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Along with the internet’s benefits, a mess of consumer privacy concerns were introduced with it, as entrepreneurs powered their marketing and advertising with previously private consumer data and very little security surrounding that data. While the internet helped entrepreneurs better understand their prospects, data mining and exploitation weren’t always good for brand perception.In a McKinsey report, all industries, including financial and healthcare, received a lower than 50 percent trust rate. The absence of trust comes from the scale of some very recent data breaches.
Corporations and smaller companies are often getting hacked, with billions of records exposed. However, the new generation of the Web, or so-called Web 3.0 (also referred to as the Spatial Web or the Metaverse), could solve some of those privacy concerns and determine who owns the data and profits from it.
Returning data ownership to consumers