California’s New Data Privacy Law Will Let You Stop Your Data From Being Shared

 

California’s New Data Privacy Law Will Let You Stop Your Data From Being Shared by Joe Martino from Collective Evolution July 2, 2018

 

In Brief

• The Facts:Effective in 2020, bill AB 375, or the California Consumer Privacy Act, will let regular internet
  users ask for the data a company has collected on them and whom the data has been sold to. Users can also stop the selling of their data.
• Reflect On:If you had the choice to stop having your data collected and sold would you stop it? What if you had the opportunity to monetize your own data?

Concerned about privacy? A major bill passed in California on June 28th is going to reshape the way tech companies hold data from consumers and it will impose some historically tough privacy requirements. This includes putting a halt on the collection and sale of personal data if a user requests.

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This will essentially put companies like Facebook in a very interesting position as the collection of data may be held back if a user requests, therefore their advertising platform could suffer. Not only that, the sale of user data to third party companies may stop if enough users begin asking for it to not be sold. If the trend grows big enough and spreads, this could mark the end of Facebook.

In detail, the bill — AB 375, or the California Consumer Privacy Act —  will let regular internet users ask for the data a company has collected on them and whom the data has been sold to. Most people understand their online activity is being tracked for targeted advertising, but we don’t have a broad understanding of what data’s being used, and even how much is being made from it.

Marc Rotenberg, executive director of the Electronic Privacy Information Center, believes the new law means privacy could become a key talking point that could impact upcoming midterm elections.

“This is a milestone moment for privacy law in the United States,” Rotenberg said in a statement. “The California Privacy Act sends a powerful message that people care about privacy and that lawmakers will act.”

The bill will take effect at the beginning of 2020.

 

Monetizing Your Data?

But what if users could not only request to not have their data collected or shared, but could choose to share their data and make money from monetizing that data? We’re not talking about just getting a cut, but actually being the ones that make profit directly from their own data, simply by opting in.

A new company called TimiCoin is going to make this possible for users by allowing them to monetize their health data.

Bringing together a crypto token and the blockchain, TimiCoin is pioneering the tokenization of health information, including your DNA sequencing and other genetic information, through a decentralized blockchain ecosystem. They promise to allow users to monetize their own data, have access to their health information whenever they need it and verify that it is accurate.

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The Timicoin platform is built on their own custom blockchain and it’s already fully functioning. This means that in a short time, you will be able to begin using Timicoin’s blockchain to monetize your health data. For more information, please refer to this earlier CE article. You can also read Timicoin’s White Paper here.

We are seeing a big change in business paradigms right now where people are seeing a little bit of power come back to them. Why let companies make all the money off of your data when you could be? Afterall, it’s your data, you should be able to monetize it!

Follow Timicoin on Twitter to keep up with their impending release and so you can start monetizing your own health data.