Personal data is hard to define sometimes, but at its most basic level, information that could identify a person either directly or indirectly.
One of the most significant laws that govern privacy is a General Data Protection Regulation, which enters into force across the EU on May 25th.
According to the European Commission, the example of your personal data including your name, where you live, your email address, location records are collected by your phone, IP addresses and medical history.
Even if the details you have gone through the process of anonymization, is still regarded as personal data if pseudonym or encryption used still can result in you being identified.
What social media company with my data?
It depends on the use of data and privacy policies. Fortunately, many companies are starting to realize they need to become more transparent.
Until now, the largest social network users have been expected to read thousands of words to understand how their data is used. And, let’s all be honest now, we do not always read the terms and conditions are agreed to.
For example, if you request to download all of the data that Facebook has on you, the possibility to enter your entire message history, and a complete list of your phone contacts. Items that appear prominently in your News Feed is often based on things that are liked and commented on in the past.
Stay logged into a social network can mean can see almost all the other sites you visit and the information is sometimes used to serve up ads you might be interested. Some companies also collect your data so that advertisers can reach a very specific demographic, such as a 30-something man, who lives in New York, who have dogs and love burgers.
public awareness about the use of personal data by social networks has increased recently with the scandal engulfing Facebook. Cambridge Analytica, a data analysis company, allegedly harvested personal data of at least 50 million Facebook profiles without consent develop algorithms that targeted voters in US elections.
Is my data valuable to them?
For certain companies, Google, LinkedIn and Facebook as a prominent example, your personal data is very valuable. Read more..
Advertising is a significant chunk of their annual income, with the two companies into a giant in this sector. Although many of their services are free at the point of use, the trade off is that the data obtained from your online habits can be used to attract advertisers.
However, your personal data may prove beneficial in other ways. For example, if you’re a high flying professionals who have been registered with recruitment sites, the company can make other users pay for access to your contact details and your full profile.
Can I benefit from the data that I have provided for social networking?
Blockchain has the potential to give the public greater control over their personal data and help them earn money whenever their information is used.
By using a decentralized system, people have the potential to decide who can get their information, and how much it is worth.
This data exchange will normally be facilitated by the company that runs the platform Blockchain and in many cases, they will only take a small fee at the end of each transaction.
How could that happen?
This will depend on the type of personal data you are willing to sell, and the types of businesses that are looking to buy it.
For example, you might be able to bring your social network profile on Blockchain powerful data exchange and opt into a scheme in which you are rewarded when this information is shared with the company.
In other cases, such as professional networking or freelancers market, businesses will be looking for a large data set to the profile that meets their requirements – and then pay the fee through a smart contract.