Data mining is huge business and is the reason the likes of Google and Facebook are billion-dollar giants. Centralized systems by their very nature are flawed however, and this is clearly seen in regards to the money monopolies created, along with major issues toward privacy and security that these groups represent.
You may have noticed when searching for a product or service online, like a new car, only later find Google presenting an advertisement that matches the same car to your previous search. This is what’s known as data mining, the process in which data captured from centrally controlled companies is collected for the purposes of learning an individual’s web habits. This data is used in order to sell their product or service more effectively to a specific target market. Ad revenue generated by Google alone represents 70 billion dollars of a half trillion global market. Advertisers pay these search engine giants vast sums of money using data collected in order to have greater power in the marketplace. The question is, could these roles be reversed?
What if there was a way to receive royalties from the information gathered and, at the same time, retain complete privacy over the data created? This is the focus of up and coming search engines like Bitclave and Presearch. Decentralized search engines are designed to put the power back to users by paying them for their data instead of into the pockets of giant companies. Now, when advertisers pay to promote their product, everyday people will benefit from this new transfer of wealth. Privacy of data is assured by the use of blockchain technology so everyone can surf the web with the confidence that personal details aren’t harvested.
These platforms are ground breaking as advertisers can reach a more focussed target market for their advertising, creating more value for themselves, while customers retain their value for the data they give. Royalties, data security and anonymity, yes please!