David Schwartz, one of the original pioneers of Ripple XRP has very recently spoken at the 2018 MoneyConf, which see’s the combination of a number of the worlds leading banks and Fintech firms come together to discuss all things finance.
“With the #InternetofValue I think we will see more of an on demand economy. Or things like machine to machine payments, maybe a store pays you to find out what you’re interested in as you walk by.”
–@JoelKatz speaking with @IvanaKottasova at #MoneyConf @MoneyConfHQ pic.twitter.com/v8yjZpTuZG
— Ripple (@Ripple) June 12, 2018
According to a recent tweet by the main Ripple Twitter account, Schwartz has discussed a few applications for XRP on stage at the conference, outside of its clear uses as a store value token. According to Ripple, Schwartz has said:
“With the Internet of Value, I think we will see more of an on-demand economy. Or things like machine to machine payments, maybe a store pays you to find out what you’re interested in as you walk by.”
This got us thinking, wouldn’t that be a wonderful and powerful situation? If customers could sell off their interests as data for shops and commercial sellers? Moreover, it makes you wonder what further implications this sort of thing could have for big names such as Amazon.
Of course, the monetisation of personal data is not a new concept, but, what Ripple could be exploring here is the idea that this could become an automated system. Think about it this way, you could give you bank permission to feed your purchase data to machines that offer financial rewards for that data. Within an Internet of Value, this data becomes a financial asset and thus, your bank allows a shop (in this instance, Amazon) to purchase that information, so it can better target advertisements and deals to you. In return, you are more likely to make a purchase from that shop, because you are seeing a product you need, or have an affiliation with, as opposed to just seeing a product that Amazon’s algorithms think you might like.
With such a prolific figurehead talking about this topic, and of course, Ripple tweeting about it, it does have to make you wonder what is going on behind the scenes here. It does seem very likely that Ripple might take this and run with it, or, maybe they are just speculating and trying to open up a wider debate about the Internet of Value.
Overall though, with this concept in mind, it gives Ripple XRP a real use value, outside of it as an exchange system, or a token through which a commodity could be purchased.
We are a very long way off a culture that accepts this sort of data mining, but let’s face it, within contemporary society our data is essentially stolen anyway, so where would be the harm in letting us at least make a bit of money out of it?