Blockchain shows major potential to drive positive change across a wide range of industries. Like any disruptive technology, there are ethical considerations that must be identified, discussed, and mitigated as we adopt and apply this technology, so that we can maximize the positive benefits, and minimize the negative side effects.

Own Your Data

For decades we have sought the ability for data subjects to own and control their data. Sadly, with massive proliferation of centralized database silos and the sensitive personal information they contain, we have fallen far short of data subjects having access to, let alone owning or controlling their data. Blockchain has the potential to enable data subjects to access their data, review and amend it, see reports of who else has accessed it, give consent or opt-in / opt-out of data sharing, and even request they be forgotten and their information be deleted.

Monetize Your Data

Blockchain enables cryptocurrency. Think of blockchain as a platform, and a cryptocurrency as a particular application that can run on blockchain, along with many other applications such as those that can enable data subjects to control their data. Users can be rewarded with cryptocurrencies for opting into, or giving consent to collaborate and share their data. For example, a patient may opt into participation in a clinical trial, and in so doing make their data available for research within that clinical trial. This capability has the potential to provide a direct value feedback loop whereby data subjects can monetize their data. This is a huge leap forward from today where data subjects give up their data free, in many cases unaware, and organizations collecting it make highly profitable businesses out of monetizing data with nary a cent going back to the data subject. However, in enabling data subjects to own, control, and monetize their data guardrails must be put in place around this to ensure that data subjects are fully informed of not just monetization opportunities, but also how their data will be used, any risks, and their rights.

Disintermediation and Disruption