**Big Tech Can Extract a Fortune from Your Personal Data**
A new study by the Web3 Foundation has estimated that companies can make around $1.08 million per U.S. resident from their personal data over a 60-year internet usage period.
This staggering figure was arrived at by analyzing data from the ages of 13 to 73, a typical person’s main internet-using years. During this time, individuals accumulate a wealth of information about themselves, including their online browsing habits, social media profiles, and purchasing history. The Web3 Foundation’s study suggests that companies are harvesting and monetizing this data to the tune of almost a million dollars per person.
The study’s authors point out that this figure only accounts for data collected from online interactions. It doesn’t take into account the vast amounts of personal data that companies can collect from offline sources, such as loyalty programs and credit card transactions. This means that the true value of personal data is likely even higher than the study’s estimate.
**What this means**
This study highlights the immense value that companies place on personal data. While it’s not surprising that companies want to collect and sell data, the sheer scale of this operation is alarming. The study’s findings suggest that individuals are giving away a significant portion of their financial worth without even realizing it.
It’s worth noting that this data harvesting is often done without users’ explicit consent. Many people are unaware of the types of data being collected about them, let alone how it’s being used. The Web3 Foundation’s study serves as a wake-up call for individuals to be more mindful of their online activities and to demand greater control over their personal data.
**The Future of Data Ownership**
As the study’s findings demonstrate, the value of personal data is not going away anytime soon. In fact, it’s likely to continue growing as more devices become connected to the internet and more data is generated. This raises important questions about data ownership and who should benefit from the value of personal data. Should it be individuals, or companies that have been collecting and selling it for years? The debate is ongoing, but one thing is clear: it’s time for individuals to take a more active role in managing their personal data.
