![]() We are delighted to share that has made it into the Top 10 Health Tech Challengers in the Telemedicine & Personalised Care category for our work reimagining the healthcare of tomorrow. That ecosystem of innovation will bring us closer to Good ID. This is also an opportunity for investors to back such bold, mission-oriented, and visionary entrepreneurs. We believe that there is an opportunity for more such entrepreneurs to create innovative technologies and business models that empower individuals with their data, while also creating value for businesses and governments. The same method can be used to verify credentials ranging from diplomas to passports to driver’s licenses. Institutions that want to verify the individual can ask for the digital credential and then check it against the hash stored on the blockchain. A hash of the credential is then stored on the blockchain, which serves as a secure anchor of trust. Learning Machine enables businesses, universities, and governments to issue digital credentials directly to individuals, who store it in their decentralized wallet an innovation Omidyar Network has also invested in. For businesses, the value lies in aggregation – they can access very detailed information, without violating the privacy of individuals.Ĭlients of Learning Machine, ranging from the Government of Malta to the Caribbean Examinations Council, already see the benefits from such user-controlled identity. Individuals can then choose to share data with whoever they want to, and on terms that are transparent to them. , with investment from Omidyar Network, has created a decentralized data vault that individuals can use to download their data – health, financial, social media, and the like – on their device or personal cloud, such that the company cannot see, hold or touch that data. However, the practical implementation of the concept will require technological innovation, some of which has already begun to emerge. Economists at Stanford have shown that giving property rights over data to individuals can help us unlock the full potential of our data – both for individuals and for society as a whole. However, individuals will be free and willing to share data wherever there is economic value to be created. Businesses have an incentive to hoard data to increase defensibility. Not only does it create the necessary protections, but it can also lead to a new wave of data-based innovation. However, the economic case for data control goes much further. Individual control over data is not only a moral imperative, but also creates economic value that improves overall business health. And by placing control in the hands of individuals, is key to achieving an accessible, useful, secure, and privacy-protecting digital future – or what we call Good ID. It reduces the number of centralized “honey pots” that bad actors can target. Regulations like GDPR will likely drive the cost of poor data practices even higher.ĭecentralizing storage and control of data can help businesses create economic value, while minimizing the potential downsides of aggregating data. Another study found a negative and significant reduction in the stock price of firms after a data breach. ![]() Researchers found that up to a third of customers in retail, finance, and health will not do business with organizations that have been breached. The frequency of data breaches has grown exponentially, and the average data breach costs $3.9 million to the breached institution. However, data is also a liability for businesses. In recognition of this fact, OECD has recognised that “ data-driven innovation forms a key pillar in 21 st century sources of growth. In today’s businesses, data drives efficiency, enables innovation and helps provide a unique experience to customers. We need regulation and technologies to transform individuals from ‘subjects’ to controllers of data. For example, the European privacy law ’s framing of individuals as ‘data subjects’ already places them low in the pecking order. The focus, therefore, needs to be on the extent of individual control over data. This makes the concept and practice of data ownership challenging. Economically speaking, data is non-rivalrous multiple people can use a piece of data without ever diminishing it. However, many have reservations against this approach. Early on, the inventor of the internet argued that data should be owned by individuals, rather than corporations. ![]() ![]() Yet, data ownership remains one of the most hotly debated issues in data governance. ![]() It does so by reducing costs and liabilities, and creating new markets and innovation. When Individuals Control Their Data, Businesses Get Healthier January 22, 2019 ![]()
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