With Web 3.0 gaining ground, data is the new currency as anyone who has control over useful data can make a fortune by putting it to good, or even bad use. As the world goes increasingly digital, people are now genuinely concerned about safeguarding their data. In the current scenario, if one can exert control over their personal information and data generated by their day-to-day activities, they will not only decide on who can access it but also derive monetary benefits out of it. The importance of user-generated data is not lost to the world, as many controversies in recent days have made people aware of the extent many online businesses go to plump up their balance sheets. When one speaks about such scandals involving gross misuse of user data by violating the users’ trust, the Cambridge Analytica- Facebook fiasco comes to mind. But again, what is the alternative to social platforms and online services like Facebook, Google and other big tech companies who gather user data by luring users in the pretext of free-to-use services. After all, there is no such thing as free lunch. And in this case, users are paying for these services by giving away valuable personal information including their most private moments for free to online platforms. As companies grow hungry for user data, there have been attempts from various governments to keep them in check. Few regulations like the European GDPR and a more region-specific CCPA appl...
