With advances in digital technologies and mobile devices, as well as internet proliferation, data is being generated at increasing velocity and many organizations develop strategy to extract more value directly or indirectly from it. (E.g Iota, with IoT devices)
Previously, people have given their data away to companies in exchange for free and centralized access to applications and services. Unfortunately, the models created to serve these users were domain-specific and typically locked away in walled gardens making it difficult to scale and create efficient market places beyond that of these services
The main difficulties associated with monetizing data are:
- Privacy
- Security and Intellectual Property
- Time & Cost
