How Data Monetization Works & How Users Can Monetize their Data

Big data use is increasing so quickly that it’s become tough to keep track of the growth. Data volumes increased exponentially, and back in 2017, IBM estimated that 90% of the world’s data had been created in the past 2 years. Fast forward to 2020, and Data is essentially the lifeblood of a business or organization. As much as data is precious, the integrity of the data is also of the utmost importance. According to Gartner, “By the end of 2024, 75% of enterprises will shift from piloting to operationalizing AI, driving a 5X increase in streaming data and analytics infrastructures.”

Most of the data available online is user-generated and published on various platforms. Yet, users are not compensated in any way for all the information they create. The data created by users is monetized on multiple levels by the platform, and it is also often sold to large corporations with the use of a data broker. Companies are willing to invest time and money to access, organize, and analyze data because they know they’ll get way more back than they put in. Data has revolutionized many different aspects of businesses.

When a company has relevant, high-quality data, it empowers them to make better decisions. Data monetization directly benefits businesses by increasing their revenue. Instantly boosting the bottom line is an obvious benefit for any organization. Companies can earn money from their data by selling it after taking steps to prepare it for other organizations. They can also sell insights derived from their data or other data-related products.

One of the companies leading the data revolution and advocates using data responsibly, reasonably, and believes in users being compensated for their data is GeoDB. They are taking on the big data industry with a platform that will change the way people consume, share, and access big data. The team plans to change the rules for both sides with its new blockchain-based data-sharing model. Users consent to share their data anonymously and automatically in exchange for instant rewards, making it accessible to buyers who can consume this data together with analytical tools available on the platform.

The company's crowdfunding campaign launched at the beginning of March 2020, with more than 1600 private investors joining turned out to be outstanding. The company collected the target amount with over 50% of over-funding and is now heading towards the MainNet of GeoCash - their data generator app, along with other significant breakthroughs.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes