FINTECH NEWS: How Can People Control Their Data for a Profit?

Adam Zec | MyStandard

The Internet has changed lives but has risks and issues, with data taking center stage in current technologies.

Successive iterations of the web as we know it have brought personalized experiences to the fore, enabling the development of innovations that humanity has never seen before.

“It’s just the nature of the Internet. Web 1.0 was clunky and only used by universities and governments. Web 2.0 came along, and it was straightforward to use. However, the cost of using Web 2.0 was data. And so it was just like the evolution of how things went. We had to give our data to somebody else and trust that the entity we’re giving or collecting our data is doing good things with it. Repeatedly, these rent-seeking middlemen collect data and sell it. They are not trustworthy with our data”, says Adam Zec, Co-Founder and CEO of MyStandard, a boutique Web 3.0 data marketplace ecosystem.

The emergence of Web 3.0 ecosystems has created a paradigm where flexibility reigns. Let’s face it. Web 2.0 ecosystems have gaps that profit-motivated individuals and groups take advantage of, creating grey areas and ethical issues.

MyStandard eliminates these gaps with data storage on blockchains, vertically integrating interactions, and enabling personalization options. 

Starting with the talent acquisition industry, where data brokers (seemingly) reign supreme, MyStandard enables job applicants to (directly) profit from data sales, minimizing data brokers’ roles.

Talent Platforms are Complicit

Talent firms, social media platforms, and other Web 2.0 ecosystems have created an impasse. 

Applicants’ data gleaned from forms and stored gets (arbitrarily) sold to advertisers and anyone. These data sales consequently create (regrettable) situations. Data use cases have opaque areas. 

“So in the talent acquisition space alone, we’re about $130 billion a year globally. That’s just in one industry. MyStandard aims to disrupt every use case that can eventually apply to this. Globally, $1.2 trillion annually is spent, with $500 billion in advertising. If you think about it from this perspective, it’ll give you an idea of how these firms use our data”, says Zec.

“You make a profile on recruitment platforms. They get all that data on you. What do you get for that service?” Zec asks.

“You get to apply for jobs, or you may get emails from recruiters, and you get to look at their social media, right? The leads of other people you have connections with. You get some benefits. They then sell your data to an employer and make billions a year on your data,” he continues.

“They sell that data to somebody else. You get $0 of it. With MyStandard, we’re leveling the playing field. So the money for the job opportunity to see your information comes to the user, and likewise, the employer doesn’t get to see anything about you”.

Blockchain Technology is the Key

The beauty of Web 3.0 ecosystems is their reliance on blockchains, enabling transparency and integrity. These advantages also extend data utility, creating room for further interactions from a user perspective.

“The Blockchain ensures trust because someone cannot come to MyStandard and get data from us about you. You have to give your data to somebody else. And since you’re the source of the data and the data is about you, it makes it so that people can trust that that data is coming from a trustworthy place”, says Zec.

In a world where trust is hard to find, and critical players have (potential) hidden motives, blockchains give users power over their data, allowing for greater control over use cases.

Additionally, blockchains provide space for straightforward roles. Everyone knows (precisely) what they need to do. Although middlemen have functions, their roles must be more explicit in centralized platforms.

“As opposed to the data coming to a middleman and manipulating your data or changing your data or sharing your data with someone you don’t want. And the middlemen, I wouldn’t say they’re bad actors. I think that’s just – they needed to make money somehow on all the products they built”, says Zec.

Data Marketplaces Are the Future

With the rise of new technologies such as Artificial Intelligence, the Internet of Things, and more, Web 3.0 ecosystems are going to play critical roles. Personalization is the driving factor behind the development of such platforms. 

Data is the hidden goldmine that will be the foundation of such solutions. This will attract players who can provide solutions to the current issues where middlemen reign supreme. 

“I think there are a lot of solutions out there that are trying to help people monetize their data, and I think people will become more conscious and aware of better modes to handle data. I like to think that MyStandard will be the front and center face of data ownership in the world and that we’re going to help people worldwide connect with companies or connect more efficiently”, says Zec.

He continues, “Blockchain will be easier to use over time and more trusted by the masses because there are only a few people who interact with and use it today. As it grows, the opportunity for something like MyStandard grows as well.”

That gives space for anyone with the imagination to create solutions that will stand the test of time.