Building Trusted Relationships
Data privacy has become the defining issue of the Internet’s next stage of development. For too long, individuals have turned a blind eye to the data harvesting practices of the internet giants. But individuals and the organizations they interact with on the Internet need each other. It’s simply not practical to lock your data in a vault and never share it with anyone.
MyVmoso Network provides a platform for businesses and individuals to build trusted, mutually-beneficial relationships. Individuals can reclaim control of their personal data, engaging with organizations without compromising the privacy of that data. Businesses can build secure, verifiable, auditable applications for customer engagement, and use their respect for consumer privacy as a competitive advantage.
At its simplest level, MyVmoso is a like a bank for your personal data. It provides secure storage for important data you need to preserve such as health records, financial transactions, product purchases and warranties.
But just having a place to store your data is not that useful in itself – MyVmoso is so much more than that. It is the platform from which you can manage your data, how it is used, and your relationships with users of your data.
The Data Privacy Crisis
Has the internet turned out to be everything you hoped for? 20 years ago, did you expect the internet to become powered by “surveillance capitalism” and dominated by a small number of tech giants who use your personal data to make huge advertising profits?
Few of us are comfortable with the way our personal data is used to target us with the ever-increasing volumes of ads. But recently this growing data privacy crisis has taken altogether more sinister turn, with this data allegedly being used illegally to influence the way we vote.
We are reaching a major inflection point in the development of the internet where governments and consumers will no longer tolerate these abuses of personal data. Data privacy is becoming a defining issue of our time. It is time for consumers to take back control of their data and how it is used.
The Seven Stages of Personal Data Management
The value and importance of personal data is clearer than ever thanks to the Cambridge Analytica scandal, and greater scrutiny of the way internet giants like Facebook, Google and Amazon use our personal data.
But the services to help individuals manage their own data remain very primitive. To understand how these are likely to evolve, it is informative to look at the history of banking, how financial services evolved, and the parallels between management of money and management of data.
Is Your Personal Data Being Treated With Respect?
Do the companies that have your personal data take good care of it and treat it with the respect it deserves? The European Union’s General Data Protection Regulation (GDPR) strengthens data protection laws for EU citizens and increases the penalties for organizations that fail to follow these.
But for many organizations, a lack of respect for consumer data privacy remains endemic in their culture; for some, their entire business model is based on unethical collection and use of personal data.
Data privacy abuses fall into four main categories: