Data for All

Metadata

• Author: John Thompson
• Full Title: Data for All
• Category:books

Summary

“Data for All” is a comprehensive guide on the topic of digital data, written by John Thompson, which provides insight into the importance of understanding and taking control of our data in the rapidly changing data landscape. The author presents thought-provoking ideas on how individuals can be empowered to monetize their data and provides a vision for a future where data is managed in a fair and equitable manner.

The book is aimed at the general population and focuses on the topic of digital data, which has become an integral part of our lives. The author emphasizes the importance of understanding the consequences of our actions related to data, including its potential misuse and abuse, and the responsibility of each individual to take control of their data.

John argues that the data industry has devalued personal data and relegated it to a meaningless commodity, leading to a situation where companies act as if they own the data created by individuals. Thompson predicts that this situation will change in the near future and highlights the importance of individuals having control over their data.

The author also argues that individuals should be paid for the data they create and that there should be legislation and regulation to address data privacy concerns and promote a fairer distribution of the value of data. Thompson proposes a framework for data stewardship that takes public interest into consideration and suggests a public data commons model as one of the solutions.

Highlights

• Data for All is written to be an accessible book that is easy to read for the general population. (Location 14)
• digital data is a ubiquitous element in our lives. (Location 51)
• The best we can do is be armed with knowledge, understand the possible ramifications of our actions, the implications of the length of the life of the data we are creating each and every minute of every day, the potential for misuse and abuse of the information and data once it is beyond our grasp and control. (Location 91)
• Each of us is responsible for our data and for the lifecycle of our data. Whether we have ever thought about it or not, it is up to us to take control of our data and to actively make conscious choices (Location 101)
• today. The data ecosystem was never intended to become what it is today. That is because the data ecosystem has organically and rapidly evolved over the past 30 years in a globally distributed manner due to the independent actions of corporations, (Location 112)
• These millions of entities are acting on their own best, narrowly defined, interests. No one is driving the bus, and that needs to change. (Location 114)
• the company HAD met the legal burden, but in the end, it is DNA data. DNA data, at least a complete genome, is the ultimate personal identifier, isn’t it? It is impossible to truly deidentify your complete genome. (Location 134)
• So when you sign up for a service and provide your swab with your DNA sample, the control of your resulting data is not with the DNA firm you signed up with. The policies they originally posted mean little to nothing and can be changed at any time sometimes without notice to you. In (Location 154)
• “[The] first rule of data: once you hand it over, you lose control of it. You have no idea how the terms of service will change for your ‘recreational’ DNA sample,”[5] (Location 162)
• The work of Arthur and his company sounds interesting and innovative for the early 1920s and it was, but the important item for us to consider is that over time, the ACNielsen company convinced the grocery store operators to provide, at no cost, or at very low cost, to his company all of the sales records of each and every one of their stores. (Location 181)
• The next evolution of the industry included the first generation of data brokers like InfoUSA and other firms that worked predominantly in the direct mail industry. The second generation of data brokers included Experian, Acxiom, and Epsilon. These three firms are mostly known in the arena of credit scores and understanding credit worthiness of individuals. And today we have the third generation of data brokers that are focused on collecting information from on-line activities. Activities that include location data, browsing behavior, and purchasing. (Location 187)
• The precedence set in this instance is that as data ownership has almost no value it can be transferred from individuals to companies without the consent of the individuals that created the data. This precedence of devaluing data and relegating data to a status of a meaningless commodity is at the core of the situation we find ourselves in today as it relates to data. (Location 194)
• In 2006, Humby coined the phrase “Data is the new oil”. Michael Palmer expanded on Humby’s quote by saying, like oil, data is “valuable, but if unrefined it cannot really be used. Oil has to be changed into gas, plastic, chemicals, etc. to create a valuable entity that drives profitable activity; so, data must be broken down and analyzed for it to have value.”[10] (Location 212)
• In 1998, Google was founded. This was one of the first instances of consumers obtaining a free online service in exchange for unfettered use of the data that the users themselves created. The (Location 218)
• Shortly after the creation and release of the Google service, the founders reacted in a spectacularly unimaginative manner by deciding that their business model would be advertising based. Technologically, Google is an interesting company, but from a business model perspective, they are about as dull as dishwater because venture capitalists and financial analysts prefer stability and predictability in business operations. (Location 230)
