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Inery

6 months ago

The Priceless You: Uncovering the Untold Value of Personal Data

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In the digital age, data has been likened to oil, the lifeblood of business, or even the diamond of our era. Yet, this precious asset is unevenly distributed, with tech giants like Facebook, Google, and Amazon reigning as data behemoths. 

These companies build entire business models around the data they gather – our identities, locations, online purchases, and even personal preferences.

The Invisible Currency: Decoding the Narrative of Your Digital Persona

In the labyrinth of the digital world, your data weaves a story, an intricate tapestry that often escapes the naked eye. Much like an invisible currency, your digital persona holds value, traded across the vast expanse of the online marketplace. Every click, like, and comment becomes a thread, contributing to the evolving narrative of your virtual self. 

As we explore the depths of this unseen economy, it's essential to acknowledge the silent transaction – the exchange of your digital presence for services rendered. The true value of this exchange remains elusive, a complex dance between companies, algorithms, and the very essence of your online identity. 

The Value of Your Data to Companies

The data marketplace is vast, and the worth of individual data is challenging to quantify. Major online service platforms invest billions annually to acquire customer data, considering parameters like demographics, personal identity details, family status, financial details, and individual activities. 

Shockingly, basic information about an individual, such as age and gender, is valued at a mere $0.0005 per person, with financial details being slightly more valuable. For Facebook, the average value of an active user's data is estimated at $2 per month.

The Equifax settlement in 2019 further highlights the value of user data. Following a massive data breach exposing the personal information of 147 million individuals, Equifax agreed to pay $525 million in compensation, translating to a minimum payout of $125 per affected individual.

Data's Monetary Worth: A Deeper Dive

Mackeeper's analysis of YouGov surveys in the US and UK sheds light on the price tags of personal data. The scarcity of certain demographics, such as men of Middle Eastern descent aged 18-24 earning $120,000 to $149,999 in the Northeast, raises their data's annual value to a staggering $66 million. Companies source this data from popular apps like Facebook, Uber, Tinder, and so on.

We, or more specifically our Data, are the Product

The widely accepted adage, "If you are not paying for it, then you are the product," encapsulates the reality of our digital age. Using platforms like Facebook and Google, we unknowingly contribute to the vast reservoirs of data captured, stored, and mined for various purposes. This digital exhaust, encompassing clicks, likes, dislikes, friends, purchases, comments, and tweets, is leveraged to influence and manipulate behavior.

The IneryDB Solution: Securing Your Digital Footprint

In response to the escalating concerns surrounding data breaches and privacy infringements, Inery presents IneryDB, a decentralized database management solution on its proprietary layer 1 blockchain. Unlike traditional platforms, IneryDB stands out by supporting multiple data models and seamlessly integrating blockchain and database technology.

IneryDB employs advanced security measures such as data encryption, access control through the Inery accounting permission level system, and consensus mechanisms. Users can also control data accessibility levels via permission requirements with value contracts.

As the value of personal data continues to skyrocket, so do the risks associated with its misuse. IneryDB emerges as a beacon of security and privacy, offering a resilient solution to safeguard your digital footprint in an era where the priceless you is at stake.

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