The private data industry: What’s wrong and how to make it right
There are a lot of worries about the future running through the public sphere as the pace of technological development makes it more and more difficult to predict what things will look like in a decade. A large part of the concern surrounds the private data industry, and it comes from the inherent weaknesses in the current state of affairs.
There is a growing moral consensus that each individual ought to be considered the rightful owner of his/her personal data. That includes financial transactions, GPS location, browser activity, your likes, and interests, etc. But the system doesn’t really reflect this understanding.
Big companies collect endless mounds of data on private individuals, often without them being aware. Consent may be given, but even this is regularly done unwittingly by clicking accept on long terms and conditions documents that are full of baffling legal jargon that wasn’t properly read. Data is often sold in the same shady manner, without the knowledge of those who gave up their information.
Data brokers aim to apply all this data to individual profiles. These are mostly used to drive efficient and targeting advertising efforts. By knowing your buying habits, what movies and books you like and when you were last on vacation, businesses can use private data to show you information and products that speak to you directly. But companies are increasingly using all this information for other things, like assessing the risk to make smarter and safer decisions.
This may seem like a one-sided deal where businesses and any other big-data collectors reap all the rewards, but the situation isn’t ideal for them either. True, they certainly have more power in the private data industry than private individuals, but businesses suffer from several inefficiencies: It isn’t always possible to know how much of collected data is real. Fake accounts and algorithms may pose as real individuals and skew results. A growing number of people are unwilling to knowingly share their data, as they have no incentive to do so. Finally, data collectors desperate to collect more resources might find themselves dangerously close to violating privacy and even facing legal repercussions.
That’s why Senno is creating a new model for the private data industry — one that will fulfill the needs and meet the concerns of both private consumers and businesses looking to harness the power and potential of big data.
By mounting their platform on the blockchain, Senno keeps all data safe, transparent and firmly in the control of the individuals who own it. But Senno users are financially incentivized to share their data, finally offering them compensation for the valuable resources they create. They can choose precisely which kinds of data to share and which they prefer to keep private.
Meanwhile, advertisers and other big-data users get access to verified sources of data that can’t be forged and don’t violate any laws or even any arguable moral forms of conduct. Enough of the news reports of some shady business collecting and using your data in ways you never wanted or even imagined. Senno has you covered — above the board and with your permission.
