Hey everyone! If you follow me for some time already, you have heard or seen this new concept called a Data Union.
So what is this Data Union?
And what is it good for? There are three key elements we see out there now. Some users that would like to monetise their data on one hand, companies willing to buy or sell user data and missing infrastructure for this type of data monetisation, And exactly this is the gap we want to fill with the Data Union framework.
With Data Union framework Companies willing to buy user data can crowdsource it directly from users in a reliable and compliant way. And Companies with existing large user base can allow their users to unlock the value of their data, act as a data union admin, they can monetise this data in a fair way and with true customer consent.
This whole is done via a data marketplace, and then the revenue from sold data is shared between the admin (the company) and the user. This all happens on a neutral infrastructure that helps keeping the transparency and trust level high. What is even better is that companies that will launch a data union for their users will gain a major brand differentatior. And potencially increase retention of their users.
This will be so important in current uncertain times. I would love to hear your feedback or any questions that you have, so feel free to reach out to me anytime.
reference – So what is this Data Union thing?
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