Prifina’s Talks Developers and Data with Stanford University’s Podcast

On May 15, 2020, Prifina co-founders, Markus Lampinen (CEO) and Paul Jurcys, were invited to discuss user-held data and the opening of the data market on Stanford University’s “Our Data” podcast.

“Our Data” is a podcast series that discusses how blockchain, AI, big data, and the IoT are pushing the boundaries of human imagination while challenging the ability of policymakers to respond appropriately and effectively.

The episode, hosted by Stanford’s Michael Schmitz and Reuben J. Younglom, focused on emerging data models, opportunities presented by user-held data models, and Prifina’s current work and overarching vision.

Below, you can find some of the main points discussed.

Buzz and Hype around Data Privacy

• There is a lot of excitement around data privacy: people have started realizing how much of their personal data companies collect and use, and how little control over that data they have.
• Prifina has received incredible attention from over 10,000 software developers and is connected to communities with tens of thousands of individuals involved in building new applications on top of user-held data.
• Recent regulations like GDPR and CCPA have served as a catalyst for high-level discussions around data privacy. These regulations continue to significantly affect daily practices of many consumer-facing companies around the world.
• Businesses and developers are looking for new ways to get data about customers and reduce their regulatory burden.
• How could we create an ecosystem in which individuals could both control their personal data and get value out of it?
• Prifina’s main goal is to empower developers with tools to build new types of applications on top of user-held data.
• Changing Perception of the Value of Personal Data
• Personal data is not a “sexy” topic for the majority of the population
• Yet, people, policy-makers, consumers have become aware that large tech companies are benefiting from huge sets of personal data (e.g., knowing where users’ locations at 15-second intervals)
• A recent study conducted by Harvard researchers showing that people perceive their data as extremely valuable and unwillingness to give away their sensitive data (“superendowment effect”)
• People see personal data is part of their personality; people are willing to have the power to control how their personal data is used

Prifina’s Tools to Better Understand and Utilize Personal Data

• Personal data is not a “sexy” topic for the majority of the population.
• Yet, people, policy-makers, and consumers have become aware that large tech companies are benefiting from huge sets of personal data they’ve collected (e.g., knowing where users are located every 15-seconds).
• A recent study conducted by Harvard researchers showed that people perceive their data as extremely valuable and exhibit an unwillingness to give away sensitive data (“super-endowment effect”).
• People see personal data as part of their personality; people want to have the power to control how their personal data is used.

The Power of Data Portability

• To make data portable, Prifina creates a personal cloud for each individual user. This is where raw data is stored and is the basis on which personal data profiles are created and API access is shared, if the user so wishes.
• Individuals are then able to “carry” copies of those personal data profiles (e.g., e-commerce profile, travel profile, etc.) and interact with service providers.
• The incentives to steal raw data from individual AWS accounts are much lower than hacking a centralized database, as a much smaller amount of data is held in individual accounts.

Changing Approaches to User-held Data

• Prifina has major reservations towards data commodification (also known as data marketplace) because there are obvious shortcomings in “selling” data. Instead, Prifina is building tools to provide (a) more visibility of personal data, (b) more control over what data is shared, © more dynamic opportunity to exercise consent, and (d) more ways to segment data for specific interactions.
• Future regulations will must be based on four major principles: clear-cut rules, emerging technologies (e.g., edge computing, differential privacy), developer community, and choice architecture.
• Prifina believes that individuals will soon need smart personal data tools and applications that act in the background and nudge people to make better choices. Therefore, defaults will play an important role.

Prifina’s Focus on Developer Community

• Prifina’s vision is that major breakthroughs towards user-held data models will be made by developers who can build on top of user-held data (so-called “local data apps”).
• Prifina is building tools for developers to create new types of applications that run on individuals’ personal data, which does not leave an individual’s account.
• User-centric, user-held data models open vast new markets for new types of applications that harness different segments of personal data.

Connect With Us and Stay in Touch

Prifina is building resources for developers to help create new apps that run on top of user-held data. No back-end is needed. Individual users can connect their data sources to their personal data cloud and get everyday value from their data.

• Follow us on Twitter, Medium, or LinkedIn.
• Listen to our podcast.
• Join our Facebook group Liberty. Equality. Data. where we share notes about Prifina’s progress.
• You can also explore our Github channel and join us at Slack.