The global personal data economy is growing faster than anyone could have imagined. The current business model for data is broken – for individual users and businesses alike.
On one hand, users do not have enough control over their own data, such as what data is collected and how the data is used. That challenges their privacy. Users are also not fairly rewarded for their data. On the other hand, while most businesses see the value of customer data, the data they have is fragmented and incomplete. That results in blurry customer profiles, inaccurate insights and poor recommendations. Furthermore, it is difficult for businesses to connect with their customers in a personalised way and track the effectiveness of the connection.
In this podcast, Associate Professor Zhu Feida from SMU School of Information Systems shares his research on a next-generation, blockchain-based platform named Symphony. The platform seeks to empower a personal data economy by democratising and personalising data intelligence, with privacy by design.