The World Economic Forum has named personal data as a new economic asset class, with the release of a report from the body stating that such data holds several untapped opportunities.
The report, Personal data: The emergence of a new asset class, found that information collected about people will touch many aspects of society in coming years.
“The abundance of personal data represents untapped opportunities for economic growth and social benefit,” a statement from the Forum said. “However, the barriers restricting personal data’s movement and protection need to be resolved.”
The report goes on to reveal that in order to unlock the potential of personal data, an increased level of trust between individuals, governments and the private sector must take place.
“To build such an ecosystem, new frameworks need to be developed giving individuals greater trust, transparency and control over their personal data,” the report reads.
“The report identifies end user-centricity as a critical determinant in building a personal data ecosystem, recognising that individual end users are vital in the creation and value exchange of services in the information economy.”
The Forum revealed five areas where such action can occur collectively, with innovation, trust and a global approach topping the list.
“The personal data ecosystem will be built on the trust and control individuals have in sharing their data,” the report reads.
Sharing knowledge internationally and initiating open standards are two other key areas mentioned.
Follow Lisa Banks on Twitter: @CapricaStar
Follow CIO Australia on Twitter: @CIO_Australia
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.