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7 blockchain benefits according to Don Tapscott

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Blockchain helps consumers monetize data -- their own data

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Visual Editor: Sarah Evans

"Each of you is leaving a trail of digital crumbs of a virtual you," which can be collected, mined and often monetized by governments and corporations, Tapscott said. In a blockchain-driven world, consumers will get to control how the data about them is shared, and they'll have the opportunity to monetize data themselves.

Currently, companies collect and monetize data without input from the consumers, but that's about to change. "There are companies underway that are building your personal identity in a black box on blockchain; only you will own your identity, not Facebook or not a big bank, or not even necessarily the government. And that identity ... will only give out the shred of information that's necessary about you to be able to execute a transaction. ... Furthermore, as this identity moves around, it collects data and you can decide what you want to do with that data. Maybe you don't want to do anything but manage your life better. Or maybe you want to monetize it," Tapscott said.

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How does your company monetize customer data? Does the consumer have any control?
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