Did you know that the web companies like Google, Facebook and others make billions of dollars by collecting data about us (the consumers)? I was browsing through the new articles on Business Week and I came across this article in regards to data safety and privacy. What if a company was created for “web surfers” like you and me to actually be able to manage and save our own data and than at your discretion the data will than be sold to a third party. For example, this is a similar process to our conventional banks that we store our money in either as a “cd” or in a savings account where the bank than turns around and lends out that money to other companies; benefiting both the bank and the consumers. Any digital information about me or you can be very valuable to another so being able to view and control who is using it would definitely be a privilege. Since, Privacy and theft identity is a rising issue and people, more than ever before, want to make sure their information is secure. The web is growing and our information is also floating around the internet; I don’t know about you but I would sure like to know what kind of information these web companies have collected about me. This article introduced “SWIFT” ( the Society for Worldwide Interbank Financial Telecommunication), which is also a nonprofit global that supports wire transfers between financial institutions and now SWIFT offers the service to store and manage your own data. Our online shopping, favorite hangout spots, food, clothes, and entire social life is being viewed and utilized by major advertising companies. People started to send several complaints to the Federal trade commission and due to the high volume of concerns, now facebook has agreed to first obtain the users permission before releasing their data.
Furthermore, imagine being able to “trade your data” rather than money. SWIFT gives users the option to possibly trade their data to third party’s that may offer them discounts as a “return” or money. Banking institutions have information like our health records and financial activity, so SWIFT wants to create the opportunity for the banks to set up “digital asset accounts” that will enable users track all their information. This is a great idea and may do really well in the current market and definitely a very innovative idea. The only drawback is that SWIFT will probably require a monthly service charge to keep the account open and to be able to continuously manage it. I’m not surprised, after all, “there is no such thing as a free lunch right?” and as long as the service charge is an acceptable market price, I can’t see why this won’t work can you?
I love reading about innovative ideas like this to further stimulate the economy as well as giving the consumers more control over their privacy. SWIFT is known to do an exceptional job with market and development research prior to actually launching any ideas, they are definitely known to be trustworthy. This “data trading network” will probably not officially take off for at least another five years. Please see the below link to the article.
Consumer product good companies and grocery store retailers have been utilizing this practice for over 20 years; however most consumers are often unaware of this practice as most simply release this information without fully reading what they are signing at the time of registering for store discount cards.
For example, every time you use your CVS Card/ Jewel Preferred Card when checking out at the counter, data on what you purchased is collected. So not only does the store know what you purchased, but they know how frequently you purchase certain products as well as how old you are, what race/nationality you are, where you live, what your income is, etc.
In my opinion, retailers like CVS and Jewel pay the consumer by providing them with discounts on certain products and the consumer in return provides retailers with statistical shopping data. Therefore, I believe it is only fair for web companies such as Google, Facebook to do the same being that they essentially provide a “free – discounted” service in return for statistical data.
I know it does has its risks, but to be honest, I’m not real troubled by the release of data that is related to the type of consumer I am. As we see, companies are getting it one way or another, so I am starting to embrace it. Just like Angelica’s point with preferred memberships, they can help us out by offering us deals on the products we actually buy regularly. I kind of like that products that fit my preferences are being directly offered to me instead of me having to search it out. With this type of marketing though, consumers just have to be smarter and more skeptical when shopping.
This idea is interesting. I’m fascinated to see what happens with the collection of data in the next five years. I agree with the other post, these days it seems like there is no way to avoid data collection. There are too many ways companies are doing it. For example, with Google Wallet. They want to turn your cellphone into your virtual wallet and whenever you use it they will collect your data on what you buy and where you are buying it. Also, they will be able to customize ads that will show up on your phone as you pass by stores you shop. I am interested the see the direction this data collection moves toward in the upcoming years.
I agree that this is a very creative and innovative way to go about the internet for information. Honestly, I was always skeptical about third-parties watching over everything I do but this gives the individual control over what they are doing and who can access it; that’s what I find appealing.It’ll be interesting to see if this idea flourishes and how the business world will change if the idea takes over.
The flow of information and the ability of companies to share information regarding individuals is nothing new to date. It has been a trend since the evolution of
the computer (the computer age). I believe it is up to consumers to secure each one’s data through various self managerial efforts.
This is an interesting concept. I don’t know how well it would work though. I guess it would depend on who was trading/purchasing the information. Ultimately we do have the option not to allow google and Facebook to collect data on us, just choose not to use them. Grocery stores have been using data collected form customers that use preferred cards for years. Although I don’t know that they are selling the data, but they do use it for their own benefit as well as your own. Grocery stores are now testing visual displays attached to shopping carts that alert you what items are on sale as you walk by them in each isle based off past purchases you have made.
This is a very interesting idea. When I found out how easily was for companies to collect data about me and then use or share it with others, it definitely made me feel like people were intruding in my life. Over the years though I guess I learned how to make my peace with it since it is impossible to avoid it. I definitely think this is a great idea and it would be so beneficial for us as consumers to have some control over how information about us is being collected and who is able to reach it. However, I do not want to sound pessimistic, but I wonder if enough people will be willing to pay that fee to SWIFT. It seems to me that most people do not really worry about it since they know everyone’s information is being collected.
This is a great post!! Ideas like this should be spread around.
I think there is a huge risk with social networking sites, especially Facebook and Twitter. These sites, including many people on the internet, have access to many personal things about a person that they may not want shared. It is an ongoing battle, especially with the way hackers have been hacking their way in to many companies and obtaining private information from their respective consumers. I think one of the biggest challenges is to avoid such a trend. Many people share so much information on Facebook, but they don’t realize the potential dangers out there. On the other hand, I think it’s a great way for companies to reach their target markets. With the information that is available on these sites, they can segment their market to whomever they want. And quite honestly, I think it’s working. There have been a few instances where I have clicked an advertisement which interested me. Even though I didn’t purchase the item being advertised,it the company was still able to reach me with an effective marketing strategy.
I think this article did a good job of showing the risks associated with social networking. Sometimes I talk to my friends about how Facebook sells their information, and most have no idea. In their defense, Facebook isn’t exactly writing it on your Wall. What do you think will happen over the next 10 years with Facebook and privacy?
This is super interesting, i myself as well as millions of other people use face book all the time. I believe face book is good and bad way of transferring information about us and other people to third parties. Even though swift allows us to control what the information is portrayed. Has anyone realized the new upcoming move that face book has made towards their timeline phase. They are making it mandatory for everyone to switch to their new timeline idea, some people like the original phase better and dont want to switch, i feel like face book is slowly taking our way of freedom and speech one by one who knows what might happen in ten years. I also wonder if anyone would pay the swift idea, i dont think i would unless the program was running efficiently for about 5-10 years.
Well done norias301, I would like to thank you for your post which almost touch each one of us. I would also say well done for Lary Page and Sergey Brin who founded Google, Inc., in 1998. I think in this Era “Information technology”, information is like the money in the past, and the talent people should use it ethically so that to avoid any information crisis in the future. In individual basis, we should take care of our private information and not to share it and to pay attention, read carefully any E-agreement before signing.
I wish to see more success and more control in information technology in the near future … Good Luck for any new ethical innovators.
I would trust a bank more becuase I limit the amount of personaly information that I offer to give up that is protected by identity theft service I have. Facebook on the other hand I have a wide variety of information they can sale like what I like to do and what I like to look at. They can manipulate the data to others and I can be hit with spam that I cant really control over like the new facebook ads they have.