In the Future, Chinese People Will Sell Their Data for Cash
These days, every footprint we leave online can be monetized. This notion first struck me when I established my data firm, Chengtai, in 2010. At that time, our fine-tuned data mapping technology enabled my company to recruit clients for a local commercial bank, bringing in 100 yuan (then about $16) in commission for each deal. Our streamlined and precise service allowed the bank to mail credit cards to new customers the same day they applied. Since then, we’ve gathered abundant data on millions of people, including their jobs, annual incomes, and education levels.
My company has evolved substantially over the years. Now, we no longer merely gather personal data like everybody else but are also determined to become the first company in China to turn data into digital assets that could potentially generate money for private citizens.
From grocery lists to holiday destinations, utility bills to bank statements, job applications to medical records — the data lining our digital trail is being tracked by too many corporations and institutions. The abuse of private data has led to unprecedented numbers of complaints. In Feburary, a survey by CYL-affiliated newspaper China Youth Daily found that nearly 70 percent of around 2,000 respondents thought internet companies had leaked their personal information. In addition, the majority of respondents called for stronger legal protection of their private data. To date, however, neither personal caution nor an official clampdown has prevented data abusers from ruining people’s lives.
While citizens and companies tend to disagree about who owns and uses digital assets — particularly data from private citizens — there is a consensus building that such data should belong to their creators and not their collectors. In addition, companies operating big data services should not be able to sell this data to third-party clients without the prior consent of the creators. But to transform private data from a commodity into an asset, each of us needs to have the power to authorize the commercial use of our data. To that end, both China and the EU have made progress in creating legislation recognizing the private ownership of personal data.
In April 2016, after four years of deliberation, the European Parliament passed a landmark bill on the protection of private citizens with regard to the processing and free movement of personal data. Among the citizens’ rights highlighted in the General Data Protection Regulation, creators of personal data are entitled to demand that corporate or individual collectors delete their data once the creator no longer wants it shared. In addition, data collectors must, upon request, ensure that all third-party data users have completely deleted the data they have received.
