Data Legislation Paves the Way for Innovation
Since the proliferation of the internet, data has become and increasingly important asset for businesses to obtain and utilise. Understandably, data has been defined as the new oil. Predominantly the consumer has been left behind, your data is being freely harvested and monopolised by the big tech giants such as Google and Facebook, and then sold on to advertisers so your news feed fulfils your every online desire.
Surely as an individual you should have access to your personal data so that you too can passively gain from being you, in other words, create your own personalised ‘data well’. For a long time this has required extensive digging through privacy laws, data legislation has been outdated and customised to the preferences of centralised entities who control, harvest and secure your data. Figure 1 shows the projected data generated globally, surely individuals should have the ability to gain value from contributing to this growing commodity.
In 2017 the Australian government administered a Productivity Commission on Data Availability and Use. Its goal was to update data policy and move away from a system based on risk aversion and avoidance, to one based on transparency and confidence.
The results of this report are extremely exciting for both consumers and bron.tech.
Fast forward less than a year, the government is finding more ways to incentivise progress into an innovation economy where data is being recognised as an essential opportunity to take on this path. So it is not surprising new legislation for data availability and use is being implemented relatively quickly.
Assistant Minister for Cities and Digital Transformation Angus Taylor said it was the biggest reform to consumer law in a generation;
“Government is pursuing the very simple idea that the customer should own their own data. It is a powerful idea and a very important one,”
This trend of increasing transparency for data is not unique to Australia, the European Union has also recently updated their data policy. The EU GDPR aim to protect all EU citizens from privacy and data breaches in an increasingly data-driven world. Similarly to the Australian reform, the European Union is focusing on empowering individuals with autonomy over their own data, but also aiming to regulate the transnational data landscape.
What does this mean for bron.tech?
One of our main priorities at bron.tech is to give each individual consumer power and autonomy over their digital footprint.
A decentralised data marketplace.
We provide a digital data wallet, MyBron, which utilises the ethereum blockchain. It aims to lay the foundations and be a catalyst for you to start your very own ‘data well’, participate in an ecosystem of self empowered digital identities and reap the rewards of living within our increasingly digital society.
There are still challenges to centralised data agencies, most risks of data misuse arise not through controlled sharing of data but rather from dataset hacking made possible by poor or outdated data collection, storage and management practices, coupled with malicious intent to gain access and use data that would otherwise not have been available.
This is where the blockchain comes into real importance. bron.tech is working towards using robust and decentralised infrastructure so there is no single honeypot for hackers to find and steal multitudes of data, rather your MyBron wallet will be one of many decentralised digital wallets.