From the latest data breach to Big Tech's systemic misuse of personal data, today’s customers don't trust how businesses and brands use their data. Something needs to change.
Many businesses and platforms are looking to reduce their use of data, removing the ability to share data, and restricting what can and can’t be done with data. We don’t think this is the right approach.
This is the foundation of a new way of thinking about data and how it can be created, stored, transferred, shared, transformed and recognized. As a commodity, as an asset class, but most importantly, as something that creates value for everyone, not just those who store and broker deals with it.
We also know that personal data will be free to move and create value, only when it's handled responsibly. And we don’t just mean ‘in a compliant manner’. We mean handling personal data ethically – understanding when and which kinds of personal data should be owned, stored, and processed by your customers. And also shared by them to create value for both sides, while preserving the rights and dignity of the person.
Ethical data means:
- ethical by design, rather than navigating complex legislation and the ever-increasing challenge of securing trust within customer relationships once you’ve collected their data.
- complete legal ownership of the data by the individual and equitable first-party contracts for sharing and usage.
- data that is responsibly sourced by organizations directly from their own customers through tech infrastructure owned by the individuals.
- edge processing and computation enabled by the individuals themselves via a decentralized data server.
- more control, more trust, less complexity, lower cost.
- more value and more benefits for both individuals and enterprises.
Benefits include reduced infrastructure cost, improved regulation compliance, increased data quality, improved trust and transparency between enterprises and individuals. But it is also about personal flourishing through access to improved data, economic growth through increased cultural and commercial value of data, and the creation of new markets and wealth from data liquidity.