Data monetization has been a hot topic in the tech industry for the past decade. The data economy is increasingly based on data sharing in intercompany ecosystems, and growing it will require building new capabilities, harnessing emerging technologies for enablement, and defining new organizational and governance models to support greater collaboration.
“Blockchain isn’t just about the transfer of value and currency — but the transfer of intellectual property and data as well.”
One of the biggest problems with today’s data economy is that there are no incentives to share information, so it tends to concentrate in the hands of a few. Web3 data economy ensures that value generated is shared across the entire spectrum of players involved making it a more equitable, accurate, and efficient process through a decentralized network where data creators are compensated for their work.
Although oracle solutions such as Chainlink and storage solutions such as Filecoin have gained significant attention, the data economy remains largely unknown. Ocean Protocol is one of the projects working towards a Web 3.0 data economy, and in the last five years, it has released tools that allow crypto enthusiasts to price and trade non-traditional assets such as data and intellectual property.
More and more people are joining the movement. There is now a level playing field for businesses to enter the data economy. Built on Ocean Protocol, Mercedes-Benz's decentralized data marketplace for enterprises, Acentrik, will allow businesses to buy and sell data securely over the blockchain and profit from it without compromising user privacy.
Ocean protocol has been the pioneer of this new data economy and with its tech, so many real-world use cases have been developed, such as the future of mobility in a €20+ pan-European project, MoveID, and the decentralized GEN-X Gaia-X network (an MVG demonstrator).
Data monetization has been a desire for both web2 and web3 businesses as well as individuals for the longest time. This should be a starting point for achieving personal data monetization.