Hey guys,
I’ve got an especially interesting and potentially disruptive project to review today called Your Data Safe, which has the impressive vision of enabling blockchain-powered verifiable self-control over one’s own data; free to do with as any individual sees fit, and free from misuse by large companies. This is a mammoth task, of course, so if the project has a chance of achieving its goals will need to be backed by strong fundamentals, which we are about to analyse.
Specifically, this article will provide insight into the Your Data Safe project in order to answers the two questions: ‘who’? And ‘what’? Namely, who are Your Data Safe? And what are they trying to accomplish? Essentially, a detailed overall project analysis.
Quick disclaimer: this project, like all I review, is relatively new to the scene and is still under development so please always do your own research. Also remember this is my opinion and not financial advice; my content is for educational and entertainment purposes only.
Let’s dive in!
YOUR DATA SAFE’S MOTIVATION
The average internet user has little idea of the vast amount of data being left behind, harvested, and profited from by the online services and platforms they use on a daily basis; in fact, Google (Alphabet) generate a whopping 88% of their overall revenue from marketing and advertising. And Facebook? A jaw-dropping 97%. Remember, these are multi-billion dollar corporate giants- and this staggering value comes from users like you.
Of course, data collection and use is not malicious in itself and is actually a critical process to almost any operation; advances in areas such as marketing, product development, user experience improvement, bug detection and many more would be largely fruitless without data collection. Big data is also becoming a critical aspect in the trajectory of our technological advancement, especially when combined with promising developments such as artificial intelligence.
Data collection in itself is necessary and productive, but there’s currently an undeniable problem with traditional data practices- the systematic misuse and abuse of users’ personal data by big industry players undoubtedly needs to be addressed and solved.
Your Data Safe have dedicated their cause to solving these challenging issues, through their cutting-edge blockchain powered data storage and management platform. The platform’s blockchain framework will enable new technological opportunities for players within the data industry and consumers alike.
TEAM DETAILS
Your Data Safe is comprised of a focused team with a varied array of practical experience and expertise. The diverse and healthy-sized team, headed by their notably experienced CEO Phillip Chapman, has a massive amount of experience in relevant fields; from computing and web development to blockchain and marketing, Your Data Safe are bringing a hugely varied set of skillsets to the table. You can find more on the website, where you can click through to each team member’s LinkedIn profiles for some deeper research.
PROBLEMS IDENTIFIED
UNTRUSTWORTHY CORPORATIONS
Nothing is free in this life. This is especially true in the online world, where ‘free’ services such as social media sites, email and even search engines actually reap huge financial rewards from the personal data of their users (even if those users are mostly unaware). In the digital world, if the service/ product is free then YOU are the product. These companies collect the most comprehensive set of personal data on each user possible, as to increase the value of their data sets and thus their profits.
Some of the biggest corporations generate shocking percentages of their whopping revenues from such activities- the figures for Alphabet (Google) and Facebook are 88% and 97% of profits from advertising and marketing, respectively. Unfortunately, in a world so dominated by such greedy corporations, episodes such as the data selling scandal involving Facebook and Cambridge Analytica have proven that these entities, so driven by profit, can’t be trusted to handle user data responsibly without abusing their position.
DATA STORAGE INADEQUACIES
Current data storage solutions traditionally used by individuals and entities, such as cloud-based services and email, are woefully inadequate for protecting the data contained from hacks and attacks by malicious actors. In fact, in many cases there is no indication that there has been any breach at all, and the targeted data can be accessed, stolen, or manipulated without any user knowledge whatsoever.
This situation becomes critically problematic when it comes to handling, storing and transferring particularly sensitive data (whether personal or corporate) and a solution for the effective and verifiably secure management of such data is desperately required.
GDPR COMPLIANCE
One of the main reasons for the establishment of Your Data Safe is the problematic situation brought about by the introduction of the GDPR, implemented on May 25th 2018. The GDPR is a measure taken towards the protection of user data from traditional abuses, presenting strict guidelines on the collection, processing and transfer of user data. Though undoubtedly a step in the right direction for enabling true user sovereignty over their own data, the GDPR presents an increasingly complex situation for benign businesses who wish to comply with relevant regulations whilst maintaining effective operations.
