Friday Essential: What If Data Monetization Is Initiated & People Are Paid For Their Data?

Friday Essential: What If Data Monetization Is Initiated & People Are Paid For Their Data?

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Friday Essentials

Shouldn’t Facebook, Instagram and social networking websites pay us for uploading our picture? Well, you might think this as insane, but we should be paid for it! You ask why? Because each day these organizations are harvesting whopping amount of data from users across the globe. Don’t you think they should start giving a share of profit to the users as well?

You may take it for granted, but even the slightest detail is important and valuable! The value of your data will never go down and keep on increasing! According to Jennifer Lyn Morone, an American artist, we live in the age of data monetization and data slavery. To avail free services and we provide our details such as name, date of birth, email address, phone number, etc. The current state of digital affairs, is in pity state. Gathering and utilization of every kind of data is dominated by tech firms. Furthermore, it is used for research and marketing purpose.

monetization of your data

Why People Do Not Realize The Importance Of Their Data?

Whether the data we own today is generated actively or passively, only a few people have means and will to keep track and backup of the same. Now, if you are not aware the amount of data and its importance, you’ll never be able to calculate its worth. Today, when extensive work is going on in the field of AI, every data set is equally crucial.

Those people who think that AI will be threat to humanity are not considering one thing, data. It is not AI we need to fear, it is the data that will make AI dangerous. Unlimited data without supervision is floating in the Internet. If we keep aside the dark web, there is plenty of information in Internet that should be not available at fingertips of commoners. We don’t have realization and that’s why we never thought of data monetization!

Why People Do Not Realize The Importance Of Their Data
Source: thenextweb.com
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Is There Anyone In Favor Of Data Monetization?

Yes, there are a few companies that are paying for the data since a very long time. YouTube pays the video creators for their posts if they meet certain criteria. Though the eligibility criteria they have set is not easy to meet, you will certainly earn profit once you have touched that benchmark. Opinion Outpost pays its users if they share their opinion on certain things! Swagbucks pays if you to do everyday things on the internet as per their requirements. moreover, Small Business Knowledge Center pays junk mail as well.

You might be wondering if a few of them are already paying, then why others are not joining them? Well, there are two main reasons! Firstly, our data is in scattered and is fragmented. They need to invest in gathering the data and assembling it in a way that it becomes useful to them. On the flip side, people have started using “do not track” tools which is also adding up to their misery. The reason being, only a small amount of data then reaches to them, using which is risky as it can yield to erroneous data. Secondly, data can’t be traded easily with users’ consent. They often fear sharing their data when asked and thus collecting data willingly from people becomes next to impossible!

What Will Be The Outcome Of Data Monetization?

A major section of people think that this is a philosophical theory or scam, and none of this will ever happen, but reality is quite different! We need data monetization and it will be initiated soon! It has partially started in which we pay for free services by signing up to random websites. But how many of you answer the questions in the form or a survey which requires to be filled for free services accurately?

What Will Be The Outcome Of Data Monetization
Source: quantum-spike.myshopify

If we are not wrong, then there are only a few of them. And that is the reason why you get irrelevant ads! When people are paid for their data, they’ll provide accurate information with which research work will be facilitated. The robots will be trained using the data and automation will increase exponentially. The pictures you upload on social networking can be used for facial recognition, the videos for movement detection and what not! Data monetization will be a huge step but it certainly has benefits.

What Will Be The Outcome Of Data Monetization-
Source: giphy.com
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Also, when the people will start gaining from their data, then they’ll be cautious and keep the data safer. Also, whenever a mass breach will occur, it will not be extremely difficult to find who is clumsy in handling the data! Moreover, punishing the culprit won’t involve blame game!

What Will Be The Outcome Of Data Monetization-2
Source: irishtimes.com

Overall, it is a good initiate if every tech giant agrees to this! What are your views on this? Do let us know in the comments section below!

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