Shikko Nijland – CEO of INNOPAY – believes the EU is drinking in the ‘last chance saloon’ when it comes to taking back control of our personal data from the Big Techs. Only by accelerating the implementation of trust infrastructure solutions on a European-wide level will we avoid becoming spectators at the demise of our own data sovereignty.
IN A WORLD WHERE EVERYTHING’S A TRANSACTION, TRUST IS ESSENTIAL
As the prevalence of the internet and digital technology continues to grow, more and more interactions are becoming digital. And digital interactions are predicated on the exchange of data. In recent years it has become clear that whilst personal data has grown in value, the benefits are rarely being felt by the providers of the data. Instead, a small group of commercial companies are increasingly able to control and monetise our data.
Shikko explains, “We believe that every digital interaction should become a transaction where you provide your personal data and get something in return. But there is clearly a ‘data benefits imbalance’ where we as individuals are not accruing a fair share of the benefits from supplying our data. And as awareness of this imbalance grows, we see that trust begins to erode. Consumers recognise that they are losing control over how their personal data is used. And this decline in trust will make it much harder to grow a sustainable digital economy because it signals a worsening relationship between businesses and their customers. Less data will be shared, and less data leads to less relevance, fewer customers and diminished business success. The question now is what we do about this.”
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