Enhancing User Control and Transparency in Personal Data Trading: A Blockchain-Enabled Platform Approach

The management and trading of personal data in the digital age present significant challenges related to privacy, security, and the equitable distribution of economic benefits. Traditional centralized models of personal data trading have predominantly favored large corporations and data brokers, often at the expense of individual privacy and control. These models lack transparency, pose security risks, and inadequately compensate individuals for their data. In response to these limitations, this paper introduces a blockchain-enabled platform designed to revolutionize the trading of personal data by prioritizing user control, transparency, and fair compensation. By leveraging smart contracts and a transparent pricing mechanism, the platform addresses the critical need for a more equitable and secure model of personal data management and trading. This approach not only enhances user autonomy in the management of their data but also proposes a novel framework for the valuation and exchange of personal data in the digital economy. Furthermore, the paper evaluates four Ethereum Virtual Machine (EVM)-supported blockchain platforms to identify the most suitable infrastructure for deployment and introduces a proof-of-concept for an NFT-based personal data pricing model utilizing IPFS storage.