Personal information is coercively collected as a condition for receiving service. Other data is siphoned without the consumer’s knowledge. Personal privacy is sold or traded to build market dominance and corporate profit. Individual consumers, each generating small bits of data, has made granular control of that information difficult.
EQITII will offer the ability to control personal information through an easily accessible open market exchange.
People will be empowered to share their data with any interested organization they choose. In addition, because transactions will be secure, there’s no fear of data ending up in the wrong hands or being viewed, touched or misused by a third party. Last, but not least, data owners will be able to profit from the valuable data they generate every day.
HELPING COMPANIES CAPITALIZE
There will be tremendous value from the exponential explosion of data created by smart products. Connected sensors, embedded in everything from shipping pallets to jet engines, create an Internet of Things (IoT) whose numbers have already surpassed the total global population. EQITII is creating an open platform to interpret, monetize and leverage this data explosion. According to a recent report by Accenture, “Platforms addressing the need to monetize IoT devices will give birth to IoT data marketplaces. Enabled by blockchain, these marketplaces will facilitate the exchange of IoT data between buyers and sellers, according to a recent report by Accenture potentially unlocking more than $3.6 trillion in value by 2030.”
Companies will be able to purchase data or use the Marketplace as sellers, opening up additional revenue streams that allow them to monetize their data. Likewise, for organizations that already sell or trade data, EQITII will improve the privacy, security and cost-efficiency of the transaction by cutting out the third-party middleman, conducting an equitable exchange through a distributed system that eliminates costly transaction fees.
Personal privacy is a casualty of the data explosion. EQITII is being built on a simple premise: whether it is an individual’s private information, or IoT’s sensor data, the information belongs to its creator who has the right to determine whether and how it is used, and the value created by that usage.