A new app is being launched that will allow consumers to make money by providing their personal data to companies for advertising purposes. This turns the tables on large companies which make massive amounts of money selling personal data they collect from users.
There was much controversy earlier this year when news broke that people’s private information from Facebook was mined for targeted political advertising. The Globe and Mail newspaper reports that Facebook earned an average of $23.59 US per North American user in the last quarter alone.
The Killi web page promises transparency and a chance for consumers to make money from their personal data. (www.killi.io)
An app called Killi proposes to act as a middleman storing users’ data using blockchain technology and distributing it to paying companies. Consumers would to get between 10 cents and a dollar each time someone buys their data, reports the Globe.
There are already about 35 other companies developing similar apps. The trend attracted the attention of Catherine Chen, founder and CEO of IG Liason Strategy & Business Consulting. She is concerned about privacy and was encouraged to see that Killi is emphasizing transparency in its operation. She says people considering using the app should put it to the test.
Catherine Chen says consumers should ask several questions about how their data will be used. (Mirna Chacin)
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‘It’s all about transparency’
“They should ask the company ‘could you please show me how you collect my personal data, how you share my personal data, if I ask you to delete my personal data how are you able to do so,’ because privacy is all about choice, about transparency,” says Chen.
“As a consumer, I think we should know how you act through the entire process from beginning to the end. It’s all about transparency.”
In fact, Chen extends this advice to consumers when they interact with other companies.
“Don’t be afraid of asking companies. Let’s say if I’m banking with a bank in Canada, we should have every single right to ask them, ‘can you show me how you actually use my personal data’ because we should have ownership of our personal data. So, don’t be scared, but at the same time, be proactive, ask the questions about your personal data.”
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