The Economics of Personal Data
How decentralised data servers can mobilise silo-ed personal data and unlock its value
Frictionless, instant transactions – that’s what we want for our data to unlock its value and drive economic growth. As long as it is private, safe and secure, like banking.
This was one of the key points Dataswift CEO Irene Ng made at the recent Mobile Ecosystem Forum (MEF) CONNECTS Personal Data and Identity event. In her session with MEF Features Editor Tim Green, Irene discussed mobilising currently silo-ed personal data as a legal, fungible asset: Data Passes that can function as a form of currency.
This, she says, is possible with the decentralised data server (DDS), which ‘re-homes’ data as a high-variant, high-friction commodity with uncertain value into well-formed, safe-to-transact, mobile and high-value decentralised data assets. All with full consumer participation as well as privacy preservation.
Among other things, the DDS:
- Enables discoverability, where partners can discover, offer services and pay for data connections;
- Enables the creation and extension of data pipelines for scalable, real-time, cross-border flows of any data including personal identifiable information (PII) to all partners in the ecosystem;
- Enables downstream income from the data asset which are distributed back to the data originators;
- Creates marketplaces for the data assets as well as strong and resilient data ecosystems.
Watch this recording of Irene’s session on The People-Centric Data Business Models: Assessing the Economics of Personal Data to learn more about the DDS, the importance of human connectors and how Data Passports and Data Passes work as drivers of economic growth.