My data, my choice - How data ownership is on the rise
Global wariness around the data practices of massive corporate technology and media companies, has sent ripples into every data-driven industry as evidenced by the most recent data leak by giants such as @Apple and @Fitbit Apple and Fitbit of their customers. Full, unbridled ownership of personal data continues to be a concern for online consumers, precisely because their personal and medical data have fuelled an enormously lucrative health eCommerce industry. Gartner recently estimated that at least 30% of all global data is health data.
Whilst regulation such as the GDPR (2018) have made a difference into how data is stored and used, it has not given online users easy and full control over who has access to their digital footprint. Striking a delicate balance between maintaining the data dignity of customers and ensuring that its use continues to deliver personalized, meaningful digital experiences is obviously a problem that needed solving.
Data ownership has subsequently become a hot topic which has led to the launch of a flurry of at least 167 startups according to Startus- insights in the last few years. Data ownership entails providing online users with a greater level of transparency, flexibility and control over how their personal data is captured, stored and shared with third parties.
One such company is London-based startup @Mine who raised $9.5m at the end of last year. They help users see who has access to their data. Users can then, based on GDPR, request to have their data revoked at a click of a button, and just like that, the consumer has full control.
We expect to see many more health apps, digital services and personalized nutritional businesses take note of this consumer trend and expect requests for their data to be revoked especially from free tracking apps.
Businesses should consider how this trend could impact their businesses ( and algorithms). In addition, businesses have a chance to turn privacy and transparency into an opportunity by building trust and understanding the needs of their users in terms of how much value the collected, analyzed and transformed data actually brings in terms of diet, lifestyle and wellbeing. We expect this trend to gather much more steam in 2023.
You can read our article on the role of recent regulation here
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