IOVO; A Tool to Enable Claiming Ownership of Personal Data Generated

[meejay]

In this article I will present you IOVO (Internet of Value OmniLedger), which is a unique tool to provide individuals and entities to claim the ownership of the data generated. The article contains information such as, human value: the data generated by ourselves, how it is benefited at the moment, the need to implement a tool to claim ownership of data and my comments on the infrastructure proposed.

Introduction
Most of us was not aware of the fact that our personal data is being gathered and monetized by large internet entities until Facebook case. We have Social media platforms collect valuable user data such as interests, preferences and activities via the actions made during user interaction within the platforms. These platforms categorize this big data and sell them to the marketers. This way such platforms obtains enormous revenues. Facebook reported advertising revenues of $9,16 billion in Q2 of 2017. According to the information the amount of user data accessed by Facebook was 6 million in 2006. It increased to 87 million in 2018. YouTube, on the other hand was accused of illegally collecting data from children for profit.

It feels that this is only the part of the iceberg visible to us when considered how much digitized our lives became. According to internetworldstats.com, global number of internet users increased from 1.80 billion in 2009 to 4.20 billion in 2018 with 133% increase. This huge growth in internet usage brought many benefits to users and created new opportunities for new businesses to emerge. We have started using internet to do the most of the things we used to do manually. Ecommerce as an emerging industry provided this opportunity.

It is obvious that internet and ecommerce changed significantly our shopping attitudes. We have started using online stores to purchase most of the things we need. According to Global Ecommerce Report 2017; global ecommerce volume increased from $0.52 trillion in 2010 to $1.84 trillion in 2017 for selected report countries. This represents a 253% increase in 3 years’ time. Forecasts made on statistical studies show that the increase in ecommerce volume will continue to increase.

Finally a Tool to Benefit the Data Generated by Ourselves
Monetization of such data clearly shows that these data has value. This is called “human value”. In the existing infrastructure there is no tool provided to claim the ownership or to hold and monetize these data for anyone. The Internet of Value Omniledger (IOVO) is a tool to function returning ownership of that value back to the individual and store it in a safe and secure manner. IOVO will also democratize the monetization of data owned — expressed as an electronic identity for all participating parties.

As mentioned before there is a couple of centralized structures which benefit the complete potential of the data generated by users through their interaction with infrastructures utilizing internet. IOVO aims to provide a decentralized infrastructure which will enable users to benefit from collecting, storing and sharing the data generated by themselves directly or through numerous decentralized apps (dApps).

The term “omniledger” is given in order to represent the extent of IOVO as being “ledger of ledgers”, a universal global database network acting as a base layer for distinct decentralized social and commercial applications. Being an omniledger, IOVO will become the main tool for various quantitative value management platforms and dApps, providing both benefits to users and functioning as a social and commercial utility.

Emergence of Internet of Value (IoV)
The emergence of Internet of Value (IoV) The value created is moving away from the material economy of industry. Industries and services provided are becoming automated and artificial intelligence technologies are being adopted. These advancements undermine the human value and it loses significance.

IOVO is a DAG (directed acyclic graph) which secures complete personal data ownership and management which will prevent the loss of human value.

It is estimated that every year existing and new markets will rely on blockchain and DAG increasingly. IOVO has been built to recognize and store human value by accumulating personal data. It will make data an exchangeable asset secured by the distributed global public ledger.

Ownership of Data Represents Freedom
All the activities of individuals and businesses generate very large amounts of data. For the time being these values generated are owned and benefited by large centralized commercial organizations. Since we do not own our personal data this means that we do not own our lives. Personal data ownership means to have freedom in this sense.

IOVO is designed to allow individuals and entities to reclaim ownership of their data. IOVO facilitates and automates the process of personal data management and monetization. The IOVO DAG provides the infrastructure for any and all future dApps based on user values and/or focusing on data usage, including (but by no means limited to) finance, credit, insurance, banking, news, and non-monetary payments. IOVOs goal is to democratize the monetization of data for all participating parties.

Human Value is Diminishing
Technological progress made in the last century especially last decades has resulted in the value of material instruments to raise unprecedentedly. Every improvement in technology have provided comfort to humans while conquering an area. The value of processes and products kept increasing and overgrowth the value of humans.

The new economy named as “Industry 4.0” will be composed of automated processes and AI integrations. In order to prevent human value to diminish when the technology and industry evolves in this way, tools are needed to assess, store and exchange the value generated. Decentralized ledgers are perfect for these kinds of tasks. Values of human assets loses value continuously because there is no publicly trusted ledger. In addition, anything that is on a ledger does not exist.

IOVO DAG will function as the perfectly transparent data collecting, storage and management system which will prevent human value to diminish.

The Missing Piece of Internet: Internet of Value
Everything we have established on this world is based on exchange. Emergence of Internet brought mankind various other exchange methods. Exchange has served human progress and socioeconomic fluidity.
Together with Internet of Information and Internet of Things, Internet of Value will close the global exchange circuit and complete the near future Internet of Everything. IOVO will represent the platform and currency of the Internet of Value.

Conclusion
Since our lives have become more digitized, traditional processes are being replaced by digitized versions. Internet and ecommerce together constitute a large portion of our modern digital life. We generate great amount of data during our daily actions. These data are collected, managed and monetized without noticing us. Centralized commercial organizations make use of the benefits of this data which is called ‘human value’. IOVO will help anyone who generates data to claim ownership, management and exchange of their data.

Modern day socioeconomic reality is dependent on data and this dependency is increasing every day. Today the flow of data determines the level of politic and economic power. The centralization of data related processes harms the democracy and represents the real cause of the current depreciation of human value. IOVO DAG is designed to enable individuals, institutions and other entities to claim ownership of their personal data or human value generated by themselves. This is actually what the mankind needs in a world evolving to be more automated and surrounded by AI technologies. Human value will be prevented from diminishing or depreciation.

The capabilities provided by IOVO is beyond data ownership and monetization power to be given to each individual. It would represent one of the most important store of value for mankind in a future world where everything is automated with AI integration like in the science fiction novels. Importance of such an infrastructure is more important to be established and sustained for future.

Important Links
Website: http://www.iovo.io/
ANN thread: https://bitcointalk.org/index.php?topic=4509519.0
Bounty thread: https://bitcointalk.org/index.php?topic=5057281.0
Telegram chat: https://t.me/iovoledger
ETH: 0x1A5e1161e49Af08D41954b90885B9CFF33b88fB3