[FIXED] How can I use web3 protocols to give participants ownership of their data?

Issue

I am building a commercial platform that uses voluntarily-supplied psychological data to help clients make commercial and operational decisions. Rather than pay for this data once, I would like to engage the people who supply their data in an ongoing way. In particular, I would like them to continue to benefit from the revenue their data generates.

However, while I am aware that web3 protocols allow this, I have no knowledge of the software stack I might need to do this. Well, I have a sense that the Ethereum ecosystem might allow this, but not precisely how. In no particular order, I have trouble with the following questions:

• How do I associate participants with their data?
• How do I log the usage of participants' data in a way that reflects the extent to which it is used?
• How do I remunerate participants when their data is used?
• How do I maintain the integrity of the data ownership system?

I can imagine possible ways to do all these things, but would appreciate any insight from someone who has better familiarity with the technology. (For the record, I have substantial experience in python, data science, and NLP, so I'm not afraid of technical suggestions.)

Solution

How do I associate participants with their data?

You could create an NFT(ERC721) that describes the relationship to your business.

How do I log theusage of participants' data in a way that reflects the extent to which it is used?

You can use the token ID of the NFT as an ID for their data. and everytime their data is used you can call a function in your smart contract that adds the usage to a data structure associated with their token ID.

How do I remunerate participants when their data is used?

you can have a function in your smart contract to settle that refers the data structure you created early to see how much the data was used and the amount of ether can be sent to the address of the owner of token.

How do I maintain the integrity of the data ownership system?

Using the blockchain itself takes care of it if you wrote your smart contracts correctly.

This way gives the owner of the data an option to sell his token to someone so that the buyer can earn from owner's data and the owner of the data could demand whatever he thinks is the value of the token is.

Answered By - Mohana Sundaram S

Answer Checked By - Robin (PHPFixing Admin)