While major corporations see impending EU data regulations with dread, the blockchain startup shows how business in the age of decentralized data can thrive
Google, Facebook and other Data Giants have the 25th of May marked in dark red on their calendars. On that day, the European Union’s (EU) General Data Protection Regulation (GDPR) comes into effect, completely upending the existing corporate-user relationship when it comes to personal data. It is a date they have been dreading, but for consumers worldwide, this date marks an opportunity for justice and empowerment.The GDPR is the most significant and comprehensive response to the Big Data industry yet.
The regulations force any company that collects any information about European citizens (even a single citizen) to request explicit permission for such collection, limit the use of such data, protect such data from third parties, and allow users the ultimate control over such data (they can retract their data at any time under certain conditions).This revolution (yes, it’s that significant) will fix the injustice inherent in our current economic system, but will also disrupt existing business models. With such impending upheaval, it is relevant to look at MaxData — a blockchain startup whose vision of a user-owned data seems prescient of the economy of the future.
MaxData has developed a blockchain platform that allows consumers and service providers to interact and connect directly with each other. Instead of relying on the cumbersome and expensive marketing corporations that utilize user data to help service providers find consumers, the MaxData platform acts as a matchmaker, connecting relevant consumers and companies so they can close a deal.What is truly unique about their solution is that the user consumer data is still being used to close service transactions, while remaining within the control of the individual users themselves. Consumers add their anonymized information to the decentralized blockchain platform, where they can retain control of who sees and uses their private data.
MaxData.io could be the perfect model for business in the age of decentralized data and user ownership. Their platform allows for more efficient and perfected targeting by service providers, who can then make cheaper offers to the consumers. While the giant data monopolies may dread the incoming restrictions on user data exploitation, MaxData shows us how the rest of us both businesses and consumers) have so much to gain from a true democratization of data.