From the latest data breach, to systemic mis-use of personal data from big-tech, the bottom line is that today’s customers don’t trust how businesses and brands use their data—something needs to change.
While many businesses and platforms are looking towards reducing their use of data, removing the ability to share and use 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 about how data 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 based upon it.
But we also know that only when personal data is handled responsibly will it have freedom to move and create value. By responsibly, 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 trust within customer relationships once you’ve collected it.
Ethical data means complete legal ownership of the data by the individual and equitable first party contracts for sharing and usage.
Ethical data means data that is responsibly sourced by organizations directly from their own customers through tech infrastructure the individual owns themselves.
Ethical data means edge processing and computation enabled by the individuals themselves via a personal data server.
Ethical data means more control, more trust, less complexity, lower cost.
Ethical data means more value and more benefits for both individuals and industry.
These benefits include reduced cost of infrastructure, improved compliance to regulation, increased quality of data, increased trust and transparency between enterprise and individuals. But it is also personal flourishing through access to improved data, economic growth through increased cultural and commercial value of data, and the creation of new markets and new wealth from data liquidity.