Hu-manity.co has unveiled its application that would allow users to take control of their personal data rights through a blockchain system provided by IBM (NYSE: IBM). Users will be able to see which companies are collecting information on them and grant or decline the permission for it.
The programme was called #My31, which according to the press release refers back to the UN convention on human rights which has 30 principles. In doing so, the authors of the project are proposing the 31 principles to be formed around the right of every human being to own their data as an asset.
As of now, the app is only available on the Android in the U.S. and soon will appear on the Apple Store. Initially, the users will be able to take control of their healthcare information and to do so the company will assign the ownership rights to their private information. It could then be either send to third parties or sold to pharmaceutical companies.
WHY IS IT IMPORTANT?
1) According to Hu-manity the market for private data is worth around $200 billion a year. Countless disputes are taking place as users become increasingly worried over the distribution of their private data like the shopping patterns, internet browsing behavior, and their location.
2) A recent survey has found that IBM is one of the leading companies in terms of filing for blockchain patents as it secured the second spot behind Chinese giants Alibaba. IBM is currently undertaking around 500 blockchain related projects which are being supported by a 1,500 team.