in schemes, and advanced digital tools to collect data and package it to sell to marketers who then target consumers with messages loaded with highly persuasive content. For Facebook, that way of doing business has made it a tech titan, created billions of dollars in profits. But critics, and a growing public view the practice as predatory.
The backlash against third-party monetization of personal data has increased as the tactics of Facebook and other FAANG companies have come under greater scrutiny, with calls for oversight and, in Facebook’s case, a government-regulated breakup of the social-media giant. While the company attempts to rehabilitate its image, even rebranding its corporate identity to Meta, innovation in the blockchain space has brought the opportunity for individuals and start-up enterprises to turn the tables on this practice. Blockchain offers consumers a new way of thinking about social media. If you want my data, I would like some of the associated revenue! Every other industry in the world rewards consumers for their loyalty and engagement.
The champion that has emerged to transform who controls and gains from consumer privacy is the BSV blockchain. BSV is the king of micropayments, which can help fuel a revolution in how consumers protect and monetize their own data, and when they choose to share it. The inherent privacy and immutability of blockchain technology allows for the transfer of power from vendors to individuals. And BSV’s ability to provide scalability and transaction costs so low they average a fraction of a cent make it the platform of choice.
Data ownership on BSV is straightforward for consumers. Users store their data on private keys linked to a blockchain-enabled account. Each of those keys is encrypted with a code that only they can choose to share. When they do share it, they have the ability to send a matching key to one or more parties. Those with the matching key can decrypt the information the user wants them to see. If it’s Amazon.com, they likely will allow access to a credit card but perhaps also preferred clothing brands or subjects of interest, so the company knows to send offers related to those items. If it’s a specialist doctor, a patient may reveal some medical history — such as allergies or vaccination status — but maybe not all of their prior diagnoses or treatments.
Harnessing data is one thing. Turning it into a user commodity is more complex. But several blockchain enterprises are creating platforms that help users control and benefit from what they put out into the digital world. Ease of development is making mass commercialization of the technology possible across multiple sectors as businesses adopt a plug-and-play approach to the technology.
While many blockchain applications that emerged in the past two years focus on DeFi with the intent to disrupt the global commodities industry, mintBlue, a Netherlands-based start-up, targets the Internet behemoths that have used the sale of consumer data as a driver of profit. Once mintBlue is integrated into a company’s network it can provide customers with a digital twin of all their financial records, allowing customers to own their own financial documents. If other accounting solutions are connected to blockchain’s protocol then every debit to a user’s account becomes an instant credit to another account, so the user knows exactly what funds are being exchanged, thereby reducing fraud and inefficient processes.
MintBlue is already gaining traction through an agreement with Visma, a leading provider of accounting software solutions in Europe to integrate blockchain-based functionalities into its cloud accounting platform.
Britevue is a South Carolina-based company focused on providing micropayments for reviewers of products and services, enabling online reviewers to receive payments for the feedback they provide. By utilizing fast and frictionless digital cash, Britevue facilitates rewards, such as cash or merchant discounts, to reviewers whenever another user likes their content or interacts with it in any way. Britevue has a point-of-sale partner company that operates more than 12,000 bars across the United States. Those restaurant owners want verified reviews and can reward positive contributors with discounts on their next visit or other tokenized prizes.
In the medical field, blockchain technology is being deployed in Africa and other jurisdictions to improve the quality of vital data. VX Pass leverages BSV’s ability to provide a single source of truth to bring much-needed clarity to medicine in these emerging economies. According to an International Journal of Health Sciences report, in sub-Saharan Africa, which has 12% of the world’s population, yet 27% of the world’s burden of disease, electronic health record system adoption remain poor. However, smart-phone penetration in the region is growing fast, making it possible to utilize VX Pass blockchain technology to deliver accurate, doctor-verified, and completely unchangeable data to patients across Africa.
VX Pass has partnered with SaaS platform provider Veridat to help bring improvements to these issues in Sudan and elsewhere through low cost, high throughput, and the scale of BSV that will allow many countries to overcome these problems because the data will be traceable, accurate, and controlled by the patient.
All of these organizations, which rely on fast and reliable transaction processing on the blockchain, demonstrate how the technology is rapidly changing the dynamic surrounding personal information, and unlocking a new and better way of addressing health data access and privacy now, and into the future.