Personal data: what you need to know
Imagine if you could meet new mortgage requirements based on an assessment of your spending patterns, easily done through your bank account data; or automatically receive the best energy or mobile phone tariff based on your real-time usage; or be matched with privileges and discounts based on your circumstances. And imagine if you could trust all of this to be handled in the right way, on your terms.
The legal side
It would be amazing! But the current reality is different. Especially when you’re talking about personal data as there is no easy, clear-cut legal definition.
The European Union’s Data Protection Directive (95/46/EC) defines personal data as any information relating to an identified or identifiable natural person or data subject. An individual can also consider their data to be an economic asset — generated by his unique identity and behaviour, it can be traded in exchange for higher quality services and products. Concerns about potential misuse of consumer data are not misplaced. Especially because consumers are not always aware of how their data can be used by online platforms, or if it is adequately protected.
The value of data — more than just money
“People are saying Big Data is the new oil,” says Gary Wolf, “and that these treasure troves of data are the big story in the future of business.” He should know. He and Kevin Kelly are the former Wired magazine editors who cofounded the pioneering digital-tracking group Quantified Self in 2008.
Jef Holove, CEO of Basis, a watch-like device that measures your heart rate with a laser, believes that the information he gathers can make the world a better place. For starters, the more data he collects, the better the product he can offer. But he also see’s the potential in sharing those same health stats with insurance companies and corporate wellness initiatives to improve their programs as well. “We’re getting heart rate in a context that hasn’t previously been available,” he says. “It isn’t from a lab or a doctor’s office. It’s in real time, from real life.”
But not everyone is as optimistic about the promise of Big Data. Jaron Lanier, a renowned computer scientist and the author of the new book “Who Owns the Future?”, worries that the information we’re handing over now could be used against us in the future.
Where to begin
people.io operates on the belief that every person should be the one to own and control their data, not some company or website. As a demonstration of that belief, our privacy policy highlights that we will never sell your data or share it with a third-party who might. We’re creating a personal data economy where you are the one that decides how your personal data is used and which one you want to licence.
The amount of personal data stored is increasing rapidly: 90% of data in the world today has been created just in the last two years (as per The economic value of personal data for online platforms, firms and consumers by C. Liem and G. Petropoulos) and companies are also actively expanding their user databases, which can allow them to design products more suited to consumer preferences in the future.
Your personal data is valuable, share it with the brands you love and earn money to engage with updates and reply to questions on people.io.
