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Report highlights personal data as new economic asset class
Personal data is becoming a new economic “asset class", a valuable resource for the 21st century that will touch all aspects of society, according to a new report released by the World Economic Forum. The report found that, to unlock the full potential of personal data, a balanced ecosystem with increased trust between individuals, government and the private sector is necessary. To build such an ecosystem, new frameworks need to be developed giving individuals greater trust, transparency and control over their personal data. The report identified end user-centricity as a critical determinant in building a personal data ecosystem, recognizing that individual end users are vital in the creation and value exchange of services in the information economy. The report addressed the interrelated and complex cultural, business, technology and policy trends shaping the personal data ecosystem by presenting a user-centric set of recommendations for individuals, private enterprise and policy-makers. In particular, the report suggested five areas for collective action:
- 1. Innovate around user-centricity and trust. The personal data ecosystem will be built on the trust and control individuals have in sharing their data. Continued testing and promoting of trust frameworks that explore innovative approaches for identity assurance at Internet scale are needed. 2. Define global principles for using and sharing personal data. Given the lack of globally accepted policies governing the use and exchange of personal data, an international community should articulate core principles of a user-centric personal data ecosystem. 3. Strengthen the dialogue between regulators and the private sector. Technologists should closely align with regulators to establish processes that enable stakeholders to formulate and update a standardized set of rules to create a basic legal infrastructure. 4. Focus on interoperability and open standards. Stakeholders should identify best practices and engage with standards bodies, advocacy groups, think tanks and various consortia on the user-centric approaches required to scale the value of personal data. 5. Continually share knowledge. To stay current, stakeholders should actively share insights and lessons learned on their relevant activities (both successes and failures). The ecosystem promises tremendous value created when individuals share information about who they are and what they know. This principle should also apply to practitioners within the development community.
