{"id":1050,"date":"2016-10-19T19:27:35","date_gmt":"2016-10-19T17:27:35","guid":{"rendered":"http:\/\/bicon.li\/?p=1050"},"modified":"2026-01-11T18:56:15","modified_gmt":"2026-01-11T17:56:15","slug":"the-new-data-economy-enabled-by-the-blockchain","status":"publish","type":"post","link":"https:\/\/bicon.li\/en\/2016\/10\/19\/the-new-data-economy-enabled-by-the-blockchain\/","title":{"rendered":"The new Data Economy enabled by the Blockchain"},"content":{"rendered":"

Data is the new oil. You've probably heard this saying more than once.<\/p>\n\n\n\n

\n

So, why are we giving it away for free?<\/p>\n<\/blockquote>\n\n\n\n

Facebook currently has a market capitalisation of 374 billion USD simply for having the largest database of personal information (or CRM system, if you prefer). Every day, we are feeding it with more and more data, information and content, and giving it away for free.<\/p>\n\n\n\n

I have spoken with several entrepreneurs in the blockchain ecosystem, and the idea of users being remunerated for providing data to companies in the future is a topic that regularly comes up.<\/p>\n\n\n\n

For example, if I were to use an internet-connected device to measure my pulse or blood pressure and a company was interested in the information it provided, I would only share it if I received something in return. The same applies to weather data from my phone or personal weather station, photos with a location tag, data from my 'Internet of Things' devices and information from my car. The list is almost endless.<\/p>\n\n\n\n

However, two essential elements are currently missing to make this a reality:<\/p>\n\n\n\n

    \n
  1. User awareness of the value of their data, information and the content they provide<\/li>\n\n\n\n
  2. A cheap, fast, scalable and user-friendly internet-based payment system that also works for very small transactions.<\/li>\n<\/ol>\n\n\n\n

    The first point may not be easy to achieve at first, but I believe that if one company starts paying for data, it could quickly become the norm and others would follow suit.<\/p>\n\n\n\n

    The second may happen sooner than we think if you believe the blockchain evangelists. I won't discuss that topic further here, since it has already been covered extensively in countless other blogs. Suffice to say, I agree that such a system will appear before too long.<\/p>\n\n\n\n

    I do not believe that companies would be unwilling to pay for one of their most essential resources \u2013 information. They certainly have a better understanding of its value than the average consumer.<\/p>\n\n\n\n

    Imagine the paradigm shift this would represent. Every piece of software or device connected to the internet that generates information would essentially have a 'button' to release that data to someone willing to pay for it. If there is more than one interested party, there could even be an auction scenario. Alternatively, it could be automated if the owner doesn't mind who buys the information. If you have a social media account, you could earn money based on the content you provide. This content could be rated using artificial intelligence, and the higher the score, the more you would be paid. Each piece of information would be valued and traded accordingly.<\/p>\n\n\n\n

    On the other hand, consuming information and content would obviously come with a price tag more often. Personally, I have never understood why certain content on the internet should be free when, in the business world \u2013 especially in finance \u2013 qualified information is extremely expensive (e.g. Bloomberg and Reuters).<\/p>\n\n\n\n

    So, yes, ultimately, consumers may not be better off, as the proceeds from the sale of data and information will offset the cost of the content consumed. However, the big difference is that those who produce the data, information and content will receive fair compensation, and those who monetise it will pay for the use of these resources.<\/p>\n\n\n\n

    \n

    If data really is the new oil, it should be treated and traded as such.<\/p>\n<\/blockquote>\n\n\n\n

    Any thoughts?<\/p>","protected":false},"excerpt":{"rendered":"

