Tom Cochran (CTO at Atlantic Media) in All Things D: “The currency of the 21st century digital economy is your personal information. It has no transaction costs and does not decrease in value when the supply increases. Contrary to the laws of economics, it may even increase in value with greater supply. The more information you provide to companies, the more value they can extract from it….
Conversely, we tend to ignore this process because the most magnificent, technologically advanced and socially connected digital city is being built from it.
You are living in this growing digital city, and I’m guessing that you really like it here. Unfortunately, you can’t live in this city for free. Your rent is due in the form of your personal information, and you have to accept a certain loss of your privacy….
As a society, we need to define the rules under which our personal information can be mined. Our collective unease is largely the result of not having clear parameters to create an equilibrium between privacy and personalization.
These parameters will help shift our focus from the negatives to the positives, because in return for your personal information, you realize a net benefit with tremendous value.”
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