Data ownership is leading the next big tech cycle

As expected, next The technological cycle is booming in Brazil. Since 2012, this rapidly emerging region’s ecosystem has matured, resulting in unprecedented legislative reform, technological innovation and a surge in global investment.

Like the classic advice to “follow the money,” the latest major technological shifts brought about by advances in computing, telephony, the Internet, and mobility have paralleled the development of more advanced payment methods, helping consumers and businesses take advantage of them. The world is moving from software to data—the lifeblood of artificial intelligence training.

The integration of big tech, finance and government has given rise to a new data economy. While artificial intelligence is considered the next big thing, this is only part of the story, as data is the “oil” that powers artificial intelligence. The first initiative in the big cycle was the General Data Protection Regulation (GDPR), when the European Union championed data privacy in 2016. Brazil has strengthened and created comparative data privacy rights and invested heavily in data infrastructure and regulation to enable citizens to exploit their personal data.

Many of the billions of dollars in AI investments are coming from tech giants like Amazon, Google and Microsoft. Much of that money will be returned to those strategic corporate investors to pay for their access to expensive cloud platforms.

For Big Tech and other companies—from biotech and healthcare innovators to big banks, big brands and their marketing agencies, and even governments—there’s a “cog in the wheel” brewing as a result of a massive take on our collective personal data. Partially free access may dry up by the late 2020s: the data that powers our mass-produced artificial intelligence systems need to be monetized, monitored and managed.

However, a new data-sharing system that decentralizes ownership and control of mission-critical data to ordinary citizens could create new models in which startups can innovate. Our data can power a new data economy where everyone can benefit, whether they participate or not, depending on their decisions.

In short, unlimited use of personal data is ending. It is leading to the next big cycle.

Data privacy will evolve into data ownership in 2024

The next big tech cycle—one in which ordinary citizens around the world own and control the personal data that powers artificial intelligence—began about a year before the global COVID-19 pandemic. In early 2019, Apple CEO Tim Cook published an article in Time magazine calling for a landmark package of reforms to protect and empower consumers, helping spark a cultural and legislative shift away from unlimited Access and collect our personal data. As Apple strives to achieve more sustainable business operations by 2030, we see Apple trying to better combine one of the world’s most valuable technology brands with a clear and compelling social responsibility.

Regarding these issues, Cook wrote: “In 2019, it is time to stand up for privacy—yours, mine, all of us. Consumers should no longer tolerate companies irresponsibly amassing vast amounts of user data, Another year of seemingly out-of-control data breaches and the loss of the ability to control our own digital lives.”

Since then, more data privacy regulations have emerged, and the ability to track consumer shopping habits and preferences has diminished. Some of the world’s most progressive thinkers, such as California Governor Gavin Newsom, are calling for various forms of “new data dividends” that would provide a framework for ordinary citizens to gain access to the data they transact with various organizations Value or monetary compensation.