• ACNielsen founded his firm 70 years ago by gaining free access to sales data to analyze how to sell more groceries to people through more targeted, and refined pricing, better store assortments, and improved shelf space optimization. That ultimately led to targeting of radio and television advertising/ Today we are offered virtually the same thing on our computers over the internet with very little to no change in the underlying premise. (Location 233)
• To them, we remain THE commodity to be sold, through our data. (Location 237)
• The rights of individuals to own, protect, manage, and monetize their data has been usurped by a past that has little to no relevance to the data ecosystem we have today. (Location 246)
• Companies around the world have acted like they own our data. That is not true and is only a temporary situation that will change in the near future. (Location 247)
• Haugen leaked one Facebook study that found that 13.5% of U.K. teen girls in one survey say their suicidal thoughts became more frequent after starting on Instagram. Another leaked study found 17% of teen girls say their eating disorders got worse after using Instagram.”[19]About 32% of teen girls said that when they felt bad about their bodies, Instagram made them feel worse, Facebook’s researchers found, which was first reported by the Journal. (Location 274)
• The early founders of the data and analytics industry like Arthur Nielsen, Danny Moore, Wayne Levy, moved slowly at first, seeking to make money by selling insights on how to sell more household consumable goods. In the 90’s, analytics professionals were very careful to work on analytics that would help understand buyer behavior, assiduously avoiding unethical use cases. (Location 284)
• our individual data is not that valuable and that it is like sand, ubiquitous and requiring much processing to make it valuable to firms and ultimately to us in the form of targeted messaging and advertising. (Location 313)
• “Data is the New Sun is a more relevant analogy… as the sun can power an infinite number of uses at zero marginal cost, never wears out (or depreciates) and never depletes! At its heart, digital transformation is about economics: transitioning from yesterday’s “economics of oil” mentality (expensive to find, expensive to extract, expensive to transport, environmentally hazardous, depletes, messy, dirty, and environmental costly) to embracing the modern “economics of the sun” (clean, never depletes, never depreciates and is readily available to fuel an infinite number of uses).”[23] (Location 326)
• “The most valuable asset of Uber, the ride-hailing service… is the data of the people who use it. The prime asset of Google, the largest library, which owns no physical library, is the index that takes customers to their desired websites. Therefore, the new valuable asset is not gold, but it is data. Data has become the new gold!”[24] The professor’s logic and arguments are solid and based in reality, but I do think they are limited in past historical thinking and are too limiting to the prospects of data. (Location 334)
• Data exchanges, like stock exchanges, are where people and companies will congregate, virtually, to offer, buy and sell data in an open market. (Location 349)
• data as “the new plastic”, because “we create a lot, we struggle to know what to do with it and it tends to turn up in the wrong places. And, for all the talk about the democratization of data, business is not yet culturally geared up to handle this. There’s a lot to do.”[27] (Location 356)
• The characteristics of the sun and data are closely aligned in a physical and metaphorical sense. (Location 371)
• People should be allowed to take an active part in the management/control, use, and monetization of their data. Today, individuals can engage in this process but it is disjointed, complicated, time consuming, and most people do not see the value in engaging the current process to limit and control their data. (Location 381)
• Forward thinking governments have started to discuss the creation and regulation of data exchanges and data commons.[31] Companies will follow with offerings and capabilities where it will be simple for every person to make choices about the use of their data. These companies will make money from enabling individuals in the process of proactively managing, controlling, sharing, monetizing their data. (Location 386)
• An informed population can and will make better decisions that can affect social change with this book and these ideas. (Location 393)
• In western democracies, the idea of some all-knowing Big Brother is a fiction, no matter what some politicians tell you. The real problem is commercial companies, specifically the younger, more intelligent companies, (Location 566)
• If we take the location data and we add the browsing data, now we have where you went, the routes you took, the time you spent at each location, and we have the products you viewed, the content you read, the various options you considered. Did (Location 633)
• “Companies target me with offers and stories that I am not interested in. Therefore, they can’t be doing much with my data given how bad they are at understanding me and my true interests.” What individuals are missing is that companies are not good at understanding the difference between tangential and core interests today, but they are getting better and will get much better in the future. (Location 653)
