What Does Privacy Look Like in Web 3.0?

Under Web 20 a few tech giants dominated the social arena holding unfathomable amounts of power and personal data over and of the general public Web 20 cemented an extreme lack of privacy in the online world Users were forced to accept the terms and conditions offered to them if they had any desire to participate in digital social connection and stay uptodate with their peers and within their careersIn reality online privacy has always been an illusion The evolution of the digital advertising landscape ensured this with tracking cookies and data collection leading to advertising practices that as a baseline require copious amounts of personal data to function The vast majority of websites ignore quotDo Not Trackquot requests and the tech giants that dominated Web 20 all claimed to be fully compliant with the European Union39s EU General Data Protection Regulation GDPR California Consumer Privacy Act when it was unveiled despite the fact that it was created to reign them in by arguing that they fell into the category of quotservice providersquot These circumstances left individuals totally powerless to accept the fact that their data was being collected sold and repurchased en masse without their ability to have any say in the matterSo how will Web 30 change this One of the main tenets of Web 30 is to put power back into the hands of consumers Since privacy regulation is largely ineffective and complete anonymity is clearly an illusion we should be looking to Web 30 for a more practical approach data ownership and compensation We can expect increased transparency more individual control over personal data and heightened personal sovereignty The days of dehumanizing consumers are ending People are sick of it and companies are starting to take notice Scandals over the past few years have caused individuals to lose trust in big tech leaving consumers feeling powerlessThis year Facebook reported its first ever decrease in monthly active users leading to a 26 drop in its shares in a single day They blamed Apple39s iOS privacy changes and decreased advertiser budgets that utilize Facebook39s services This is no coincidence The giant is finally faltering thanks to its own disenchanted users Users are at the end of their ropes when it comes to rampant data exploitation and this is one of the main reasons the ideals of Web 30 have begun to roll inChanges have already begun to blossom With Apple39s iOS 145 published analytics data showed that up to 96 of users will opt out of tracking when given the chance The days of buying data en masse from data brokers and collectors are drawing to a definitive close Most browsers already block tracking cookies automatically with Google Chrome announcing their plans to deprecate the software come 2023Still online privacy remains more or less a farce The data that has been collected is still out there and it39s not going anywhere not while it still has value Federal legislation regarding consumer privacy has not been passed and neither the GDPR nor CCPA has not proven strong enough to drastically change the landscape for the big players though the enforcement of GDPR especially has resulted in several large finesBut as is frequently said if the cost of noncompliance is merely monetary then it39s not illegal just expensive And money is something big tech has no shortage ofThe question remains How will businesses and advertisers be able to survive online when consumers are automatically hesitant The manifestation of individuals taking control of their data means that brands will have to take steps and leverage new technology to create direct longterm relationships with consumers and offer value in exchange for dataAsking permission and compensating individuals for their data especially when their data is being utilized to encourage spending is a practical and reasonable approach Consumers have long seen their data appropriated with no real benefit to them which is part of the reason that optout rates are so high However 79 of consumers have stated they are willing to share their data in exchange for a reward Therein lies the answer optin value exchange In Web 30 the reward offered may take many shapes but in light of developing blockchain technology and growing public interest it seems cryptocurrency will be at the forefront of the new Internet Data marketplaces are likely to soon become obsolete Brands that want to succeed will need to acknowledge their consumers as human and cultivate direct relationships The recent rise in firstparty consumer data platforms CDPs has made this increasingly evident Asking consumers directly for permission to use their data and providing value in exchange for it is the way forwardWeb 30 will continue to recognize that the notion of online privacy is not reflective of reality However it will do this in a way that puts control back into the hands of consumers and not only recognizes but takes into account the effects of historical online data practices Overall this is likely to lead to increased satisfaction on both ends of the consumer and the advertiser Consumers feel respected and humanized while brands are able to more effectively build relationships with their target audiences and collect permissioned firstparty data Digital advertising in Web 30 will certainly be a space worth watchingClick the social buttons to share this content with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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What Does Privacy Look Like in Web 3.0?

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Charlie Silver

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

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