It is increasingly becoming a norm for the web as well as mobile applications to have an option to enable people to sign up and log in using their social media accounts. By doing so, they are not only making it convenient for the users to use the applications, but also collecting valuable user data in the process. And, this is just one example.
Social media platforms and many websites continuously track the users’ usage patterns including search history, interesting topics, visit to different sites, etc., The collected data is then monetized across multiple levels, starting from targeted advertising to customized offers on various products and services. The user data is of huge interest for various institutions and brands, who pay a lot of money to purchase it from the collecting platforms.
While the platforms end up making money through these sales, the users to whom the data belongs to end up gaining nothing out of it. But, if the users can have control over the data they generate, they will be able to monetize it on their own or gain a share of the revenues generated by platforms that are collecting and selling data.
About Datum
Datum is a decentralized and distributed high performance NOSQL database backed by a blockchain ledger. This technology allows anyone to backup structured data like social network data, data from wearables, smart home and other IOT devices in a secure, private and anonymous manner.
Datum has the goal of creating a decentralized and secure personal data bank account that will be powered by IPFS, BlockchainDB and Ethereum.
In an age where individuals are becoming a lot more concerned with their privacy, Datum appears to offer a solution to giving out personal data online, while still keeping it protected.
In basic terms, Datum will allow you to take complete control of your personal information and you will be able to share this data with companies when necessary, all on your own terms.
Personal data is highly sought after by companies as it gives them information on how they can most effectively advertise their products and services, which are why projections for the economy related to personal data information by the year 2020, are reaching the $120 billion mark.
This platform will effectively allow an individual to safely sell their data to the relevant buyers directly, rather than third-party companies getting all of the benefits.
The token, called DAT will be the form of payment that users receive and there will be the ability to exchange these tokens for either fiat currency or in the form of gift vouchers for major companies like Amazon.
Datum provides a marketplace where users can share or sell data on their own terms.
The Ecosystem
The Datum network relies on the DAT token smart contract to provide secure trading of data while respecting the terms set out by data owners.
Conclusion
The successful launch of the project let many big social networks pay attention to Datum, which offers advanced data pass methods, keeping it all safe. The project team is headquartered in several countries at the same time – Switzerland, Singapore and Hong Kong.The interest to the project was also showed by the government of the row of Pacific region countries, who want to use the platform to process citizens’ personal data. Inspite of the fact that Datum has serious rivals, it managed to prove everyone that the platform has improved security and data pass schemes
Official links to the Datum project:
Website: https://datum.org/
Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
Telegram: https://t.me/datumnetwork
Twitter: https://twitter.com/datumnetwork
Facebook: https://www.facebook.com/datumnetwork
The author of the article:
Bounty0x username: robbot
"This article was created in exchange for a potential token reward through Bounty0x"
