Web2 allows major tech companies to collect consumer data without paying the people behind the statistics. However, the advent of Web3 technologies could change the way data is collected and allow consumers to pay for the information they share, according to the founders of Chain Collective, a Web3 startup that empowers consumers to monetize their data. using blockchain.
Skills acquired through working in business intelligence and machine learning combined with a passion for Web3 technologies led Jenny Walker and Greta Menzies to create a data marketplace. With blockchain technology, the all-female team aims to help consumers monetize their data and inspire women to enter the Web3 space.
Greta Menzies, co-founder of Chain Collective, told Cointelegraph that right now consumer data is “collected, bought, sold and profited from”. However, the consumers who are the true owners of the data have no way of claiming their share of ‘the value of their data’.
“Our initiative empowers consumers to provide a data exchange marketplace that enables fair and equitable exchange of the economics of data between consumers and businesses.”
According to Menzies, companies have created data policies that are very complex and difficult to understand for the everyday consumer. The co-founder believes these are designed to confuse consumers about how their data is being used.
“We believe that both consumers and businesses would benefit from a cross-industry standardized framework and customer-friendly language to unlock transparency and build trust between both parties around data sharing.”
Using blockchain, the team will create digital certificates that will be available on their nonfungible token (NFT) marketplace. These certificates represent consumer data assets and are exchanged through a smart contract. Relying on the inherent security and transparency provided by blockchain and improvements provided by machine learning, the team strives to provide “dynamic and equitable pricing models.”
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Apart from this, Menzies also recognizes the need to create space and opportunities for women in crypto. The data executive says they are also using this opportunity to inspire and show women, such as their own daughters, that they can do it themselves.
“We believe it is important to create spaces and opportunities for women. We dig deep and are so grateful when people give us those opportunities and we try to create that for other women too.”
The co-founder is based in Australia and also shared her thoughts on blockchain adoption within the region. As regulators in Australia try to boost crypto adoption, Menzies believes that “the barrier to entry remains too high for more widespread adoption” in the region.