Web2 permits large tech companies to gather customer data without paying funds to the people at the back of the statistics. Nevertheless, the Web3-based technologies’ emergence may revolutionize the method of data collection along with allowing the customers to acquire compensation for their shared information, as per the founders of a Web3-based startup Chain Collective that facilitates the clients to monetize the data thereof with the utilization of blockchain.
Skills obtained via operating in machine learning and business intelligence along with a craving for Web3 technologies resulted in pushing Greta Menzies and Jenny Walker to construct a data marketplace.
With the assistance from blockchain technology, the group of all females targets to assist customers in monetizing the data thereof as well as persuades women to become a part of the world of Web3. Chain Collective’s co-founder – Greta Menzies – mentioned that presently the customer data is in its early phase and being gathered, purchased, and benefited from.
Nonetheless, the clients who are loyal to the data’s owners do not have any claim over the share thereof from the data’s value. In her words, the respective initiative empowers the consumers with a marketplace of data exchange permitting an equitable and fair exchange of data economics between businesses and clients.
As per Menzies, the firms have been devising difficult and complex data policies for regular customers. In the words of the co-founder, these are devised to puzzle clients regarding the utilization of the data.
She added that businesses and customers similarly would take advantage out of a standardized cross-industry agenda and the user-friendly language to provide transparency along with growing trust among both parties regarding data sharing.
By utilizing blockchain, the group will manufacture digital certificates to be accessible on the NFT (non-fungible token) marketplace thereof. The respective certificates will stand for the data assets of the customers and will be transferred via a smart contract.
Depending on the fundamental security and transparency delivered on the behalf of blockchain and improvements provided by machine learning, the group targets to offer equitable and dynamic pricing models.
In addition to these, she also points towards a requirement for the creation of opportunities and space for women in the world of cryptocurrency. According to her, they are availing the present chance to motivate women, such as the daughters of their own, and prove to them that they have a lot of potential.
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