Personal data economy can help people and biz with data control

A concept that could completely change the way people manage their digital lives is profiled in a report by Juniper Research for the Mobile Ecosystem Forum (MEF). The MEF and Juniper Research whitepaper, The Personal Data Economy, analyses the emergence of the user-centric data value-exchange. The study outlines the personal data economy: an idea that puts individuals in control of their personal information and allows them to share it with businesses, brands and other trusted third parties on their own terms.

At present, most personal data is held in silos by third parties. In a user-centric personal data economy data is under the control of the individual and stored locally or on a cloud of choice. This means it will always be accurate helping individuals take control of their digital lives, empowering better decisions and even selling their own data. The study cites the forthcoming European General Data Protection Regulation as a key driver for the personal data economy, which emphasises on consent, transparency and giving individuals more control. The key business benefits from a personal data economy are: enabling deeper and more trusted relationships with brands and enterprises, ability to offer new and more personalised products and services, giving any trusted third party access to rich data with full permission, and greater efficiency when it comes to data management.