Personal data is a hot issue, from the perspectives of both money and ethics. While its economic value in today's data-driven economy cannot be denied, the way this data is exploited has occasioned a great deal of debate on how it could and should be gathered and how the profits from it ought to be distributed. The introduction of the General Data Protection Regulation in the European Union in 2016 sent a shockwave through many industries, forcing them to scramble to meet the new demands and adapt a more consensual data harvesting model.
https://yourdatasafe.io/
Those new regulations have created both problems and opportunities for those involved in the data economy. Your Data Safe is a project aimed at both ordinary consumers and companies. To the former, it offers a new way to profit from selling their data through a GDPR-compliant blockchain platform. Naturally, this would also benefit the companies. In addition to that, Your Data Safe will also give them tools and services with which to manage their own GDPR compliance, helping build up a fairer and more efficient data trading ecosystem.
How will Your Data Safe work?
To interact with Your Data Safe, users will need to use MetaMask or (later in the development process) an API. Once a user profile has been created and verified, its owner will be able to decide what companies they want to share their data with. They could then add other data to their profiles, such as their contact information, personal details and information specific to various companies or industries they are connected to. This information could be validated with the help of other users, by uploading documents or in some other way. Users will receive YDS Token (YDST) rewards every time the data they put up is used through a dedicated smart contract. The more pure data they upload, the higher their reward levels will be. They could also opt in for targeted marketing efforts, including questionnaires, from YDS partner brands. YDSTs could be sold on an exchange or used to purchase goods and services on the YDS platform or YDST-accepting brand portals. This YDS Network will begin as an Ethereum dApp, but should evolve into a larger and more independent service in the future.
In addition to all this, YDS will offer the following services:
1. YDS Academy, an education and training platform for company staff being ran on a cloud server. It would cover various subjects including GDPR compliance and data security;
2. YDS Virtual DPO, providing streamlined and secure GDPR policy and procedure management services as well as other Data Protection Officer functions for business clients;
3. YDS Cloud, used for encrypted data storage, letting YDS Network users store their data records and personal GDPR policies. They will be able to use an automated opt-out bot to remove their data sharing consent from certain brands in case of unwanted communications from them.
What sets Your Data Safe apart?
The Your Data Safe team has been consulting businesses on GDPR compliance since 2017. YDS developed its strategy and token economy with the help of Block3, a prominent British blockchain consulting firm. Your Data Safe also has several other important cryptoindustry partners. The company will carry out a sophisticated marketing strategy aimed at reaching a diverse audience of consumers and client companies through further partnerships, social media campaigns, real world events and direct sales to businesses.
Your Data Safe can be assured of having a ready market for its services. The cryptocurrency community is likely to be a good starting target audience for such a project, given its concern with privacy on the one hand and small-scale economics on the other. Likewise, many startups active in the sphere can be expected to both want help with GDPR compliance and be too short-handed to solve such problems internally. This is also true about the broader IT startup sphere.
https://yourdatasafe.io/
Token sale information
Reconstructing the data economy
Although the changes in regulations have temporarily inconvenienced many companies, in the long run they may create much bigger opportunities for cooperation between consumers and businesses by placing them inside a better legal framework. Simply updating the regulations is not enough, however. Companies will need to cooperate with them competently and in good faith, while also creating further incentives to persuade people to yield the information they need for their marketing efforts. This creates a clear niche for Your Data Safe's services.
Can YDS fill this niche? That would be easier to tell when more information has been presented, especially about its auxiliary services. It is certainly the case that they will have some competition. But in the long run, by building on available technologies and focusing on fostering an ecosystem, it might become a key player in the evolving data economy.
Links:
Website: https://yourdatasafe.io/
WhitePaper: https://bit.ly/2MS6WeT
Telegram: https://www.t.me/yourdatasafe
Facebook: https://www.facebook.com/yourdatasafe
Twitter: https://www.twitter.com/yourdatasafe
Medium: https://medium.com/your-data-safe
ANN: https://www.bitcointalk.org/index.php?topic=4713762.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
This article was created in exchange for a potential token reward through Bounty0x .
Username: the1arty
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.