Web2 allows big tech companies to collect consumer data without paying people for stats. However, the emergence of Web3 technologies could change the way data is collected and allow consumers to compensate for the information they share, according to the founders of Chain Collective, a Web3 startup that allows consumers to monetize their data using the blockchain.
Business intelligence and machine learning skills combined with a passion for Web3 technologies drove Jenny Walker and Greta Menzies to create the computer marketplace. Through blockchain technology, the women’s team aims to help consumers monetize their data and inspire women to visit Web3.
Jenny Walker and Greta Menzies, founders of Chain Collective.
Greta Menzies, co-founder of Chain Collective, told Cointelegraph that consumer data is currently “collected, bought, sold and earned.” However, consumers, the true owners of the data, do not have the opportunity to claim their share of their “data’s value”.
“Our initiative provides consumers with a data-sharing marketplace that ensures the fair and equitable sharing of the data economy between consumers and businesses.”
According to Menzies, companies have created data policies that are too complex for ordinary consumers to understand. The co-founder believes it aims to confuse consumers about how their data is being used.
“We believe that both consumers and businesses will benefit from a multi-industry, consumer-friendly standard framework that provides transparency and builds trust between the parties regarding data sharing.”
Using the blockchain, the team will generate digital certificates that will be available on the NFT token market. These certificates will represent consumer data resources and will be exchanged through a smart contract. Building on the inherent security and transparency provided by blockchain and the improvements provided by machine learning, the team aims to offer “dynamic and fair pricing models.”
Subject: Congratulations on International Women’s Day! Leaders share their experiences in cryptocurrency
Aside from this, Menzies also recognizes the need to create space and opportunities for women in crypto. The Data Monitor says they are also taking the opportunity to inspire women, like their daughters, and prove they can do it themselves.
“We believe it is important to provide space and opportunities for women. We dig deep and are grateful when people reach out and give us these opportunities, and we try to provide that for other women as well.”
While in Australia, the co-founder also shared his thoughts on blockchain adoption in the region. While regulators in Australia are trying to push for crypto adoption, Menzies believes that “the barrier to entry remains too high for wider adoption” in the region.