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As technology evolves, data becomes more valuable than ever before. Consumers know that companies are interested in their personal data. They know that it’s being collected and used and demand greater transparency and traceability: users want to know what exactly happens to their data. However, many businesses struggle to achieve that. This leads to a trust crisis between a consumer and a business.
Governments Address Data Traceability and Transparency
Some governments are trying to address this issue centrally with legislation. The European Union’s General Data Protection Regulation (GDPR) provides businesses with clear instructions on how to deal with users’ data and how to communicate with customers about that. It also empowers consumers with specific rights to control personal data.
Following the footsteps of GDPR, the US, and more specifically, California state adopted the California Consumer Privacy Act (CCPA). CCPA incorporates the same concepts as GDPR, such as the rights of access, portability, and data deletion.
The Future of Data Exchange
All this further proves that people become more concerned about privacy issues. And it’s great to see that governments are taking action, as the way businesses collect and use their data is largely unregulated. These actions help to build paths to secure data exchange and regulate data ownership.
The next step could be a digital environment where users share personal data with businesses and understand what data they share, where it goes, and how it is going to be used. Every user-business interaction is recorded, so users could easily track their data journey and exercise rights over personal data. For example, use their right to be forgotten with a single click. On the other hand, businesses would get the most valuable thing —the trust of their customers.