As the digital world grows, data has become a valuable commodity, with data marketplaces situated as the commerce models of the future
Roseau, Dominica (February 21, 2021)—As more and more of our lives are transacted online, data has become one of the world’s most valuable commodities, especially for retailers who look to consumer data to drive their online actions and purchases. But much of the data collected by online retailers and companies is collected without consumers’ consent, raising valid questions about digital ethics and consumer privacy rights online.
As blockchain and Artificial Intelligence (AI) grow in popularity and sophistication, some industry experts think that combining the two can lead to a shift in the way data is handled. In this new blockchain- and AI-driven economy, people would maintain ownership over their data and decide to whom they want to sell it, giving them opportunities to engage in data marketplaces that would allow them to monetize their data.
When blockchain technology and AI are combined, the resulting ecosystem gives consumers a new level of control over their data. These systems would collect their data, store it securely, encrypt it, and then provide them with the power to decide who they want to provide their data to—all in exchange for crypto through a tokenomics model. This model would help alleviate underhanded practices that many organizations, including Amazon, currently use to acquire consumer data without their permission while giving consumers new ways to build their wealth by deciding to whom they want to sell their data.
CMDX is one company already leveraging the combined power of blockchain and AI to help its community members enhance their wealth. CMDX is the world’s top health cryptocurrency network that rewards its community members with crypto in exchange for their health data. Data is collected through wearable fitness tech and then shared with CMDX’s AI-driven health assistant Brittany, which then credits the user’s account with CMDX crypto rewards. Members can then use their rewards on the CMDXMarket to purchase health goods and services, invest on crypto exchanges, or spend and invest in any other way the member chooses.
The CMDX model is one based on the concept of Universal Basic Data Income (UBDI). Unlike Universal Basic Income, which gives citizens a monthly set income with nothing in exchange for it, UBDI would provide citizens with money in exchange for their data. CMDX CEO Tom McMurrain sees CMDX’s UBDI model as the next step in the crypto revolution while also providing a way to help people retain control over their data and monetize it. He also sees the possibility for such a model to lift communities out of poverty by giving them innovative ways to earn money and build their wealth.
“By uniting AI and blockchain, exciting possibilities exist to allow consumers to monetize their data while increasing the overall security of online transactions,” said Tom McMurrain, CEO of CMDX. “CMDX has been leading the charge in these efforts by allowing our community members to share their health data in exchange for crypto that increases their buying power and wealth. We look forward to continuing to expand the possibilities of what our community members can do with their data as data marketplaces grow in popularity and value.”