Introducing Personal Data Exchanges & the Personal Data Economy

The next big technological shift is to a world where every individual can manage and (optionally) monetise their personal data.

Michael Haupt
Dec 7, 2016 · 6 min read
Get in on the next big thing: Personal Data Exchanges. Image courtesy Tuesday Tech Tip

Companies like Facebook and Google already make billions because they know everything about us via our online habits. What if we could take a cut? What if we could own and sell our data directly?

Our personal data is an economic asset generated by a combination of our identity (demographics), our behaviour (psychographics— our interests, attitudes, and opinions) and our purchases (the lifestyle we lead based on what we vote for with our hard-earned income).

This asset is commonly traded for perceived higher value services and products. Examples are:

  • Being able to find information quickly online (Google);

If this hot-potato topic of data ownership and ‘privacy’ is new to you, here’s a quick primer on who owns your data, courtesy of Hub-of-All-Things:

Bottom line:

Platforms often know more about us than we know about us.

As bleak as this may sound, there is a shift underway:

  • From data owned, controlled and sold by companies

Here’s what Giovanni Buttarelli, the European Data Protection Supervisor, has said about personal data:

“Our online lives currently operate in a provider-centric system, where privacy policies tend to serve the interests of the provider or of a third party, rather than the individual. Using the data they collect, advertising networks, social network providers and other corporate actors are able to build increasingly complete individual profiles. This makes it difficult for individuals to exercise their rights or manage their personal data online. A more human-centric approach is needed, which empowers individuals to control how their personal data is collected and shared.” — Giovanni Buttarelli, European Data Protection Supervisor, October 2016

The more human-centric approach Buttarelli refers to is currently being birthed, thanks to Personal Data Exchanges.

But what exactly is a Personal Data Exchange?

“A Personal Data Exchange (PDE) is a technology platform that enables individuals to own their personal data, manage their privacy and optionally monetise some or all of their digital DNA. PDE’s power the rapidly-emerging Personal Data Economy, where users — rather than platforms — benefit from User Generated Content and Data.”

Essentially, a PDE shifts control of personal data from the platform to the person. Its about letting individuals take ownership of their information so they can share it on their terms.

Contrary to popular belief, consumers (especially the younger generation) are no longer concerned about preserving their privacy. They are instead thinking about who has, and who should profit from their data, and how they can take back control, or even use their personal data to make life easier via a PDE. Makers, founders, disruptors and innovators are meeting this need by building platforms that empower users to control their data.

Examples of Personal Data Exchanges

I’ve been involved in the PDE space since 2013 and I’ve advised and consulted with 5 startups building products that can be described as PDE’s (an as-yet unnamed industry). Based on the interviews and research my team and I have conducted, here is a list of current Personal Data Exchanges. If you know of any others, please let me know.

  1. CitizenMe: Founded in July 2013 by StJohn Deakins. A personal information management service which empowers digital citizens with their personal data. Collect personal data and apply AI to create personal insights. Team, Funding, Twitter.

In addition to the platforms mentioned, there is an initiative underway called the MyData declaration.

Who’s missing?

Please let me know of any others by posting a response.

Why is the rise of PDE’s important anyway?

Society is undergoing a shift from command and control to collaboration and co-opetition. PDE’s are a natural next step in humanity’s development. There is a rather vigorous debate going on around Universal Basic Income, and I see PDE’s potentially playing a role in determining what every individual receives, but that is a topic for another day.

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Michael Haupt

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project managing humanity’s great transition | writer | speaker | strategic foresight practitioner | In-progress book: Society 4.0 — Humanity’s Epic Journey

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An audaciously bold, sweeping plan to decisively eradicate poverty, hunger, disease and inequality. Read the proposal for smart, self-organised, decentralised peer-to-peer societies.

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