Before we start connecting the dots, let’s understand the definitions:
DePri = Decentralized Privacy. In an ideal world, data owners (individuals or organizations) control their own data right policies - Who can see my data? What data are they seeing?
Consent Management = data owners agree to share determined data with certain people/organizations. How do the data owners manage these agreements?
Open Banking = consumers share certain banking and financial information among different types of organizations.
By combining the concepts of #DePri and Consent Management we can achieve the objectives of Open Banking in an automated, fast, and secure way.
Utilizing technologies that respect interoperability and promote proactive consent management with automated track and trace is a solution that effectively supports the transition to a new governance model.
In an optimal framework, all participants in the ecosystem are verified with each having the right to choose, control, share and track information. The information isn’t limited to account registration, but rather includes any data points that could be shared which benefits all participants in the ecosystem. Organizations should proactively request information on consent and track usage instead of continuously building temporary solutions in order to comply with ever changing regulation rules. To ease the adoption process, this technology should be plug and play as well as infrastructure and data location agnostic.
Once individuals and organizations are engaged in the ecosystem, automated consent management can be leveraged while data is tracked proactively. In a setting that embraces open source and open standards, limited resources are needed to maintain the platform and no infrastructure overhead is required.
In an ideal environment, a platform effectively puts a GPS on data ensuring the enforcement of its digital rights as it navigates through an encrypted and secure ecosystem. Data originators have full control over the access and use of their data as well as the ability to see who it is being shared with. Data owners become empowered and are able to protect the future data rights of their content and ultimately monetize that information. This technology is an extremely scalable and sustainable model that plugs into any existing infrastructure benefiting all participants.
One Creation’s mission is to help digital rights owners take back control of their data while enforcing transparency and trust.
Open insurance is coming up. Are you ready?