We founded Bitmark in 2014 with the goal of giving individuals the freedom and wealth that can come from having property rights to their data. Right now, personal data is owned by tech giants like Google and Facebook. They use our personal data to generate insane profits, from which we “users” share nothing. The concept of a property right is the foundation of all modern markets. Property rights were invented for land and then extended for knowledge. They grow the pie for everyone by creating equitable, incentive-based economies. Property rights are not well defined for digital media. And they do not even exist for personal data.
Abstract for Def Con
Revolutions come after the creation of property rights. Land ownership enabled the Agricultural Revolution. Patent claims enabled the Industrial Revolution. They tell you we are in an Information Revolution, but individuals do not have property rights for information. Our software and content is licensed — corporations can revoke it “at will.” Our personal data is created and stored in the cloud without individual property rights, leaving us vulnerable to privacy violations and mass-surveillance. But most importantly, we are left out of the marketplace for what we create and generate. Bitmark – the decentralized property system – will change all this. Bitmark is the first system to convert your data into property. Using blockchain technology to record property rights that can be transferred peer-to-peer, Bitmark establishes property rights akin to land titles or patent claims. This provides a way for individuals to protect their data and, in time, will empower in the digital age.