Personal Data Stores will encourage sustainable economic growth by:
1. reducing the cost of existing economic activities
2. igniting a new wave of product and service innovation.
The 20th century approach to wealth creation (via mass production, distribution and communication) created extraordinary amounts of new material wealth but was also very wasteful. That’s because it was a ‘top-down’, ‘push’ system that worked largely by guesswork: the industrial age never gave individuals a voice, where they were able to say to organisations “This is me, and this is what I want right now.”
By giving individuals, such as customers and citizens this voice, Personal Data Stores help organisations reduce levels of guesswork and waste in the provision of products, services and information. The money that’s saved can be reinvested in more productive activities.
Growth through innovation
As Personal Data Stores gain critical mass we expect an explosion of innovation of new products, services and businesses’ that:
1. help individuals use their data better (e.g. specialist personal data analytic, monitoring and decision-support services)
2. use this data as a key input into new types of personalised service across every industry and service sector e.g. ‘my home’, ‘my money’, ‘my health’, etc.
For more details, see Chapter 7 of our White Paper