Personal Data Banks

The commercial world is already saturated with vendor messages of data being the new oil, we get all that. Amazon is scaling new peaks of revenue based on its entire business model being driven by analytics. Financial Services organizations have long exploited the speed of data analysis to gain competitive advantage. Social Media companies are efficient data manufactories that drive their advertising revenues. The upsides and downsides are now becoming apparent and with it a new opportunity.

30th October 2018

If data flowing within a single organization has value, the value of the data flowing around a network of organizations has to be greater still. However, data cannot flow freely without control. The understanding that sensitive personal data cannot be traded without permission has spawned a restrictive governance in GDPR – a framework that is punishing to organizations and almost impossible to enforce at scale. Customers are increasingly aggrieved by data breaches and surprising evidence of their data crossing organizational boundaries, yet to regain control requires great effort with little tangible benefit.

Money, or rather currency has mobility, governance and transparency. Data should have the same properties. We are creating the technology infrastructure that will allow personal data to behave like money in terms of control and provenance. Where consumer’s data can be held securely with its owner’s permission at its original source, shared between organizations where there is value to both the consumer and the organizations. There is a groundswell driven in part by GDPR, and partly by new technologies, yet overcoming customer apathy is the challenge that is faced by myriad startups in the space.

By working with organizations that are still currently trusted with vital information by their customers , we believe we have a compelling solution that will be easy on the customer and inspire the transformation of your business enabling the development of a more equitable relationship (with your customer) and a deeper more enduring level of trust to engage with the data opportunities for the future.