rumexinvest

Did you know there's a huge data mining market working behind the scene? Data brokering is the kind of business in which personal information abouta consumer (that is you and I) is collected, stored and without our consent sold for profits to big corporations needing such data for their new market strategy. These data (which includes names, locations, birthdays, social media habits, credit card activities, and so on) which are gotten from your smart devices, browser cookies, shopping activity, the Internet of Things (IoT) devices are of significant value to companies interested in making profits.
The data brokering industry is a big one, with an estimated value of about $200billion and growing. Equifax being one of the top players in the industry holds information of some 800million people around the globe, this generated a revenue of 3.1billion in 2016. Same year, Microsoft Corporation bought LinkedIn (online professional network) which had an active monthly users of 100million people (with their data ofcourse). It is predicted that the data brokering market will grow by 27% yearly with IoT devices being the biggest source of data. Craig Mundie says “data are becoming the new material of business”, and is expected to reach a market of .2 trillion in 2019.
Now we, the originators of this data do not get to benefit from sharing or at the very least, have control over them. A survey by pewinternet.org reveals that 91% of respondents believe that consumers have lost control over how companies collect and use their personal information while 81% agree to the insecurities and high risks attached to sharing personal information on social media platforms. In the September of 2017, very important personal information of some 143million people were obtained via a hack on Equifax, this further more proves the unsafe nature of having such invaluable data stored in a central database.
Also there is a big limitation for researchers, who may need these data for study purpose. Data “custodians” like Facebook or Google keep these data away in silos making it difficult for advancements in the society generally plus the insecurities potent in the hands of a data custodian.
Introducing Datareum( DTN):
Datareum provides solutions the aforementioned problems by creating a marketplace that is fair, transparent, incentivized, decentralized and confidential for consumers to voluntarily sell their high quality data while eliminating the interference of data brokers. https://www.datareum.net
By harnessing the innovative blockchain technology, datareum will eliminate intermediaries and enhance peer-to-peer means of data transfer and the risks involved with central data storage whilst providing users anonymity.
Datareumm plans to develop a market place that accommodates all avenue for data generation (social media, web browser, online shop, IoT devices, and so on) but will be starting with an Online Survey platformwhich is a more suitable avenue for data generation because of its manageability and a proven market. The data requester and provider both stand a chance to benefit from the Datareum network.
In one scenario of a manufacturer trying to test two label designs,
Benefits for a Requester:
 Data originates from human and not a robot
 Data is ethically sourced
 Convenient and speedy
 Doesn’t get data less than bargained for.
Benefits for a Provider:
 Data is collected with owners consent
 Total anonymity
 Immediate payments
 The choice of resale of a particular data
Datareum ecosystem provides an easy flow of data, tokens, goods and services between requesters and providers.
Details on additional features of datareum and lots more exist in the whitepaper here https://www.datareum.net/whitepaper.pdf
Token Details:
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