Blog by Dimitrios Dosis at Mastercard: “The next generation of mobile technology has arrived, and it’s more powerful than anything we’ve experienced before. 5G can move data faster, with little delay — in fact, with 5G, you could’ve downloaded a movie in the time you’ve read this far. 5G will also create a vast network of connected machines. The Internet of Things will finally deliver on its promise to fuse all our smart products — vehicles, appliances, personal devices — into a single streamlined ecosystem.
My smartwatch could monitor my blood pressure and schedule a doctor’s appointment, while my car could collect data on how I drive and how much gas I use while behind the wheel. In some cities, petrol trucks already act as roving gas stations, receiving pings when cars are low on gas and refueling them as needed, wherever they are.
This amounts to an incredible proliferation of data. By 2025, every connected person will conduct nearly 5,000 data interactions every day — one every 18 seconds — whether they know it or not.
Enticing and convenient as new 5G-powered developments may be, it also raises complex questions about data. Namely, who is privy to our personal information? As your smart refrigerator records the foods you buy, will the refrigerator’s manufacturer be able to see your eating habits? Could it sell that information to a consumer food product company for market research without your knowledge? And where would the information go from there?
People are already asking critical questions about data privacy. In fact, 72% of them say they are paying attention to how companies collect and use their data, according to a global survey released last year by the Harvard Business Review Analytic Services. The survey, sponsored by Mastercard, also found that while 60% of executives believed consumers think the value they get in exchange for sharing their data is worthwhile, only 44% of consumers actually felt that way.
There are many reasons for this data disconnect, including the lack of transparency that currently exists in data sharing and the tension between an individual’s need for privacy and his or her desire for personalization.
This paradox can be solved by putting data in the hands of the people who create it — giving consumers the ability to manage, control and share their own personal information when they want to, with whom they want to, and in a way that benefits them.
That’s the basis of Mastercard’s core set of principles regarding data responsibility – and in this 5G world, it’s more important than ever. We will be able to gain from these new technologies, but this change must come with trust and user control at its core. The data ecosystem needs to evolve from schemes dominated by third parties, where some data brokers collect inferred, often unreliable and inaccurate data, then share it without the consumer’s knowledge….(More)”.
