Approach to Data Ownership is on the Horizon

The General Data Protection Regulation (GDPR) become enforced, changing the way how companies should protect data of European citizens. This new regulation will have a big effect on organisations, but in 2018 we will also see the launch and further development of platforms that go even further and enable secure and private data sharing. It can best be compared to each piece of data having its own vault with its own rules linked to it, governed by smart contracts. Any transaction involved with every piece of data can be tracked and monitored and the data owner can benefit in real-time.
One solution currently in the works is the Fujitsu Data Exchange Network. This platform will enable organisations to share proprietary data with competitors, without having to be concerned about revealing confidential information. Another platform revealed recently is the IOTA Data Marketplace. This data marketplace is focused on Internet of Things devices and sensors. Applications or organisations can select a sensor across the globe, make a micropayment to the owner of the sensor and get direct access to the data stream of that sensor, which can be used for data analytics or applications. A revolutionary marketplace, with already over 30 participants, including Microsoft, Fujitsu, Orange and Accenture.
Such renewed data ownership is enabled by the convergence of Big Data and Blockchain. However, it will require a different approach by organisations. Instead of having a large data lake with all consumer data stored centrally, in the future organisations will have to obtain (technical) consent of each customer to access their data vault and use the data for insights. This would involve more than approving a complicated terms & conditions and most likely requires some sort of payment. Several companies are working on new solutions and in 2018, we will see the first workable applications, requiring organisations to prepare for a new reality of data owned and controlled by consumers.