Swiss startup Streamr has announced several partnerships at the Consensus conference in New York this week to allow users to sell their data on the blockchain. Data privacy has been a growing concern for consumers as highlighted in the recent Facebook-Cambridge analytica scandal. Major companies are now working day and night to find solutions that will give customers complete control of their personal data. Hewlett Packard Enterprise and Nokia are two such companies that are looking at blockchain as the answer to this growing concern.
Steamr plans to build a data marketplace and put in on the blockchain, this would allow consumers to put their data at whatever capacity on the blockchain, and potentially let them to sell it to advertisers, government agencies, or whoever is interested in buying it. The marketplace would give users complete control of their data and the knowledge to know how and where their personal information is being used. Streamr plans to tokenize this data in the form of their cryptocurrency DATAcoin.
Nokia, the Finnish telecom giant, wants to use Streamr’s marketplace to put the data collected by their WiFi hotspots on the blockchain. These hotspots are valuable to all mobile consumers, for example, their hotspots are frequently used in farming communities that use internet-enabled sensors to give farmers their own weather stations. This data is very valuable to these rural areas, and this partnership would allow them to monetize this information.
Many businesses are seeing the limitless potential of blockchain technology. Hewlett-Packard is going to use the Streamr engine to collect data from consumer’s vehicles. HP created a prototype in which a vehicle can receive data from fuel levels, tire pressure, windshield wiper activity, etc., and drivers can sell this information.
All of these innovations will allow consumers to monetize anything that’s valuable to outside parties. Nokia’s radio system lead Martti Ylikoski stated, “We recognize a growing movement of empowered mobile customers who want to control and monetize their data, our partnership with Streamr reflects our firm belief in the platform.” Streamr is just the tip of the iceberg in showing how blockchain technology can give consumers complete control of their data. This is a big win for data privacy and data usage, and hopefully, it will push other big businesses in the right direction.