Data is becoming one of the biggest resources in the world today. It is data that has made companies like Facebook and Google extremely rich, and influential in the global socio-economic and political spheres. However, the growing power of this resource has seen it raise issues of privacy. That’s why different countries are now coming up with stringent data protection laws. For instance, the EU privacy laws are among the toughest in the world. These regulations are making it challenging for businesses that rely on personal data to do business.
So what’s the future? Well, as things stand, it is clear that centralized companies that rely on user data will have to change their business models. Even Facebook recently announced that it is looking to develop a privacy-focused business, which could possibly be anchored on the blockchain. The future is in decentralized systems where the individual has full control over their data, and can sell it to whoever they wish. Simply put, unlike today when only centralized companies benefit from personal data, in a decentralized system, the individual gets to sell data too and make money off it.
Bosch, one of the key IOTA partners is already envisioning such a future. In a paper titled, a guide to data monetization, Bosch envisions a future where you can sell your data for IOTA (MIOTA) or in fiat. To quote the Bosch article on how to monetize data:
- Centralized marketplaces: a central platform owned by one party to trade all kinds of data between different participants
- Decentralized marketplaces: a decentral platform that facilitates the ability of participants to engage directly with each other in peer-to-peer transactions
There are already different kinds of marketplaces in place and the one to choose depends on your requirements derived from your strategy. In addition, selling your raw data is an option to provide access for third parties to APIs in exchange for money. This might be necessary if real-time access to devices is needed.”
If this gains traction, it could open up the demand for IOTA (MIOTA) by a huge margin. That’s because, the data market is huge, and is even considered the new oil. In essence, if IOTA (MIOTA) becomes the primary mode for selling user data, it could see the value of this crypto rise by a huge margin due to its demand in such transactions. It’s a good reason to be long-term bullish on IOTA (MIOTA). Besides, IOTA is gaining adoption in other high growth markets such as in the smart car market, where cars can exchange data in exchange for IOTA (MIOTA).
All these use cases point to a huge market for IOTA (MIOTA) in the long run. It could emerge as one of the fastest gainers in the next Bull Run. It’s clear that this is one of the cryptos to watch in the long run.