The Wibson Decentralized Marketplace Ensure Anonymity of Personal Information
Disclaimer: the main purpose of this article is to inform and educate, not to promote. This should not be considered investment advice.
Would you love to exercise full control over your data? Then, the solutions proposed by Wibson are all you need to maintain the anonymity of your personal information. The platform, which is forged on the blockchain, is geared towards restoring the privileges (that were hitherto dominated by big data companies) to the rightful recipients – data owners/end-users.
The Market Opportunity
The global data/personal information market runs into billions of Dollars. This informs the reason why companies and brands are willing to part with a huge sum of money to have a peck into your information. Sadly, the originators/owners of such information, which are users, do not have any income accrued to them from this growing market.
For the above (and many other ills found within the system), Wibson proposed and implements a decentralized ecosystem that empowers you to be in charge of your data. Aside from this security approach, you also have the privilege of trading your personal information, which was not tenable before now. Hence, Wibson’s coming into the whole affair is commendable.
The platform has a wide range of features you may want to learn about. These are:
● Data Audit and Storage
Although the uniform ecosystem ensures that your personal information doesn’t get into the hands of giant tech companies that continuously seek them, Wibson also has separate storage and audit where your personal information is securely kept with only the references made available to every other member of the ecosystem.
● The Querying System on the on-chain platform makes it possible for buyers to place orders for data with lucid specifications of their needs.
● The third mechanism, which is Data Pricing, allows a buyer to publish the amount he is willing to pay for the proposed data. The buyer then awaits proposals from data owners, whose personal information matches the specifications, and who are willing to trade at the fixed rate. It is then up to the buyer to choose a seller that appeals to him and make payment for the data. The final step is the publication of the transaction amount, the hashes of the data, and details of the seller.
It’s worth noting that buyers and sellers are the major stakeholders in the data market. Nevertheless, in the decentralized ecosystem proposed by Wibson, these two alongside a notary would take an active part in the ecosystem.
While the buyers and sellers would be involved in the purchase and sale of personal information respectively, the notary on its part serves as a verification mechanism to ensure transparent and hitch-free data trades.
At the core of Wibson’s wide range of solutions is the financial incentive it offers to participants. It also ensures that transactions are secure and wouldn’t be sacrificed in exchange for value. The platform also ensures that you maintain maximum control over your data, and empowers you to check the uses of your personal information, even after trading it.
Wibson, from its formulations, is a viable project that would gain prominence in the coming years. Now, we have a decentralized approach for the storage and trading of personal information without fears of compromise. The solutions proposed by the project are feasible and encourages efficiency and transparency in the use of data.
Disclaimer: Exchanging and investing in cryptocurrencies (also called digital or virtual currencies, altcoins, etc.) entails a substantial risk of loss and is not suitable for every investor. You are responsible for the risk and the financial resources you use to trade crypto. The content in this article is mainly intended to inform and/or educate and should not be considered financial advice.
Authored by Ericks1