WEF Report #3: Unlocking the Value of Personal Data!
The World Economic Forum has published its 3rd report on personal data: Rethinking Personal Data: Unlocking the Value of Personal Data: From Collection to Usage. The other reports are on the WED site Rethinking Personal Data
The report says we must solve simplicity and elegance of design for usability so people can see the data generated by and about them. The last part of the executive summary calls for "stakeholders to more effectively understand the dynamics of how the personal data ecosystem operates. A better coordinated way to share learning, shorten feedback loops and improve evidence-based policy-making must be established."
The second chapter covers the context of data use, where everything surrounding data use affects people's privacy expectations and the choices of institutions using their data. It's great seeing this level of nuance brought to a general business audience.
This report is notable for highlighting the role of the personal data store in initiatives put forward by the UK, French and US governments that mandate Data Handbacks, that data created by an individual when transacting with a government or business should be given back to the individual.
Potentially, markets can encourage a “race to the top” in which user control and understanding of how data is used and leveraged become competitive differentiators. Various trust marks and independent scoring systems will help stimulate this kind of response.
Given the complexity of choices, there is also potential for the development of “agency type” services to be offered to help individuals. In such a scenario, parties would assist others (often for a commission or other fee) in a variety of complex settings. Financial advisers, real estate agents, bankers, insurance brokers and other similar “agency” roles are familiar examples of situations when one party exercises choice and control for another party via intermediary arrangements. Just as individuals have banks and financial advisers to leverage their financial assets and take care of their interests for them, the same type of “on behalf of” services are already starting to be offered with respect to data.
The last section of the report outlines thirteen different use-cases for personal data by a range of stakeholders, including two PDEC startup circle companies - Personal and Reputation.com.