• It is important that we are clear that collecting data of all types and analyzing with ever increasing accuracy and speed is the goal of nearly all companies and will remain so for the foreseeable future. We cannot be complacent about the current lack of abilities (Location 658)
• The most impressive firms and data science teams know and understand that the goal in all data collection efforts is to collect enough multi-faceted data about any person, behavior, or situation to be able to analyze, model, predict, prescribe, simulate, and optimize that situation to the interests of the parties executing the collecting and modeling activities. (Location 717)
• The point is that the “free” services are not free. You are paying for them with your data and your agreement to allow these firms to observe, examine, aggregate, analyze, target, and sell you as a commodity. (Location 812)
• “This new digital economy is described in a variety of ways: as a cognitive capitalism, where a systematic process of privatization of information in different forms allows for maximization of profits (Bauwens et al., 2019; Fumagalli et al., 2019), as a data colonialism, in which data is used to subjugate and transform social relations (Couldry & Mejias, 2019), or as a form of surveillance capitalism, in which various technological apparatuses monitor humans and try to predict and control human behavior for the sake of profit (Zuboff, 2019). (Location 841)
• Those who do not have the luxury of considering the implications of sharing their data; those who live in poverty or make just enough to get by; those that are rarely in a position to worry about what is being done with their data. (Location 1023)
• The goal here is moving people on the margin toward being aware, interested, caring, and actively engaged in understanding and acting on topics related to their data. (Location 1082)
• Since you own your data, you have the full rights and abilities to grant or revoke a limited use license for your data. (Location 1115)
• You can, in the future, revoke their right to use your data. That is the first step that GDPR has taken in relation to data owned by EU citizens. (Location 1117)
• What if you don’t like how airline companies are contributing to climate change? You set the price of the use of your data for any airline to access and use your data in their operations, marketing and analytics efforts at 100 times, or a 1,000 times, or a million times the price that you would charge to a company that is involved in organic and sustainable farming, (Location 1129)
• Children are being given electronic devices to distract them at younger and younger ages. These children are creating data and that data is being used to create new interfaces, new games, new modes of engagement; all of which are highly addictive. (Location 1157)
• We asked how much the game cost. They responded that it was free. We explained that it did not cost them money to play the game, but that the game was not free. They asked what we meant. We went on to explain that they gave their name, age, e-mail address, location, and player activity to the company in order to play the game. (Location 1169)
• We taught our children to think about their choices critically and proactively. That is all a parent can do. We should all be doing this with every child that we are responsible and accountable for. (Location 1194)
• Personally, managing and monetizing your data is not possible today, but it will be in the coming years. (Location 1214)
• Most people in the world do not have a stream or streams of passive income. “Passive income includes regular earnings from a source other than an employer or contractor. The Internal Revenue Service (IRS) says passive income can come from two sources: rental property or a business in which one does not actively participate, such as being paid book royalties or stock dividends,”[25] or a data dividend. Think about how nice that will be. Money for doing the things that you were going to do anyway and a stream of money that keeps coming each new week, month, or year. (Location 1217)
• Data monetization stems from the concept of ownership of data held by the individuals that have created and are creating the data. (Location 1224)
• The laws that are being drafted now envision that each person will be able to access the entire universe of their data and be able to set usage conditions and rules, monetary terms for each data element, date ranges of where data can used and where it cannot be used, exclusion lists of companies that cannot use your data, inclusion lists of preferred companies that can use your data as you have designated on preferred terms. (Location 1227)
• You should be getting paid for the data you create on a regular and on-going basis, not the management teams of some random companies. (Location 1235)
• What they do care about is corporate performance and growth, typically denominated in monetary terms. Yes, they all talk about products and services and helping the world, but it really comes down to the performance metrics around revenue. (Location 1242)
• The data you create is yours and the revenue stream from that data should be yours. (Location 1243)
• data or information has the following unique characteristics: · Is nonrivalrous · Is nondepleting · Is regenerative and nearly unlimited · Has relatively low inventory costs and transportation/transmission costs · Is more difficult to control and own · Is ecofriendly · If you spill it, you can’t clean it up[28] Data is truly and radically different than other commodities that the world has known in the past and should be treated in new and substantially different ways. (Location 1277)
• “Typically, in the UK people trust the government and don’t trust [the tech] industry, and in the US people trust industry and don’t trust the government,” he says. More should be done to assuage fears about how tech giants handle user data, he adds. “To an extent, it’s how people are brought up and therefore cultural. But for people in the UK to trust these large American companies then you need to have serious legislation and regulation.”[32] (Location 1302)
• The economic, social, monetary, and societal value of data will be more evenly distributed across societies, groups, and individuals. Understand, know and become a part of this movement. Talk about it at social gatherings. Post on social media. Talk with your professional colleagues who are involved in the lifecycle of any and all data. Reach out to your elected government officials and tell them that legislation related to data and your rights needs to be a priority, because (Location 1311)
• Social media does a significant amount of damage to the world by algorithmically targeting people in the developing world with messages of division. Those people would benefit the most from a data dividend. (Location 1316)
• One of the goals of these programs is slow or stop change that enables individuals to access, manage, and monetize their data. These lobbying efforts and associated proposals are very well designed, funded, planned, and are being executed in an orchestrated manner that is designed counter to improving access to data. (Location 1466)
• There is opposition to change in the world of data from entities that profit from today’s data ecosystem. (Location 1480)
• When I was an adolescent it seemed the majority of people trusted our system of government or democracy; the US government, the media, our schools, and most of the institutions that make up American society to do what is in the best interest of we as individuals, the country, and the world. This was one aspect of what was referred to as American Exceptionalism.[4] (Location 1540)
• By the end of the 1970s, only about a quarter of Americans felt that they could trust the government at least most of the time.”[5] (Location 1546)
• Figure (Location 1548)
• Autocratic leaders tend to be interested in shielding the public from data, making government operations more opaque and generally trend toward secrecy rather than openness. (Location 1562)
• Contrary to how we treat, talk about, and perceive CEOs, they are simply people that find themselves in positions of influence and power, often more based on opportunity over ability. (Location 1600)
• Like many Americans, Veselka’s daily life is saturated with the products and services pushed by big technology companies, paid and free. (Location 1629)
• One of the major problems in the technology market is that there are not enough compelling options for the population to choose from. (Location 1665)
• Internet companies, by contrast, got an exemption in the now-notorious Section 230 of the Communications Decency Act of 1996, which says content created by users is not the responsibility of web platforms. (Location 1677)
• I believe that our data has the same type of intrinsic value and that we should be paid each and every time a data element that we have created is used. Perhaps we are paid a millionth of a penny, or perhaps we set the rate for what we are paid by the type of organization that wants to use our data. We will delve into this topic more deeply later in the book, but I wanted to make the comparison to music royalties (Location 1779)
• our data has value, we should be paid when our data is used in a manner that delivers revenue and profit to any commercial organization. (Location 1782)
• The concept is being discussed today and one name that is used to refer to the idea in practice is a data dividend. How would you like to get a check each month or every year for the use of your data? (Location 1784)
• I believe individuals should be empowered to and should be able to easily set the price of our data used in each industry, company, and application. (Location 1786)
• “The public sphere needs an ‘ecosystem of trust’ which could set out objectives of re-usage of data for the common good while protecting individual rights… related to data, asserting that the systemic level of data assemblage must be re-conceptualized to reject the data-as-a-commodity view and take public interest into consideration. For data stewardship to achieve its goals, it is necessary to consider the inherent properties of data as commons… framework…[A] public data commons as the model that is best suited to secure European rights and values while increasing data sharing at the same time.”[27] (Location 1838)
• The Data Governance Act is a single step toward creating data commons that will collect data with the express purpose of using that data for public good and the good of everyone involved and not in just some conceptual manner, but in a tangible monetary manner for each EU citizen. (Location 1857)
• The Data Act will be a major new initiative to ensure fairness by providing better control for data sharing to citizens and businesses. [Through the Data] Act, users will have more control over the data they generate via their smart objects and EU businesses more possibilities to compete and innovate and easily transfer data between service providers. The Data Act will aim at clarifying for EU consumers and businesses who can use and access what data for which purposes. (Location 1861)
• One portion of the Data Governance Act (DGA) that is noteworthy are the clauses which outline the creation of Data Intermediaries (DI) also known as data cooperatives or data unions.[30] These are the institutions, organizations and frameworks that will enable citizens, EU citizens in the beginning, to take control of their data to move, aggregate, share and monetize the data as they wish. (Location 1869)
• The overall level of trust granted these organizations by the general public is at an all-time low. These organizations are actively perpetuating a system the source of significant and valuable raw material, the users. We do not tolerate companies that egregiously exploit natural resources for the gain of a few. We should not tolerate the same abuse of our data going forward. (Location 2024)
• We skimmed the surface of legislative and regulatory efforts from the governments in Europe, Australia, and the United States relating to our data. (Location 2027)
• Privacy relates to freedom of choice and control in the sphere of one’s personal information– choices regarding what information you wish to share and, perhaps more important, what you do not want shared with others. (Location 2255)
• Some defend privacy as focusing on control over information about oneself (Parent, 1983), while others defend it as a broader concept required for human dignity (Bloustein, 1964), or crucial for intimacy (Gerstein, 1978; Inness, 1992). Other commentators defend privacy as necessary for the development of varied and meaningful interpersonal relationships (Location 2269)
• Think about the activities where you seek privacy and the motivating factors for why you seek it. Now overlay those activities with your online activities. Where is the intersection of your desire for privacy and your online activities? Would you want more control to access, modify or delete data related to those activities? Would you want to charge companies more money to access your data related to those activities, or would you prefer to block all companies from accessing that data? (Location 2299)
• appears that privacy exhibits many of the characteristics of sleep. (Location 2331)
• Privacy and secrecy are often confused. (Location 2340)
• Privacy is consensual where secrecy is not; that is, there is a “right to privacy” but no equivalent “right to secrecy.” Those stigmatized or disadvantaged social groups who have little or no access to privacy utilize secrecy to conceal their behavior.”[23] (Location 2342)
• When people know they are deprived of the right of privacy they will feel anxious, nervous, and worried about concealing data and information that may disadvantage them or their loved ones, colleagues, or compatriots. (Location 2348)
• Privacy enables people to withdraw information, and/or their physical self, from the public view. (Location 2363)
• People talk about and profess that they want a high degree of privacy, but then they regularly act in ways that actively reduces or eliminates the degree of privacy that they actually have. It is a paradox, (Location 2387)
• “Large, complex organizations use data-sharing platforms to facilitate collaboration on data-driven projects, both within and between organizations. (Location 2744)
• “It was long unanimously held among economists that natural resources that were collectively used by their users would be over-exploited and destroyed in the long-term. Elinor Ostrom disproved this idea by conducting field studies on how people in small, local communities manage shared natural resources, such as pastures, fishing waters, and forests. She showed that when natural resources are jointly used by their users, in time, rules are established for how these are to be cared for and used in a way that is both economically and ecologically sustainable.”[9] (Location 2830)
• Her work created a new understanding of the actual delineation between common resources and private property. She and her colleagues clarified and codified how organically organized groups optimized the management of common resources for long term sustainability in opposition to the previously held theory that all common pool resources would be exploited, depleted, and most likely destroyed. (Location 2843)
• From the work of Elinor Ostrom, and others, the advocates of Open Data and Open Software extended her research, findings and insights from forestry, irrigation, and policing systems to the new worlds of data and software. (Location 2849)
• Knowledge is open if anyone is free to access, use, modify, and share it— subject, at most, to measures that preserve provenance and openness.”[14] (Location 2860)
• Open Data evolved in conjunction and in parallel with the concept of Open-Source Software (Location 2874)
• The OKF is a not-for-profit organization that works to communicate, train and bring about the use of open data on a global basis. The mission of the OKF is, “to create a more open world– a world where all non-personal information is open, free for everyone to use, build on and share; and creators and innovators are fairly recognized and rewarded.”[19] It is worthwhile to note that the OKF’s mission exempts personal information from their definition of open. (Location 2893)
• Open Data is an economic imperative that can drive a level of value generation such that it can be a driving force in lifting sections of populations and younger generations out of poverty. Open Data needs to be ubiquitous across all governments and all relevant data, and it will be in the coming years. (Location 2948)
• “Data exchanges are emerging as a key component of the data economy. By connecting data suppliers and consumers through a seamless experience, data exchanges have created a modern-day gold rush to help modern, digital organizations address their insatiable hunger for data. And, by eliminating the friction from finding, acquiring, and integrating data, these exchanges make it easy for any company to monetize its data assets and create new revenue streams.”[27] (Location 2971)
• The Shanghai Data Exchange was established to address the major difficulties in data trading including identification of data ownership, pricing of data, reaching mutual trust between transaction parties, initiating transactions and overall supervision, said local authorities.[30] (Location 2982)
• 3. Data Marketplace - A data marketplace is a public data exchange open to any company that wants to supply or consume data. Some marketplaces are global in scope, spanning every industry, function, and type of data.[31] (Location 2994)
• “Data intermediation services would include… data pools established jointly by several legal or natural persons with the intention to license the use of such a pool to all interested parties in a manner that all participants contributing to the pool would receive a reward for their contribution to the pool.”[32] (Location 3008)
• One company that is working toward creating data unions that can be managed in a unified and consistent manner is Pooldata.io.[34] (Location 3027)
• Data lineage is the same as your genealogical lineage. When new data is created from existing data; or generated from raw, aggregated, or other natural source of data, the new data has a lineage— a connection to the source or original data. (Location 3258)
• Tracking data lineage is not hard to do. It simply requires keeping records of how data was created and where that data has been used. The new data world will create a new market for existing and expanded data lineage products and services. (Location 3269)
• I expect that the royalty payments for our part in derived data will be less than naturally occurring data, but we will be paid, nonetheless. (Location 3310)
• Synthetic data is created from our view of the world. We do not use existing data in the creation of synthetic data, we simply generate the data that we believe we need. (Location 3313)
• Much of the synthetic data created today is created by using algorithms. Originally, we would create the data by hand from copying and extending data that we knew was close to or approximates the raw data. (Location 3324)
• When I am executing consulting work, I ask for the rights to the simulation data, and most people are happy to sign those rights over to my consulting firm. If I am employed at a full-time job and I oversee this type of work, I ensure that all the (Location 3348)
• most data that is created soon will be created without any human intervention. The data will be created in machine-to-machine interfaces and the data will be created, stored, managed, used, and analyzed without any humans being in the loop. (Location 3377)
• Earlier I remarked that I did not view the early stages of the analytics continuum as true analytics, I still hold this to be true, but I wanted to include these early stages for clarity as to where the analytics continuum begins. (Location 3399)
• Prescriptive models prescribe the actions that business executives, managers and subject matter experts should take. (Location 3431)
• Based on the data used in the prediction/prescription efforts, data science teams build simulation systems that enable business users to vary their assumptions and plans. The simulation system is run many times to see which of their plans, ideas and visions produce the best business outcomes. (Location 3437)
• simulation environments enable business managers to gain confidence that they are seeing the projected performance of markets, companies, products, and customers in a safe environment. Business managers can try sets of plans and variables that they have seen before in real world markets. They can validate the models are producing accurate results and empower business users to create new and interesting scenarios delivering a competitive advantage. (Location 3444)
• Digital Twins[5] are an area of simulation that is widely used and has provided significant benefits to organizations around the world. (Location 3450)
• Optimization models and applications build on all the preceding levels of data and analytics sophistication that we have discussed. (Location 3453)
• Optimization models and applications analyze the billions and trillions of simulations and recommend the best course of action that is aligned with the business outcomes and objectives stated as the best outcome by the business executives, managers and subject matter experts. (Location 3459)
• Data scientists are innovators, creators of change, drivers of transformation. We do not want statisticians to be data scientists, and the reverse is true as well. There are roles for both and we need and want both, but let’s not confuse the two. (Location 3486)
• Do not hire a data scientist to execute purely statistical work and do not hire a statistician to be a data scientist. (Location 3487)
• As with most changes in the world, data won’t change in a big bang. Not all factors will change in an instant. The world at large; laws, regulations, enforcement, business operations, attitudes and compliance does not change in the blink of an eye. (Location 3561)
