Unfortunately, your personal data does not belong to you; but what if it did? What could a new type of system based on the ownership, sale, and usage of personal data look like? How could it benefit society and business in new ways. We explore this line of thought and more in a new thinking piece on the Data Economy.
Decades ago, personal data collection was done through surveys and in-person polling. Consensus data took weeks or even months to collect and analyze. With the movement into the digital age, companies have capitalized on the lack of regulation, and the obfuscation of privacy policies to collect consumer data across industries.
Governments and consumers are now beginning to wake-up to this pilfering of data. Governments are now enacting policies to protect users from companies, while consumers are becoming more educated on how their data is being used.
We have learned our identity, and thus our data, have intrinsic value. This is especially true for companies who can create and target products based on that data. Through changes in policy, respect for consumers’ personal data along with the recognition that data has a distinct value, new types of data assets and personal identity can be created and monetized.
By placing personal data back in the hands of consumers, we can build a new type of economy, where data itself represents global economic power through currency. Welcome to a new economy of Data Nations.
A new model for data as an economic driver
Data as an economic growth factor and currency