DATAFUND - Your Data, Your Choice

INTRODUCTION

The Blockchain is a rapidly growing technology that is engulfing every possible business domain. Therefore, many reports published have predicted a huge rise in the Blockchain market. According to reports, the Blockchain market is expected to extend to over 20 billion dollars by 2024. It is counted in one of the most promising new technologies that are hoped to change the future of businesses and the internet.
Fundamentally the rise in cryptocurrency and subsequent attention brought to blockchain technology has prompted nearly every industry to evaluate the benefits of integrating the technology into their operations. One such firm at the forefront of blockchain innovation is DATAFUND

ABOUT DATAFUND

Datafund is a protocol and a distributed application (dApp) that guards personal data, provides safe storage and enables provable personal data exchange. Information is shared anonymized or on a need-to-know basis according to an agreement between exchanging parties. Datafund is a new form of personal data oracle and a data market where organizations are incentivised to give data back to individuals and to participate in a fair and ethical exchange of data value. Contributors to a specific datafund are rewarded with intrinsic tokens of a receiving datafund.

DATAFUND AND BLOCKCHAIN TECHNOLOGY

Datafund embraces this vision of the future with a strong belief that blockchain is the technology that is the enabler of the grand GDPR vision — citizens should have control over their data. Applying blockchain technology allows for creation of an “individual-centric” process that allows for unprecedented economic efficiency for all parties involved. Datafund protocol is built on Ethereum and Swarm with the intent to be blockchain and technology agnostic as much as needed. Datafund protocol is GDPR (the General Data Protection Regulation) compliant, we estimate that other jurisdictions are quite easy to legally satisfy. We use blockchain technologies to implement an economically viable solution to the challenge of a comprehensive control on how each piece of personal data, combined with the consent for its use, is being used and transacted between multiple parties, independent of the actual location of data storage. Through blockchain, we will implement an effective rewarding system for the use of data and related services, based on real market value. Personal data management solutions where individuals directly control the storage of and access to their data with a private key will be a complementary offering.

You can get Whitelisted here; https://whitelist.datafund.io/index.html?refId=bqxoRr6D&refCode=ATSLfvCkQ4J5kyfvWkN2d3&refType=ds

Datafund proffers solutions to existing problems. These solutions are;

Companies will use personal data in a legal, fair and ethical* way.

Only the data that wants to be free, becomes free.

Partnership with individuals creates new revenues for enterprises.

Individuals reclaim, own and manage their personal data.

No shady middlemen, no hidden oversight, just transparency.

Today, we have consumers with no rights or who are not aware of their rights, sometimes with some data on one side, while on the other side are corporations and digital services that have enormous quantities of (personal) data and almost no rights to use them. Many global services and applications based on personal data today are using data in a way they should not. On top of that, efficiency without sacrificing transparency can be drastically improved.

At Datafund, we believe that the whole economy of personal data will develop around three primary entities — data owners, data users and service providers. Any player in the personal data ecosystem is a variant of one of these three entities.

Data owners as individuals (the GDPR calls us data subjects), primarily consumers who provide the raw material — the data about them — to companies and other organisations. Not only that access to data should be fully in the control of data owners, we also advocate that data owners are entitled to receive a legitimate reward for their data that is commercially exploited.

Data users are primarily commercial companies that use data collected about us to try to create and offer better products and services to us consumers. Or, data users are companies that acquire and enrich the data to resell it to other data users (always respecting the data owners’ consents). Whichever way, data users should in our view reward consumers for the data they receive and commercially exploit while fully complying with data protection legislation and the agreed purpose of use.

Service Providers are the numerous companies offering services to both the data owners and data users with a focus on personal data management, e.g. wallet, storage, marketplace, analytics, research, quality, valuation, … In order to offer these services they are mostly dependent on an appropriate access to the data that the data users hold and the data owners control.