• · The current trend in consumer sentiment against being tracked, targeted, and messaged to with irrelevant offers, messages, and divisive content will continue to be of concern to a significant portion of the population. (Location 3634)
• DIs will have access to data from millions of people, the DIs will constantly analyze the data, to glean insights on sources of demand, price points, access frequency, industries, and companies. If the laws around the world follow the EU model, DIs will be prohibited from selling data. (Location 3827)
• Since they can’t sell data, they will be committed to their goal of making your data accessible, usable, valuable, and easy to leverage by you and the companies that want to use our data in their commercial efforts. (Location 3830)
• DIs will be able to tell you which groups and categories of data are in demand and the market price that is being paid for that data. (Location 3833)
• Integrating your data into larger groups can be done within your data sets. Combining your purchase data category with your browsing data category, would be a common integration. Integrating your in-store grocery purchases with your online grocery purchases would provide a complete wallet share of your grocery spending. Integrating data can be done with data of other people who have similar and/or dissimilar habits, lifestyles or economic status and can be done in many ways using the following dimensions (Location 3849)
• As we have been discussing, you will be managing your data through your relationship with a DI. You will have several objectives and goals that help you align the deployment and use of your data with your values. If you are concerned about global warming, you can make your data or any subset of your data available to firms that support improving the global climate on very advantageous terms, you might even be able to pay those firms for using your data. (Location 3872)
• Data is very different from the traditional commodities that we are accustomed to, it doesn’t wear out, it gets more valuable as you accumulate it, it can be integrated in unlimited ways, it is easily transported around the world with almost no cost, and it has unique scarcity/abundance properties. For all these reasons, the view we need to take on monetizing data is different than if we were thinking about gold, oil, cash, or diamonds. (Location 3903)
• Doug Laney[12] has written the definitive book on understanding the underlying economics of data. The book is called, Infonomics[13]. (Location 3906)
• Your economic status will play a part in the value placed on your data in the open market. People who buy and spend more and in greater amounts will probably be paid more than those who buy and spend less in lesser amounts, but that is from a purely commercial perspective. (Location 3932)
• Your health status will play a part in valuing your data. People who have rare diseases or highly unusual blood types or disorders may be able to demand a premium price for their diagnostic, prescription history, medical records and genetic material and sequencing. (Location 3934)
• “What if Facebook was an equitable business partner that shared half of its profit with those of us who actually provide the data that makes its business model run? Using my math (which is, again, open to debate), the average Facebook user would earn $10.77perquarter.But,whatifyouareamoreactiveuserthanaverage?Twiceasactive?Fivetimesasactive?Outofcuriosity,Ibrokethenumbersdownbelow.\cdot Halfasactive:$5.38 · Twice as active: $21.53\cdot Fivetimesasactive:$53.83 (Location 3942)
• I believe, and I could be way off in my estimate of the annual data dividend, but in my view, there could be people who make over $20,000to$50,000 or more each year from licensing their personal data. (Location 3954)
• Take note of the word licensing. You will not sell your data to companies; you will license it. You will retain ownership of the data and you will provide a limited use license to your data. (Location 3956)
• First, don’t do business with companies that you know are hurting you, your families, your communities, your country, and the world. If you are involved with such a company, stop using their service, delete all your data, tell all your friends to stop using the platform. (Location 3991)
• Second, sign up for every “do not mail” list that you can. It doesn’t take long, and it really works. Most of our discussions have been about online data and that is the most important category, but companies still mail a significant amount of material and the lists and data being held by those companies is significant, and those companies are the most aggressive resellers of your data. (Location 3993)
• sign up for every “do not call” list that you can. The results are the same as above, but just on your mobile device. (Location 4001)
• I wanted all of you to know that the world of data that we live in today did not come about by happenstance, it was designed and built on purpose. (Location 4012)
• I am keen for everyone to know about the flawed data ownership model that has persisted since the beginning of the modern data industry. (Location 4022)
• I felt and feel that it was and is important for you to know and understand how trust plays an important role in your relationship with your data and the organizations that want to use your data. As with all relationships, we need to have a baseline of trust. (Location 4031)
• I feel that it is imperative for the people who will read this book to be aware of the massive, latent amount of economic value that will be created through the new world of data and that the economic value should be more evenly distributed, (Location 4037)