With the consumer data market being speculated to hit a value worth over $15 trillion within the next 10 – 15 years, it’s easy to see why tech giants are heavily investing into this industry. Whilst most of us go about our lives ignorant to the real value our personal data, we’re really left with a separate question; is our data being used for god or bad?
Just because 99% of us don’t read the Terms &Conditions of online services to which we voluntarily sign up, we shouldn’t expect that big data companies are waiting to capitalise and exploit us.
The Good
The Bloomberg Data For Good Exchange is a prime example of a service that not only provides a positive impact on an individual, but is also using data to improve the dynamics of society. Launched in 2015, the program looks to use data sciences to cause positive changes in important societal departments such as public health or the criminal justice system.
Private sector companies may also use data to impact our lives in ways we take for granted, but that have net positive results. Examples include Google’s predictive text, Netflix show recommendations, or Amazon offering products that others have bought in relation to whatever a buyer may be searching. Life’s in the details and companies like these are looking to improve the lives of their users through simplifying their products and targeting them towards individual tastes. This is all done through data collection, the same data collection that contributes to the larger, global changes.
The Questionable
Obviously not all companies are inherently bad, but some are a little more lenient with their handling of data. For example, Facebook was involved with the sale of approximately 87 million users’ personal information to Cambridge Analytica starting in 2014. This data was then used to inform major players in recent political events. Whilst the sale of data to third party companies is a regular practice in the ever-emerging data market, the question becomes ‘how is this data used?’ There is currently very little government regulation in the sector, and the titans of industry are fighting both to protect and utilise the data of its users.
Your Choice
It’s exactly that, your data. The majority of platforms, especially social media accounts, do offer the option to opt out of data usage. Whilst irresponsible handling of data can cause obvious moral and practical problems, there are those out there looking to use our data to further societal change and improve our everyday lives.