By Joe Martino
Facebook, and other large social media companies such as Twitter and Instagram, have been mining your data and selling it to third parties for years. Your date of birth, hometown, where you work, your interests and your user habits – all of this information is worth millions of dollars to companies looking to advertise to you and people like you.
Have you noticed product ads appear on Facebook and other websites you visit based on what you have recently searched on Google or Amazon? This is part of data collection and user behavior based on your direct usage. But beyond what you directly visit, your customer profile can be marketed to based on the data collected from your usage of social media.
Recently, People Began To Realize The Power Of Their Data
When news recently broke that Cambridge Analytica had been mining data from tens of millions of Facebook users via an app they built, data suddenly became a publicly talked about, and recognized commodity. We quickly began to see and hear from friends and family the concern that arose from the consistent outpour of information. We even witnessed Mark Zuckerberg, Facebook’s founder, appear before congress to address various data and privacy related questions that affect all Facebook users.
Zuckerberg was asked, perhaps the most troubling question, during this questioning period: Does Facebook, or other advertising companies, record your conversations to gather information from your phone’s microphone even when your phone is simply is around you or in your pocket?
Zuckerberg awkwardly denied that this is happening. He also stated that he doesn’t know of any companies who do this. This came as a surprise to many, as thousands of users have reported seeing ads appear on their Facebook feed based on conversations they had minutes prior. How does this happen?
In the case of the Cambridge Analytica (CA) scandal, Facebook may contend that CA misled them as to their intended use of this data, but the damage has already been done. Facebook users now have the distinct impression that their personal data is not safe, nor private. The immediate consequence of this impression was a one-day stock drop of $40B; perhaps even worse for Facebook is the possibility of a mass exodus by its user base. Not only that, more and more people are starting to realize just how much their data is worth and how companies use it to sell you products.
Beyond this, Zuckerberg’s days at Congress did in fact confirm that social media companies are profiting off of your data in a very big way. Note that, just because you don’t spend money to use Facebook doesn’t mean the company isn’t making money off of you. In this case, YOU are the product in Facebook’s eyes as your data is what they sell.
So just how much is your personal data actually worth? And more importantly, what if you yourself could monetize your own data instead of the companies and corporations who collect it?
Profit From Your Own Data?
While we don’t yet know how much various pieces of your data might be worth, we’re going to begin to get a great idea of what your medical data is worth.
Enter Timicoin, the first functioning blockchain allowing for the portability of health information anywhere in the world. This will allow you to control, share and monetize your health information and data – which is a huge step in the right direction. It may not have been something that comes to mind when we think about data collection and monetization, but the health industry is an enormous market. Medical data is a multi-billion dollar industry.
People may not realize, but sharing medical information quickly and securely is a huge challenge in the medical field. Thankfully, Timicoin will simplify the process of sharing healthcare data between institutions and give you instant access to your own records via an app.
“The Timicoin solution is exciting as I’ve always felt all doctors and patients should have access to medical records at their fingertips,” said Timicoin CEO Will Lowe. “Just imagine the comfort this provides to millions of tourists traveling the world as they now possess a mobile health information platform accessible from anywhere.”
The end result of the Timicoin blockchain-powered health information exchange, or HIE, will be a simplified process of sharing healthcare information between institutions, coordinated patient care, efficient medical systems, the elimination of unnecessary services, and improved data integrity, among other benefits.
Some of the apps core features include:
• View data sharing statistics, including how your data is being shared or used based on your previous authorizations
• Manage data access and connected providers who are multicasting their data
• View updated health data in real-time, including sugar levels, disease information, and blood group, among other characteristics
• Access real-time health monitoring information from smart devices connected to the TimiHR ecosystem
• Analyze the effectiveness of diagnoses and treatments, allowing patients to maintain a synchronized medical history from multiple healthcare facilities
And of course – Should you choose to share your data, you can monetize it yourself! You will be paid in cryptocurrency called Timicoin, which can then be exchanged for popular cryptocurrencies and cash.
After all, it’s your data, you should be able to control it, access it and monetize it.
This article (A New Cryptocurrency That Lets YOU Profit From Your Data, Instead Of Corporations) was originally published on Collective Evolution and syndicated by The Event Chronicle.