We are recently living in the age of big data, where the quantity of data is constantly increasing as clock ticks in every second. As stated by an article published by Forbes in 2018, there are about 2.5 quintillion bytes of data generated daily, and this number is increasing rapidly. According to the Industrial Development Corporation (IDC) in 2014 estimated that by 2020 we will have 44 trillion gigabytes of data, 10 times more than we had in 2013, which means there will be around 5200 gigabytes of data per individual.
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Data is surrounding us in all our life endeavors and is being generated from various sources like social media, information and communication technology (ICT) devices, as well as from sensors, machines and other internet of things (IoT) devices. IDC estimates that in 2025 there will be 79.4 zettabytes of data generated from 41.6 billion connected IoT devices globally. Along with this massive data growth, the interest of acquiring and exploiting the data is increasing on daily basis, raising concerns about the privacy and security of data and even the question of who owns the data and how the ownership of data can be preserved.
The rise of Web3, toolsets of big data and data Science has brought about a new era of data ownership. With the advent of mechanism of blockchain technology, users can now have complete control over their data, deciding who has access to it and how it is used. This shift in data ownership has the potential to revolutionize the way we interact with technology and each other because guaranteed sovereignty and ownership over data promotes innovation that includes data owners, consumers, prosumers and all kind of stakeholders that might have interests over the data.
The Problem with Traditional Data Ownership
The act of data collection has exorbitantly multiplied, progressively trespassing on private spaces. We have become very used to giving up our data, approving to its gathering and to its use, often in ways we seldomly have deep knowledge about, in exchange for “free” access to products and services that we value.
This can create a feeling of discomfort, and this feeling is intensified by conspicuous stories about the mismanagement and misuse of personal data. This sense of discomfort is a burdensome problem to constrain, especially as it is in agitation with an awareness that data can do much good for example in health research conditions. The data governance mechanism faces the challenge of identifying the much potential for public good, but also the potential for both very distinct and general harm. It also has to deal with both individual data and the holders of large data sets, since it has to balance the interests of the individual and that of society.
Ensuring that individuals and organizations are able to exercise the appropriate rights and controls over data is essential to the data economy and is at risk unless we build the right approach to data security, rights and control. The techniques for controlling data are clearly under tension along with the concepts we use to talk about data. Data ownership is one of these complicated concepts.
In the traditional model of data ownership, users have little control over their personal information. Giant web2 companies like Google, Meta, Twitter, YouTube and various field service companies which conducts surveys through various means including on-site visits collect vast amounts of data on their users, often without their knowledge or consent. This data is then used to target users with advertising or sold to third parties for massive profit. Users have no say in how their data is used and are often left in the dark about who has access to it.
The Solution: Web3 and Blockchain Technology
One of the ways to tackle some of the limitations of an approach based on traditional data ownership, would be to think of a technological mechanism instead of the continued dependence on the conceptual foundation of a bundle of data rights. This technological mechanism will give power back to the true owners of data and they will have total rights, privacy and security over their personal data. This does not necessarily mean that they have control over data in the same ways that individuals normally have control over property (e.g landed properties) that they own.
Rather, individuals will have rights and control over data that has to do with them and as well know how those data are being used, which will only be in fair and reasonable ways based on their consent and approval. Therefore, delicate/confidential information about this true owners of data or their resources will be made difficult to leak, utilize, exploit or misuse in any way without the knowledge of the individual who primarily owns the data.This new approach will also make it easy for an individual to have personal information anonymized in any agglomeration that is publicly available.
Nevertheless, Web3 and blockchain happens to be the technological mechanism that has been invented with an intention to offer solutions to these problem encountered by the traditional data ownership system. By using decentralized networks, users can have complete control over their data. Blockchain technology allows for secure and transparent transactions, ensuring that users can trust that their data is being used ethically with their consent and approval.
Additionally, smart contracts can be used to automate the process of data sharing, ensuring that users are compensated for the use of their data. This technological approach seems to have significant power because it is built on a sophisticated and nuanced peer-to-peer networks encrypted and protected by series of codes on the blockchain that is well-suited to considering privacy, security, anonymity and data trade-off. Furthermore, data ownership are generally well-understood, which might go some way towards addressing the difficulties in communication on data issues and exchanges.
The Future of Data Ownership
The future of data ownership is bright with the rise of Web3. As users become more aware of the value of their personal information, they will demand greater control over how it is used. Blockchain technology provides a secure and transparent way for users to take ownership of their data, while smart contracts can automate the process of data sharing.
As Web3 continues to evolve, we can expect to see a shift towards a more decentralized and equitable model of data ownership. Therefore, the difficulty normally encountered in maintaining total privacy and data ownership by the traditional data ownership system is gradually being taken care of by these prevalent web3 and blockchain technology. Example is the switching to a more decentralized version of the existing apps, like Signal for WhatsApp and Brave for Chrome.
Creating ease to use and trust in the mind of the users due to its permisionless nature encoded with end-to-end encryption, delivering distributed internet services hosted by a P2P server cutting off a third party intermediary who are responsible for meddling, stealing, misusing and trading with users’ personal data without according any form of compensation to them.
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Conclusion
From all indications, we have vividly seen that Web3 and blockchain technology has what it takes to offer a profound solution to the problem of traditional data ownership. By giving users control over their personal information, It is possible for us to create a more equitable and transparent digital world. Therefore as we continue to explore the possibilities of Web3, we can expect to see a shift towards a more decentralized and user-centric model of data ownership where Users are compensated for the data they create instead of total exploitation by the owners of the platforms upon which this data are being created.
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Author: Trính Khánh
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My Name is Trinh Khanh, professional copy writer and web3 trader.
I am from Singapore in Southeast Asia, I’m a graduate of Design and Media from Singapore institutes of technology.