The Power of Consumers: Transforming the Next Digital Decade with Control Over Their Data Use

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The success of businesses in harnessing data lies in allowing individuals to own and control their data. The Asia Pacific region is leading the way in smartphone usage and commitment to digital infrastructure, making it the ideal region to discuss the future. However, up until now, many businesses have taken advantage of data by assuming it is theirs to use as they please. Companies need to give individuals control over their data if they are to succeed in the next digital decade. Through data, businesses can create a portrait of an individual’s behavior and preferences, allowing for a more personalized experience. Data of identity, places, and experiences are the three different types of data in the digital economy. Data is the fuel that powers AI systems, and it is important to critically examine potential biases within the data. As machines improve their ability to process data, consumers will enter a phase of consent where they can decide how their data is used and what they get in return. Finally, during the phase of commercialization, data will become a form of payment for goods and services, and companies will need to hold, protect, and facilitate services around it. The key to creating trust is to give consumers control over their data.

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Frequently Asked Questions (FAQs) Related to the Above News

What is the importance of allowing individuals to own and control their data?

Allowing individuals to own and control their data gives them a sense of control and trust in businesses that use their data. It also allows for more personalized experiences that can benefit both the individual and the business.

What types of data are there in the digital economy?

There are three types of data in the digital economy: data of identity, places, and experiences. These types of data can be used by businesses to create more personalized experiences for individuals.

Why is it important to examine potential biases within data used by AI systems?

It is important to examine potential biases within data used by AI systems because these biases can lead to unfair and inaccurate predictions and decisions. In order to create a trustworthy and successful AI system, biases must be identified and addressed.

What is the phase of consent when it comes to consumer data?

During the phase of consent, consumers can decide how their data is used and what they receive in return. This gives them more control over their data and allows for a fair exchange of services and benefits.

How will data become a form of payment for goods and services in the future?

In the future, data will become a form of payment for goods and services as businesses will need to hold, protect, and facilitate services around it. This requires a strong level of trust between businesses and consumers, and allowing individuals to own and control their data is key to creating that trust.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

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