BLOCKCHAIN BASED SOLUTION
SECURE STORAGE
Your Data Safe is providing the technical mechanism for ultimately secure data storage. Through the YDS Cloud, users will be able to store records in a GDPR compliant manner, with the integrity of the data protected by the network’s blockchain framework. As the solution is based on blockchain, clients can be verifiably sure that their data within the platform is accessed only by themselves, and by those who are granted explicit access by said user.
MONETISABLE DATA
An individual’s online footprint in the form of their personal digital data is tremendously valuable- value which is largely never realised, let alone seen first hand by individual users; in fact, the value of a person’s yearly generated data is estimated at in excess of a whopping $2000. Traditionally, users are blissfully unaware of this value, and so are happy to give (usually passive) consent for this data to be used and monetised by corporate giants such as Facebook and Google.
Your Data Safe believe this is not right, and are facilitating a way for users to easily and effectively monetise their data which is stored in the blockchain-powered Your Data safe network. Clients will therefore be provided with the tools for ultimate control over their personal data, able to dictate their own prices for individual data and determine conclusively which entities are given permission to the use of said data.
SPECIAL FEATURE
GDPR COMPLIANT ‘PURE’ DATA
The recently-introduced GDPR regulations are enabling a marketing environment in which quality is becoming vastly more important than quantity when it comes to personal data; essentially, businesses are willing to pay a premium for GDPR-compliant ‘pure’ data. Your Data Safe’s approach will do much to empower the individual user by taking data control from big companies, whilst proving corporate entities with a vastly higher quality pool of valuable data.
Traditionally, the huge quantity of data collected covertly by companies each year is questionable in terms of quality, to say the least. Information supplied online by users during natural activity (not necessarily expecting this data to be harvested and used) rarely accurately reflects that user, often being incomplete and quickly outdated. However, by incentivising users financially to provide the personal information once taken from them without consent, the data provided willingly and knowingly will inevitably be of a higher quality, accuracy, and relevance.
CONCLUSION
There we have the ‘who’, and ‘what’ of the Your Data Safe project. The who- a team of dedicated experts pursuing their vision of an ultimately secure and fair data storage and management network, fit for compliance of the new GDPR regulations. The ‘what’ is an innovative blockchain-powered decentralised data network, which not only offers users verifiably secure data storage and easy and customisable monetisation of this data, but also an ultimately effective data procurement solution for compliant businesses.
The vision of Your Data Safe is one which has dual layers beneficial effects- enabling the ultimate empowerment the individual user by taking data control, management and monetisation from big companies, and providing corporate entities with a vastly higher quality pool of valuable GDPR-compliant data.
That about wraps it up for today guys, I’ll leave a link to the Your Data Safe website so you can check it out for yourselves.
Stay tuned for more upcoming insightful crypto reviews!
LINKS
Website: https://yourdatasafe.io/
White paper: https://yourdatasafe.io/wp-content/uploads/2018/07/YDS_whitepaper_V1.3.4.pdf
Telegram: http://t.me/yourdatasafe
My Bounty0x: datniccy97
My Bitcointalk account: datniccy97 -https://bitcointalk.org/index.php?action=profile;u=2099905
Thanks CR. Those revenue numbers from user data are ludicrous!! FB doesn't surprise me but 98% is crazy. People need to wake up!
Definitely, all the FB sheep need to get on Steemit :D
Amen to that!
Max cap please? You should include a section at the bottom about token sale details, stop people asking.
Hard cap is 40,000 ETH. Thanks for the feedback, I usually do include token details so will make sure to do so :)
Datum clone much?
The concept is similar to Datum, yes, but there are differences in fundamentals and how they operate. There are a few players in this space, but this is no bad thing- personal data is huge and extremely important :)
You got a 15.73% upvote from @minnowvotes courtesy of @cryptorobyn!
Great stuff! Personal data will be big stuff when people realize the value of data and independence. Just wait for the next bull.
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