Innovative startup leverages blockchain to monetize data

The advent of Web3 could transform the way data is collected and compensate users for the information they share according to Jenny Walker and Greta Menzies, the founders of Chain Collective, a Web3 startup that uses the blockchain to help consumers monetize their data.

The all-female organization also aims to help consumers monetize their data and inspire women to enter the Web3 space. Walker and Menzies acquired skills from working in machine learning and business intelligence combined with a passion for Web3 technologies.

Users must profit from their data

Greta Menzies told CoinTelegraph that people who own data have no way to profit from the way it’s used today. They are passive entities in the process of collecting, buying, selling, and profiting from data, which third parties carry out. She added:

Our initiative empowers consumers with a data exchange marketplace allowing a fair and equitable exchange of the economics of data between consumers and businesses.

Menzies points out it’s no coincidence that data policies are so complicated and hard for everyday consumers to understand:

We believe consumers and businesses alike would benefit from a cross-industry standardized framework and consumer-friendly language to unlock transparency and build trust between both parties around data sharing.

Digital certificates will represent consumer data assets

The startup will use blockchain to make digital certificates available on their nonfungible token (NFT) marketplace. Stakeholders will exchange them via smart contract and they will represent consumer data assets.

The team hopes to provide equitable and dynamic pricing models based on enhancements machine learning offers and the blockchain’s innate security and transparency.

Creating a space for women in crypto

Menzies also points out it’s necessary to create space and more opportunities for women in crypto. The startup hopes to inspire other women, like the founders’ daughters, and demonstrate that they are masters of their own fate.

Menzies, who’s based in Australia, also talked about blockchain adoption within the region. She finds that “the barrier to entry remains too high for more widespread adoption” in Australia even though the government is making efforts to push crypto adoption.

The post Innovative startup leverages blockchain to monetize data appeared first on Invezz.