When the General Data Protection Regulation comes into effect on 25 May the context in which businesses and their customers collect, share and use data will change forever.
GDPR will allow for a rebalance in terms of the relationship between data seekers (businesses for example) and individuals. Finally, individual customers will have more say over how their personal information is captured and processed. Companies will have to ensure the data they hold is valid, confidential and fit for purpose.
Under GDPR notions of privacy, consent, transparency and accuracy become paramount. And while these new regulations will enforce businesses to reset how they operate, it’s clear that this redistribution of power will also enable them to innovate and will allow for new equitable and sustainable engagement opportunities.
This premise lies at the heart of MetaMe a new personal data wallet and marketplace, led by London-based entrepreneur, author and acclaimed digital innovator, Dele Atanda. MetaMe uses what Atanda calls ‘Clean Data’ to enable a new mutually beneficial relationship between businesses and customer to be established. The Clean Data Economy is analogous to the Clean Energy economy where data can be used as a powerful force for both profit and progress. It is underpinned by principles of individual data privacy, ownership and consent.
Clean Data is made tangible by MetaPods (mPods), which are crypto information objects that use artificial intelligence (AI) to enable granular, precise and minimum units of data to be isolated and encrypted based on a person’s intention – buying car insurance for example. mPods can be shared and traded privately and contextually in exchange for Krypto Koins, MetaMe’s currency.
To give an example of how mPods can revolutionise the digital economy, let’s use the gaming industry, in particular gaming manufacturers, as a demonstration.
mPods are effectively like information cards. Each card has a colour coding and a score. The colour coding – or RAG status – relates to how identifiable the information stored on each card is. So a green card shows that no information on that card can be used to identify the individual. An amber card means some information could be identifiable. A red card indicates that some or all of the information is confidential.
The score signifies how sensitive the information is. So the m-Gamer Profile card illustrated above has a score of 2 because the information it contains, (favourite games, consoles owned, games owned, recent games played) is not particularly sensitive. The card is also green because its information does not identify its owner.
mPods make it easy for people to understand how sensitive and valuable their information is and therefore how careful they need to be with it. The more sensitive the information the more value it has to companies that wish to buy such data.
People who spend a lot of money on games for example are naturally high in value to manufacturers. However, those who spend a lot of money in games – on in-game inventory – are particularly valuable to publishers with in-game-inventory led business models. If such game publishers can identify who these people are (known as whales) they can be much more targeted, effective and efficient in their marketing. The more intelligence they extract, the more profitability they can achieve and the more they can extend product life cycles.
For gamers, this valuable data – such as information shown in the m-Gaming Spend, m-Gamer Profile Plus and m-Gadget Profile mPods – can be sold to game publishers for Krypto Koins and in-game inventory in simple, straightforward transactions.
Offers of Krypto Koins and other gaming benefits like inventory, skins, load-outs, etc. can incentivise gamers to share valuable data in exchange for currency that can also be used to buy other products and services. These mutually beneficial information transactions are captured in an incorruptible blockchain ledger which can businesses can use to demonstrate informed consent in acquiring data, providing them with an auditable, reliable and sustainable GDPR solution.
MetaMe’s Clean Data pledge is a legally binding contract between it and the businesses it permits into its marketplace providing people with the assurance of real ownership and control over their data and confidence that it will not bet used without their consent.
MetaMe replaces the unsustainable, predatory, exploitative surveillance led data acquisition model dominating digital marketing today to the detriment of most business and their customers with a fair and equitable engagement model that mutually benefits businesses, their customers and society as a whole.
And this is the essence of Atanda’s mission. His brave new world is all about getting the right information to the right people ethically in the most efficient manner. This means cutting out all the noise in cyber space and making it a much richer, more transparent, private and pleasant experience for both customers and businesses.
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