Today, individuals produce ever-growing amounts of personal data. This data (banking, mobile, health, retail etc) documents every aspect of our lives.
Most, if not all of this personal data is “owned” and controlled by the companies that provide us with our services. Increasingly, individuals are becoming unhappy and uncomfortable with the way that our data is being exchanged and combined without our consent or permission.
Consumer pressure and action (i.e ad blockers) is driving a shift of control of this personal data from the corporations back to the individual.
When an individual is able to aggregate and view all their data they are able to make more informed decisions. This ‘empowerment’ is called the Internet of Me. They are now able to share that data with whom, whenever and however they chose.
Companies wish to get access to this rich, single source data directly from the consumers. This exchange of personal data for a value proposition (service, convenience or reward) is called The Personal Data Economy.
The introduction of the EU General Data Protection Regulation (EU GDPR) has now enshrined in law many aspects of The Personal Data Economy. The challenge ahead of us is to drive adoption and demonstrate the benefits of this economy to both consumers and companies alike.
To learn more, watch the following video: