January 28th marks Data Privacy Day, designated to create awareness around the importance of “respecting privacy, safeguarding data and enabling trust.” Data privacy is an integral – and hugely contentious – part of the future of digitalization.
This year, own your data. Here’s how you can help to create a secure future for data privacy.
The success of data privacy day in 2019
Data Privacy Day in 2019 saw a fifty percent increase in interest from 2018, as well as attention across Facebook and internet wide. This shows the interest of people in enhancing and enabling their own data privacy.
According to a survey by Akamai, 70% of consumers avoid purchasing from companies that they believe do not protect their personal information. This means that protecting consumer privacy is central to a company being successful in business.
Data privacy is for both the consumer and the business. This involves businesses ensuring that they are using best practices with data and not selling consumer data for personal profit without permission. 55% of those surveyed by Akamai preferred trusted brands to use personal data for specific purposes that benefit the consumer.
Reciprocal data relationships
Using personalised data should be a reciprocal relationship. Some thought leaders have created platforms, for example on the blockchain, which require advertisers to pay the consumer to use their data. When they have that data, they can then use it knowing they have explicit permission from the consumer.
The definition of what personal data encompasses has expanded to become more identifying and personalised. This means that poorly handled data can lead to security or safety risks for the consumer.
Providing permission to use data, in particular specific data, allows us to have improved autonomy over what is done with our personal information. This also gives businesses more freedom with what they do with certain data.
Blockhead Technologies are creating blockchain-enabled solutions to bring traceability and transparency in business. Interested in finding out more? Click here or contact us for more information or a demo here.