Fortunately, there is more good news with another new technology slowly making its entry. Thanks to distributed ledger technology, we will see a new approach to data ownership, giving control back to the original creator of content or data, instead of the platform where it was created. Not only will this empower consumers to take back control and monetise their data, but it will also enable organisations to share proprietary data with competitors and industry partners without being afraid of theft or loss of a competitive advantage.
2018 will see the General Data Protection Regulation (GDPR) become enforced, changing the way how companies should protect data of European citizens. This new regulation will have a big effect on organisations, but in 2018 we will also see the launch and further development of platforms that go even further and enable secure and private data sharing. It can best be compared to each piece of data having its own vault with its own rules linked to it, governed by smart contracts. Any transaction involved with every piece of data can be tracked and monitored and the data owner can benefit in real-time.