Web2 lets big tech companies collect consumer data without paying the people behind the statistics. However, the advent of Web3 technologies may change the way data is collected and let consumers get compensation for the information they share, according to the founders of Chain Collective, a Web3 startup that enables consumers to monetize their data using blockchain.
Skills acquired from working in business intelligence and machine learning coupled with a passion for Web3 technologies led Jenny Walker and Greta Menzies to create a data marketplace. With blockchain technology, the all-female team aims to help consumers monetize their data and inspire women to enter the Web3 space.
Greta Menzies, co-founder of Chain Collective, told Cointelegraph that at the moment, consumer data is being “collected, bought, sold and profited from.” However, the consumers who are the true owners of the data have no way to claim their share from "the value of their data.”
“Our initiative empowers consumers with a data exchange marketplace allowing a fair and equitable exchange of the economics of data between consumers and businesses.”
According to Menzies, companies have been crafting data policies that are very complex and difficult to understand for everyday consumers. The co-founder believes that these are designed to confuse consumers about how their data are being used.
“We believe consumers and businesses alike would benefit from a cross-industry standardized framework and consumer-friendly language to unlock transparency and build trust between both parties around data sharing.”
Using blockchain, the team will make digital certificates that will be available on their nonfungible token (NFT) marketplace. These certificates will represent consumer data assets and will be exchanged through a smart contract. Relying on the inherent security and transparency provided by blockchain and enhancements offered by machine learning, the team aims to provide “dynamic and equitable pricing models.”
Apart from these, Menzies also recognizes a need to create space and opportunities for women in crypto. The data executive says that they are using this chance also to inspire women, like their own daughters, and show them that they can do this themselves.
“We believe it is important to create spaces and opportunities for women. We are digging deep and are so appreciative when people reach out and provide those opportunities to us and we are trying to create that for other women too.”
Being based in Australia, the co-founder also shared her thoughts on blockchain adoption within the region. While regulators in Australia try to push crypto adoption, Menzies believes that “the barrier to entry remains too high for more widespread adoption” in the region.