In the old days of TV, we traded our attention for free content, currently we are trading access to social media sites for data about ourselves. Hackers and corporations are using that data against us or to extract more money for us.
Along comes the idea that we, as individuals, should be able to own and control our own data and even profit from it.
Assuming that all our financial, medical, social media etc. data was stored on a secure server we could rent that data out to companies to use in their artificial intelligence (AI) or perhaps advertising initiatives. It could mean the start of a new industry of companies managing an individual’s data for the individual’s profit. In which case people will have a vested interest in maintaining the accuracy and completeness of their data as well as using the Internet of Everything devices that they own to add to the data pile.
Currently we are seeing great strides in innovation based on AI driven analytics of data, that rate of innovation derived from data could level up as people actively take part in data generation and management. For example, companies could have a standing offer for certain types of data of which some people will be eager to generate. Companies could pay a fee to rent or use the data.
Data is then a form of currency.
Imagine all the data that individuals and their assets generating being used to find cures, lower costs of products, develop new products and services, improve safety, understand health issues of modern society and used to make a difference in people’s lives with data based public policy.
While this is possible today, the next step is to give back control of data of the people back to the people and make data for the people.