Hu-manity Taps into Blockchain Technology to Create Data Marketplace

Hu-manity data marketplace

The beautiful thing about data and information is that it is wildly available. The sad thing is that a majority of us don’t know who is using our private information to milk their businesses. Most of the times, we don’t have any idea how our personal information on the web is being shared. Hu-manity is working tirelessly to change that.

Hu-manity is a data ownership startup that wants to fix this issue of private data control using the blockchain technology. Their mission is to provide the power of data to whom it belongs. Hu-manity co-founder and CEO Richie Etwaru sees this as a significant cultural shift into how we treat data. Etwaru explained that

We’re starting with the idea that your data is your digital property, and we are allowing you to have the equivalent of a title, like you have for your car.

However, selling this idea to businesses that have been using personal data explicitly without permission is not going to be an easy task. Hu-manity believes that the first step to overcome this is to create a vast pool of users which would make it attractive for businesses and data buyers. Etwaru said:

We are pooling large communities together to be able to notify corporations that don’t respect digital data streams of property, because they take a very business centric view of regulations to opt out, then invite them back into a property centric view of data within the new terms and conditions defined by the marketplace.

Hu-manity will tap the medical industry fist with the health data, which is most frequently used for medical studies. The company believes that their system could be used by big pharmaceutical giants who can make individual contracts with their customers and buy their data. This way the company can understand its patients in a much better fashion, creating a win-win situation for both – the company and the customer.

The startup is also working on setting up a marketplace to bring the buyer and seller together. This marketplace will provide a complete track and trace of mechanisms giving the data owner the full control of their data. Hu-manity will act as a broker between the buyer and seller.

The startup is currently working with several economic advisors to decide the pricing model.

Take a look at this video to better understand what they are trying to do.




Disclaimer: The above article references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a qualified licensed professional for investment advice. Read our full disclaimer here.