Online information stages have been making use of the client’s individual information to influence benefits. This has welcomed an age where information has more
financial incentive than oil. However, the industry has its fair share of challenges, which ICOs such as Your Data Safe have sought to address.
Trends in personal data safety
Today,
personal data forms a huge part of our everyday lives and may sometimes be used
against our own will. Predictive and prescriptive analytics have transformed a
person’s value into the sum of the data accumulated through their lives. After
the information is collected, it is stored in data banks that are subject to
breach. As such, the main question remains, is your data safe?
Most
people probably do not know the value of their personal data. According to a
report by the European Commission, the value of EU (European Union) personal
data is estimated to reach 1 trillion euros by 2020. As such, creation of new
rules such as the GDPR, to regulate the utilization of personal data had to be
done.
So, why is
the GDPR important? You can only answer this question by looking at the recent
cases of data breaches such as the Cambridge Analytica and Facebook. This
scandal involved the corporate company benefitting from people’s personal data
without their consent. This is where firms like Your data Safe comes in; to
ensure individuals are in charge of their personal data.
Your Data Safe (YDS)
Your Data
Safe offers companies with GDRP (General Data Protection Regulation) compliance
and also offers advice on ways to ensure personal data protection. This idea
was motivated by the huge demand for GDRP compliant data and data support
services, both of which are not currently being met.
Lack of
security is a major challenge facing the emerging industry. There have been
numerous reports regarding the loss of individual data and client information
due to hacks. This is another issue that YDS seeks to correct by using
blockchain technology to enhance data security and improve the level of straightforwardness
in the industry.
Your Data
Safe also aims at changing the way client data is handled and traded via the
redistribution of value. Hence, YDS enables personal data to be monetized for
targeted marketing and advertising. Also, it offers DPO (Data Protection
Officer) services to firms to ensure the longevity of the YDS “pure data” plan.
Additionally,
YDS believes that consumers are more willing to share their personal data for
advertising and marketing if they will be rewarded for it. As such, the firm
offers YDS tokens to customers that allow their information to be used by the
platform. This is in line with their belief there is a better way for people’s
personal data to be monetized.
Strength and Weakness
Your Data
Safe is trying to make a dash in a very crowded market with companies like Monero, Zcash and Dash. The
YDS team has got their launch perfected with the advent of new GDPR rules, it
is quite certain to make a big splash. However, the team is new with not so
relevant experience which might be a big concern for the investor. We've
prepared a SWOT analysis for the YDS ICO and you can take a look at it.
Conclusion
The
monetization of people’s personal data is an emerging industry that is
estimated to grow exponentially by 2020. However, challenges such as data
breach and failure of the firms to reward the owners of this data have become
rampant. Nonetheless, Your Data Safe provides solutions for these issues by
offering GDPR compliance to companies and rewarding them with YDS tokens after
using their data.
YDS Resources:
Website - yourdatasafe.io
Whitepaper - https://yourdatasafe.io/wp-content/uploads/2018/09/YDS_whitepaper_V1.3.53332.pdf
Telegram - https://www.t.me/yourdatasafe
Whitepaper - https://yourdatasafe.io/wp-content/uploads/2018/09/YDS_whitepaper_V1.3.53332.pdf
Telegram - https://www.t.me/yourdatasafe
Links to other sources:
Bounty0X User ID: mindmaster
