Although data sharing is often difficult and time-consuming to arrange, it still occurs and often is being done in unsecure (USB stick) and ungoverned (no tracking on who has accessed the USB/data and for what reason) ways. This poses significant consumer risk that Data Republic to looking to mitigate.
Data Republic and their Data Contributor partners understand and respect that customers want their personal information and privacy protected. This is why all exchanges are monitored and the permitted use (or proposed activity associated) with any Data Product must be approved by both Data Republic and the original Data Contributor to ensure that all activities align with the customer’s expectation about how their data would be used.
From a business and consumer perspective, data exchange enables organizations to connect customer behavior and attitudes across different activities. This means that they can develop and deliver more relevant products, services, and experiences to valued customers.
Potential personalisation outcomes could include:
- No more mistakenly canceled credit cards when you travel overseas.
- Personalized offers and discounts based on your behaviors.
- No more email spam – just relevant communications you’re actually interested in.
- Retailers prepared with high-demand items in-stock.
- Loyalty programs which offer real benefits across multiple service providers.
From a broader perspective, we currently create 2.5 quintillion bytes of data on a daily basis, which is, as Peter Levine of Andreessen Horowitz says, equivalent to a “new Google every four days.” Astonishingly, it’s estimated that fewer than 0.5% of all data created is actually analyzed and used. We have valuable information at our disposal which business, governments, and not-for-profits aren’t using.
At present, governments and individual businesses devote a significant amount of time and resources to collecting and storing data but not to developing infrastructure for its safe sharing and use. This creates closed systems where only a privileged few are empowered to access potentially critical information. Imagine if we could effectively and ethically harness this information (which already exists) in order to deliver better business and social outcomes?
Data Republic was founded on the principle that data should be opened up, in a secure and governed way, in order to enable meaningful analysis, accurate socio-economic reform, and better business decision making.