    Data is the new oil. You've probably heard this saying ... <\/p>\n

    Read Article<\/a><\/p>","protected":false},"author":1,"featured_media":1051,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_uag_custom_page_level_css":"","ub_ctt_via":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","generate_page_header":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[17,14,34],"tags":[31],"class_list":["post-1050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-clientmanagement","category-itstrategy","tag-english","infinite-scroll-item","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"featured_image_src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/11\/StockSnap_3OEXFDXO6K-e1478460441505.jpg?fit=2500%2C1667&ssl=1","author_info":{"display_name":"Volkmar Ritter","author_link":"https:\/\/bicon.li\/en\/author\/wm\/"},"yoast_head":"\nThe new Data Economy enabled by the Blockchain | BICon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bicon.li\/en\/2016\/10\/19\/the-new-data-economy-enabled-by-the-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The new Data Economy enabled by the Blockchain | BICon\" \/>\n<meta property=\"og:description\" content=\"Data is the new oil. 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Ritter","author_link":"https:\/\/bicon.li\/en\/author\/wm\/"},"uagb_comment_info":0,"uagb_excerpt":"Data is the new oil. You've probably heard this saying ... Artikel lesen","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/bicon.li\/en\/category\/blockchain\/\" class=\"advgb-post-tax-term\">Blockchain<\/a>","<a href=\"https:\/\/bicon.li\/en\/category\/clientmanagement\/\" class=\"advgb-post-tax-term\">Client Management<\/a>","<a href=\"https:\/\/bicon.li\/en\/category\/itstrategy\/\" class=\"advgb-post-tax-term\">IT & Daten Strategie<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Blockchain<\/span>","<span class=\"advgb-post-tax-term\">Client Management<\/span>","<span class=\"advgb-post-tax-term\">IT & Daten Strategie<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/bicon.li\/en\/category\/itstrategy\/\" class=\"advgb-post-tax-term\">English<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">English<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 10 years ago","modified":"Updated 5 months ago"},"absolute_dates":{"created":"Posted on 2016-10-19","modified":"Updated on 2026-01-11"},"absolute_dates_time":{"created":"Posted on 2016-10-19 19:27","modified":"Updated on 2026-01-11 18:56"},"featured_img_caption":"","series_order":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9UXv9-gW","jetpack-related-posts":[{"id":1274,"url":"https:\/\/bicon.li\/en\/2017\/06\/19\/the-full-potential-of-the-blockchain\/","url_meta":{"origin":1050,"position":0},"title":"The Full Potential of the Blockchain","author":"Volkmar Ritter","date":"2017-06-19","format":false,"excerpt":"If you look at the blockchain from a technical perspective and focus on a distributed ledger\/database which is slower and less performant than a conventional centralized database you will miss the point. The real \"sex appeal\" of the blockchain is that no central authority is needed and therefore no central\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6363,"url":"https:\/\/bicon.li\/en\/2023\/10\/11\/the-evolution-of-banking-key-technologies-shaping-the-future\/","url_meta":{"origin":1050,"position":1},"title":"The Evolution of Banking (Part II): Key Technologies Shaping the Future","author":"Volkmar Ritter","date":"2023-10-11","format":false,"excerpt":"The banking industry, once characterized by its traditional bricks and mortar establishments is undergoing a radical transformation. This metamorphosis is driven by technological advancements that are reshaping the way financial institutions operate and serve their customers. In the second part of the series \"The Evolution of Banking\" I will delve\u2026","rel":"","context":"In "Artificial Intelligence"","block_context":{"text":"Artificial Intelligence","link":"https:\/\/bicon.li\/en\/category\/artificialintelligence\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/12\/img_8793.jpg?fit=604%2C340&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/12\/img_8793.jpg?fit=604%2C340&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/12\/img_8793.jpg?fit=604%2C340&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4131,"url":"https:\/\/bicon.li\/en\/2022\/01\/11\/blockchain-and-wealth-management\/","url_meta":{"origin":1050,"position":2},"title":"Centro Law Expert Guest Series: Blockchain and Wealth Management","author":"Volkmar Ritter","date":"2022-01-11","format":false,"excerpt":"What to expect from blockchain applications when it comes to wealth management? Will Blockchain Technology disrupt Wealth Management? So far, the wealth management industry has primarily escaped disruption by blockchain technology. Presumably, challenges in scalability, regulatory uncertainty, and a cautious new technology adoption approach are some reasons. Meanwhile, wealth owners\u2026","rel":"","context":"In "BICon News"","block_context":{"text":"BICon News","link":"https:\/\/bicon.li\/en\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2022\/01\/WM-blockchain.jpg?fit=1200%2C591&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1015,"url":"https:\/\/bicon.li\/en\/2016\/10\/22\/middlemen-are-the-new-stars\/","url_meta":{"origin":1050,"position":3},"title":"Middlemen are the new Stars. How much longer?","author":"Volkmar Ritter","date":"2016-10-22","format":false,"excerpt":"Disintermediation, the removal of intermediaries from a supply chain, was a popular concept during the early days of the Internet and remains a frequently cited idea in discussions about technological disruption. Similarly, the contemporary observation that leading platforms in hospitality, transportation, and other sectors operate without owning assets highlights the\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/10\/2015-12-22-16.45.30.jpg?fit=1200%2C795&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":909,"url":"https:\/\/bicon.li\/en\/2016\/02\/15\/the-future-stars-of-fintech\/","url_meta":{"origin":1050,"position":4},"title":"The Future Stars of Fintech","author":"Volkmar Ritter","date":"2016-02-15","format":false,"excerpt":"In search for a comprehensive framework to classify the Fintech Universe, which does not simply show a grouping of nice logos, I ended up with the classic 2x2 diagram. First let me explain the two dimensions for clustering: Added Efficiency and Automation The x-axis \u200eis specified as the added efficiency\u2026","rel":"","context":"In "Blockchain"","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/02\/FintechStars.jpg?fit=1200%2C750&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/02\/FintechStars.jpg?fit=1200%2C750&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/02\/FintechStars.jpg?fit=1200%2C750&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/02\/FintechStars.jpg?fit=1200%2C750&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2016\/02\/FintechStars.jpg?fit=1200%2C750&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6433,"url":"https:\/\/bicon.li\/en\/2023\/09\/12\/the-evolution-of-banking-from-digitization-to-digital-transformation\/","url_meta":{"origin":1050,"position":5},"title":"The Evolution of Banking (Part I): From Digitization to Digital Transformation","author":"Volkmar Ritter","date":"2023-09-12","format":false,"excerpt":"The progression from the digitization of analogue information to the comprehensive digital transformation marks a revolutionary shift in the banking sector. This article (first part of a series) explores this journey, focusing on pivotal moments that led from the mere conversion of physical records into digital formats to a profound,\u2026","rel":"","context":"In "Digitale Transformation"","block_context":{"text":"Digitale Transformation","link":"https:\/\/bicon.li\/en\/category\/digitaltransformation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Digital-Evolution-in-Banking.webp?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Digital-Evolution-in-Banking.webp?fit=1200%2C686&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Digital-Evolution-in-Banking.webp?fit=1200%2C686&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Digital-Evolution-in-Banking.webp?fit=1200%2C686&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Digital-Evolution-in-Banking.webp?fit=1200%2C686&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"publishpress_future_action":{"enabled":false,"date":"2026-06-20 00:03:16","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts\/1050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/comments?post=1050"}],"version-history":[{"count":0,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts\/1050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/media\/1051"}],"wp:attachment":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/media?parent=1050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/categories?post=1050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/tags?post=1050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}