According to Greta Menzies, co-founder of Chain Collective, “blockchain has the potential to profoundly transform the economics of data between consumers and businesses.”
With the help of Web3 technology, huge technology businesses can access client data without having to provide any compensation to the employees who gather the data.
The main goal of Firstly, an all-female-led company, is to help clients navigate data privacy. Achieve greater transparency and control, along with an opportunity for monetizing the data.
Chain Collective, a Web3 startup that allows consumers to monetize their data by using blockchain technology, believes that. The advent of Web3 technologies will change how data. It is to collect and allow consumers to receive compensation for the information they share. Chain Collective is a Web3 startup that enables consumers to monetize their data by using blockchain technology.
The economics of data
Internet-based technology (Web3) predict to become more common in the future. Founders Jenny Walker and Greta Menzies started a data marketplace. Secondly, As a result of their previous work in business. And intelligence and machine learning, as well as their interest in Web3 technology.
Using blockchain technology, the all-female team aspires to aid consumers in monetizing their data while. Also encouraging more women to work in the Web3 industry.
According to Greta Menzies, co-founder of Chain Collective, consumer data is now being “stolen, purchased, sold, and profited from,”. There is currently no means for consumers, who are the true owners of the data. To claim their share of “the value of their data. As the term is used in the industry to describe the value of their data.
Companies are adopting data standards that are exceedingly complex and difficult to understand for the typical person, according to Menzies. As stated by one of the co-founders, they are meant to create confusion among consumers. As to how their data is being used.
A blockchain-based company
On its non-fungible token (NFT) marketplace, which will be enabled by blockchain technology. The team plans to develop digital certificates that will be made available for purchase.
Customer data assets will represent by these certificates, which will transfer through the use of blockchain-based smart contract technology.
With the inherent security and transparency provided by blockchain technology, as well as the advancements provided by machine learning technology, the team wants to deliver “dynamic and egalitarian pricing structures” to customers.
Women in the crypto industry need to have a voice, and Menzies recognizes the value of providing them with a safe space and opportunities.
As stated by the data executive, they are also taking advantage of this chance to motivate women, such as their own daughters, by demonstrating to them that they are capable of reaching their own objectives.
In addition, because she is based in Australia, the co-founder shared her thoughts on the country’s acceptance of blockchain technology.
Although Australian politicians are striving to increase bitcoin acceptance, Menzies believes that “the barrier to entry remains too high for more widespread use” in the region, despite the fact that the country has been a leader in the cryptocurrency space.