Data is the new oil, it has turn into big business. Data is bread and butter for companies such as LinkedIn, Twitter, Facebook and Google. User is unaware how valuable his data is, such companies milk personal data and in return provide free services.
If you are not paying for it, you’re not the customer; you’re the product being sold - Andrew Lewis
We live in a digitized world connected through various devices and accessories, generating vast amounts of data every day. Your online data is worth thousands of dollars per year. There are numerous agencies which want a piece of user data and through facebook, twitter and google account this is quite possible. So why not monetize your data in a secure and seamless way.
Valid provides a new age personal data management solution. It introduces user-controlled digital identity solution, which can be securely exchanged seamlessly. Through data sanitization techniques anonymity and privacy of sensitive personal data is safeguarded. Through decentralized application Valid is more valuable than such companies which follow arbitrary data policies.
In terms of Valid’s personal data management, self-sovereignty refers to the idea that the individual has full control over his or her personal data. The VALID wallet allows identity holders to monetise that data using a secure, privacy protecting platform that they fully control.
Through Valid app anyone can securely monetize their data in a controlled fashion. Valid wallet gives user full control of their data i.e. user determines who will purchase the data and what is being transferred. Revenue generated will directly go to the user in the form of token payments. Product and service companies which rely heavily on consumer data, through Valid it will be easy to get access to reliable and anonymized data.
For instance the scope of personal data consists of Credit card transactions, geolocation logs, browsing history and through this anonymized data Credit card companies will advertise its products and services to users.
Valid’s aim is to work independently of any central authority and puts the control over personal data back into the hands of the individual user. The mission is to create awareness about data privacy, ownership and value to user data. With this user must be able to gauge what’s his data worth.