Data governance is a fundamental concept that must be addressed globally as data resources become increasingly essential in today’s world. However, there are several problems with data governance, including uneven data rights and conflicting interests between the players in the data economy.
The regulations for how governments and businesses gather data, utilize it to create insights, and then store and protect it, have a broad impact on all sectors of the economy. Today’s business world’s “data-centric” nature forces organizations in various sectors to adapt. For example, manufacturing, finance, healthcare, and other industries are becoming increasingly data-centered, relying on vast data to conduct business. Data transmitted via the internet and telecommunications networks enables a wide range of services and products, including email and customer management software, and advanced technologies like AI and IoT.
Data utilization is prevalent throughout the world today, embedded in the very fabric of our daily lives, influencing social transformations that are often out of sight. People are eager to use data to address issues, enhance their well-being, and generate material wealth.
Data has the potential to improve our lives in various ways, from improved economic growth to better medicine to improved public safety. Still, it also brings several risks of data misuse and abuse, such as data privacy breaches, algorithmic unfairness, and widespread surveillance. Data leaks have become increasingly common globally, resulting in rising losses. The worldwide data governance structure is still immature and highly fragmented, owing to a lack of specialized global data governance organizations and coordination among the several distinct governance procedures.
The contemporary debate on global data governance is confronted with various issues, including imbalanced data rights and differing interests between people, companies, and governments. Institutional frameworks at the international level aren’t designed to deal with global data governance’s specific needs. We need a new global institutional framework with multilateral, multi-stakeholder, and multidisciplinary engagement.
One movement to drive them all
The data economy is changing for the better due to rising concerns about data privacy. The promise of the digital economy to increase opportunity for billions of people worldwide is mostly unfulfilled. Privacy-enhancing technologies aim to break down social, economic, and political barriers that have stifled innovation in the data economy. As more consumers demand privacy and control over their personal information, a new generation of companies reconsider how their products are built and marketed.
polypoly uses a trust-first approach that emphasizes security, privacy, and convenience by putting the data communities at the center, developing solutions for enterprises’ and governments’ data needs. polypoly’s privacy-driven movement for a sustainable data economy is designed to ensure that the service site remains in the country by closing tax loopholes. polypoly delivers improved outcomes for businesses, communities, and governments, all stakeholders of the data economy.
“polypoly is a movement supported by three entities. The Cooperative, together with its members, represents the interests of citizens. It develops the technological basis with the polyPod. The Enterprise enables the economy to transition smoothly to the decentralized data economy. The Foundation guides state along the journey and counsels on the appropriate legal frameworks.”
polypoly’s privacy-driven data economy ecosystem overcomes the barriers to a global sustainable data economy by addressing each stakeholder’s issues.
- Citizens who create and own the data
- Organizations that use data to create value
- Governments taxing the data economy
Global data governance is supposed to protect people’s data and privacy rights through various channels, guarantee the ownership of reprocessed data to organizations, and help governments with comprehensive data sovereignty and maximize national interests. It’s essential first to understand the imbalances and conflicts between said three parties to accomplish all three of these simultaneously. polypoly’s ecosystem for a decentralized data economy creates a sustainable solution that benefits everyone with supporters from society, business, and governments.
Every move we make on the internet generates data, and many services we enjoy work with thanks to this data. It is theoretically a win-win relationship. But for many years, while digital empires were built upon it, users did not know the value of their data and had no control over it. polypoly ensures that the people, who are the rightful owner of their data, determine who may use their personal data, for what purpose, and at what price.
polypoly’s privacy-focused technology works with an app called the polyPod. The polyPod protects users’ privacy by keeping user data on the end devices. Each device acts like a private server with polyPod, stores user data, and is entirely controlled by users. This edge computing approach returns the control of the data to its rightful owner. Users also can generate a digital income by renting out computing power.
Consumers’ desire for greater data ownership is growing, and businesses need more data to operate efficiently. Through a decentralized and privacy-preserving approach, polypoly delivers both with its ecosystem powered by edge computing.
polypoly allows for immediate interaction between customers and businesses. In real-time, the contextually relevant information is shared at a low cost while protecting user privacy and providing valuable data insights for enterprises.
Businesses have long relied on a few data suppliers to connect with their desired audiences. However, before extracting any value, they must clear data of irrelevant bits and pieces. Furthermore, there’s the cost and impact of storing consumer information and its potential to be breached.
polypoly makes it possible for businesses to obtain more accurate data saved securely on users’ devices. The connection polypoly creates between Enterprise, and the Cooperative is mutually beneficial, selective, and secure. The high-value data is provided from the Cooperative user base to help offset some of Enterprise’s biggest problems. Organizations see dramatically reduced storage costs since they access insight data on the users’ devices.
“Today data is collected on central servers. But polypoly’s model evaluates data directly on end devices. No silos, no limitations. A resource-rich aggregation of users’ complete online experience. Private, securely stored, and available by permission for more valuable data insights.”
Many practical difficulties confront nations and businesses to achieve data sovereignty and effective data governance. For example, global information technology giants control a large volume of data. Sovereign states lack actual control in critical areas, such as data with strategic importance. They cannot apply company data directly at the national level. Furthermore, states are unable to effectively interact and communicate with the private sector on data rights, which has a negative influence on their strategic goals regarding data sovereignty. According to a white paper published by IDC in January 2019, China will have the world’s largest data-sphere by 2025. The private sector’s share of the data-sphere will increase from 49% in 2015 to 69% in 2025.
The location where a service is provided determines whether a state’s laws apply and, if so, whether taxes are due. Because the internet is a cyber place, the locations of company buildings and servers are the decider in this matter. This makes it possible to profit from services in a state without paying taxes or following its rules. When only a few companies provide data-based services, many states have no authority over the worldwide data economy.
polypoly’s decentralized ecosystem helps states to keep up with digitization. The Foundation supports cooperative development around the world. As regulatory frameworks vary from country to country, the foundation partners with local experts to advise governments on the appropriate implementation. States can become independent from data monopolists by getting data insights directly from customers and recover from the loss caused by tax loopholes by ensuring that the place of service remains in the country.
Foundation also develops an open database called polyPedia to let anyone get an overview of data flows. The database stores information about companies, such as who owns them, and how they handle or monetize data.