One of the largest telecommunication companies in the world, Telefonica is partnering with a blockchain-based company to leverage blockchain technology in the acquisition and use of its customer’s data.
Blockchain: the Answer to Data
Following the recent struggles of tech giants Facebook, Google and Amazon to comply with data privacy laws and non-infringement of rights of its customers, it is becoming easier to see blockchain as not only an answer to efficiency & transparency, but to safety.
Facebook and Google have increasingly come under scrutiny for violating General Data Protection Regulations (GDPR), and are becoming a sore note for lawmakers across the world. Through a centralized monopoly of data—and of course, intimate data that you are not aware of—the three tech powerhouses have influenced social to political issues indirectly and often illegally, while putting their customers at risk.
The advent of blockchain, however, is on the way to put an end to that: initially seen as the saving technology needed to stop centralized monopoly, the DLT technology is proving to be much more than that, with Wibson, Telefonica’s new partner being one of the many that are now successfully integrating blockchain technology to receive tons of terabytes of data while protecting their users’ privacy and maintaining anonymity.
Blockchain allows data to be collated from millions of users who supplied data while anonymous and protected is still verified accurately and useful for companies in need of data. This is a more secure, and yet more efficient model that differs a lot from Google’s acquisition of their user’s IP address and location.
Data the Way Forward
For the past decade now, the importance of data has grown rather exponentially as more data analyzing techniques, machine learning models and artificial intelligence developments continue to spruce up. Data is expensive, and it is only going to get more expensive as the need for it arises. It is no surprise Zuckerberg paid billions for Whatsapp that in retrospect does not generate visible revenue customers can point to: No one has seemingly paid Whatsapp $1 renewal service till date.
Telefonica, the largest Spanish multinational telecommunication company, has recognized this quickly and partnered with Wibson, one of the leading companies leveraging blockchain technology to sell data acquired from willing users who are paid incentives with WIB tokens. Through Wibson’s blockchain, users can sell their data directly to willing buyers, technological firms and marketers while being rewarded.
Chema Alonso, Chief Data Officer of Telefonica, explained why it is important that individuals can control the data they give.
“Data is fueling growth for the biggest companies in the world, but new models like Wibson’s are emerging to reshape the space,” he said “Amid growing concern on personal data, Wibson is building an impressive team that’s focused on a future when consumers demand control of their data.