Powerful algorithms are concentrating the ownership of personal data in few hands. We need rights to control who accesses it
The Bank of St George, founded in 1407 in the Italian Republic of Genova, is one of the world’s oldest banks. It was so powerful that it governed many of Genova’s possessions on the republic’s behalf. This power was based on accumulated capital. The power of accumulated capital can still dominate international affairs, but a new form of power is also emerging, that of accumulated data through loyalty cards, text messages, credit card transactions, web browsing and social networking. Data is the new currency.
Where does this power come from? Cross-linking of different data sources can give deep insights into personality, health, commercial intent and risk. The aim now is to understand and characterise the population, down to the individual level.
Related: Why we have to get smart about artificial intelligence
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