Can you own your data?

The question is interesting and one that carries a number of issues and questions. In the U.S. marketers are hungry for the best data – the mantra of delivering the best message to the right target at the right time is contingent on what data we can leverage at the individual level. Today we have very good access to data for targeting and messaging, and it’s getting better every day. Companies like Facebook, Google and Amazon are at the forefront (or rather the store front) of that data revolution and are commanding robust ad revenue as a result.

Everything from what you…

  • Like on Instagram
  • Search on Google
  • Check in on Facebook
  • Post on Twitter
  • Tell Alexa
  • Buy on Amazon
  • And more!

…can be used to ascertain your tastes and interest in products and services.

But with the privacy and trust concerns from recent snafus (i.e. Facebook), consumers are wondering how best to protect their data. Some are even pondering if there’s value in “owning” their personal data. But how? We don’t own the databases. We’ve already checked off on the privacy policy and kissing our data away…right?

At least one company is tackling the issue: https://hu-manity.co/

Hu-manity is hoping for a critical mass of users to claim data and set choices. If willing to share data, the app would allow users to reap monetary rewards.

“With the #My31 App consumers can claim a property interest on inherent human data, consent for privacy, authorize for permitted use, and elect for compensation if desired.”

Why it’s hot

If this catches on, it will undoubtedly do two main things: 1. Make data less accessible (and less timely), and 2. Make data more expensive. Marketers may end up depending more on statistical models based on limited data to reach the target audiences.

In an era where marketers have great access to data are becoming even more data-driven, we need to account for a future where greater restrictions and limitations may be put in place.

 

Other Companies:

https://datum.org/https://wibson.org/

Further Reading:

https://bryanjohnson.co/your-data-is-your-property/

https://medium.com/hub-of-all-things/can-you-own-your-data-8a185976ea7d

https://www.technologyreview.com/s/612588/its-time-for-a-bill-of-data-rights/

http://www.bbc.com/capital/story/20180921-can-you-make-money-selling-your-data