A Guide to Data Monetization

A Guide to Data Monetization

Every time you or I go online the trail of our digital data gets bigger. With the ever-growing volumes of data being processed by social and media sites and streamed daily, data brokers have found new methods to use this data to make vast profits as they continue to sell the same data repeatedly to different Enterprises. However, enterprises are now turning to data monetization to build brand loyalty and trust with their consumers.

ODE, for example, uses permission data from the consumer to support Enterprise analytics needs. The Enterprise sets up funds that are decremented every time analytics are run while monetizing the consumer who has consented to allow the use of their data for analytics. Under no circumstances will data that is personally identifiable (PII) or private be revealed, in contrast with the current scenario.

Enterprises utilizing data monetization are gaining advantages such as cost reductions, revenue growth, and opportunities to develop new services related to data. Enterprises that build trust with their consumer community will build more brand loyalty leading to future successes. The benefits that are currently being realized by data monetization are far greater than the initial investment in time and money, and there’s never a better time than now for Enterprises to understand how to gain this competitive advantage.

The ODE mission is to develop the data layer for Web 3.0 in which the data is decentralized and is stored in the consumer secure data vault. Data is only shared when consented by the consumer leading to data sovereignty and data privacy. This allows for the storage of data and the analysis of the data to provide insights while reducing Enterprise risks and significant penalties based upon emerging legal requirements and regulations such as GDPR and CCPA.

If companies wish to monetize data resources securely and ethically, they must do so in a way that protects the privacy of both the consumer who uses the new monetization service and the data itself. This necessitates enterprises clearly defining and comprehending what it means to use data safely. The adoption of a data-centric approach to security is becoming more common as a result of this discovery process.

In 2012, DataCoup acquired and owned by ODE wanted to change the landscape and allow consumers — the rightful owners of the data, to share in the monetization. 2012 was too early for the market — but now with Web 3.0 emerging, the technological capabilities are available to finally allow the owners of the data to share in monetization. Data Coup has been relaunched as a privacy-oriented news site that also enables consumers to assess their digital privacy scores. The ODE Infinity platform enables Enterprises to store their digital consumer data in data vaults enabling consumer monetization, data sovereignty, and privacy.

Imagine a world where large organizations give consumers the capability to secure their data inside a secure vault and only the consumer decides which data to share and when they share, they receive compensation, are able to monetize, and rightfully get paid for what is theirs in the first place — their own data — we the consumer are the rightful owners after all.

The conditions are right for consumer data monetization. Web 3.0 plus regulations plus high costs of data breaches — we have the perfect conditions for change