Jenny Walker and Greta Menzies are reportedly going to build a blockchain-based data marketplace, with a goal to assist data monetization of consumers and attract more women to Web3.

Specifically, Web2 reportedly allows enterprises to gather consumer data free-of-charge. However, with Web3 being rolled out, the individuals behind such data will receive payout for the information they share. 

Hence, Jenny Walker and Greta Menzies, utilizing the skills they picked up from the business intelligence and machine learning sphere in their previous jobs, collaboratively co-founded “Chain Collective”. 

Per Menzies, consumer data is being “collected, bought, sold and profited from”, with the authentic owners of said data are unable to discover any measures to claim their share from “the value of their data.”

“Our initiative empowers consumers with a data exchange marketplace allowing a fair and equitable exchange of the economics of data between consumers and businesses.”

Menzies additionally revealed that firms have been coming up with data policies with complex layers and difficulties for the day-to-day consumers to grasp the exact understanding. 

The co-founder reportedly shared a belief that said policies are built with a purpose of bringing confusion to the consumers, regarding the way their data are used. 

With blockchain’s help, the team is reportedly going to generate digital certificates that will be deployed across their NFT marketplace, representing consumer data assets and will be exchanged via a smart contract. 

The team, depending on the security and transparency features blockchain has to offer and improvements machine learning brings to the table, works towards the goal of offering “dynamic and equitable pricing models.”