Personal data economy, data ownership & rights, and new business models

Overview

Rationale:
The General Data Protection Regulation (GDPR) and the second Payment Services Directive (PSD2) have heralded a new era in the digital economy, shifting power dynamics between individuals and corporations. These regulations have endowed individuals with unprecedented rights over their personal data, catalyzing the development and adoption of Private Data Accounts (PDAs). PDAs represent a revolutionary concept, akin to individual bank accounts, but for personal data instead of money. This innovation reflects a growing societal demand for privacy and the burgeoning economic potential of personal data sharing rights.

Despite the diversity in architecture and capabilities of PDAs offered in the market, from centralized systems to fully decentralized ones, the core idea remains consistent: to put individuals in control of their data. Organizations like digi.me, citizen.me, hubofallthings, and SOLID are at the forefront of this movement, enabling individuals to legally own and manage their data with unprecedented autonomy. This paradigm shift presents novel opportunities for real-time personalization in online services, ranging from contextualized insurance offerings to personalized digital content consumption, thereby challenging traditional business models and necessitating a reevaluation of legal frameworks and business practices. Such data ownership framework can be coined as 1PORCH data – 1st Party authenticated, On-demand, Real-time, Contextualised, Holistic Data.

Possible Research Objectives:

The overarching aim of this PhD project is to investigate and develop innovative business models that leverage the potential of PDAs, thereby contributing to a more equitable, privacy-preserving, and economically vibrant digital ecosystem. Specific objectives include:

*Mapping the Landscape: To comprehensively understand the current state of PDAs, including their architectural diversity, market penetration, and user adoption rates.
*Analysing Consumer Perceptions: To explore how individuals perceive and value their data ownership rights facilitated by PDAs, and how these perceptions influence their engagement with digital services.
*Identifying Business Opportunities: To uncover new business and economic models that emerge from the implementation of PDAs, focusing on real-time personalization and privacy-preserving data exchange.
*Evaluating Legal and Ethical Considerations: To assess the legal frameworks and ethical considerations surrounding PDAs, with an emphasis on GDPR and PSD2 compliance, data privacy, and security.

Significance:

This research project is poised to make significant contributions to the fields of digital economy, privacy law, and business model innovation. By centering on PDAs, the project addresses critical questions about data ownership, privacy, and the economic valorisation of personal data. It challenges conventional wisdom that views data privacy solely as a compliance issue and posits PDAs as a mechanism for empowering individuals and fostering a new wave of innovation in digital services.

Possible Methodology:

The project will employ a mixed-methods approach, combining qualitative interviews with PDA users and providers, quantitative surveys to gauge consumer perceptions, and case studies of businesses that have successfully integrated PDAs into their service offerings. This approach will provide a holistic view of the opportunities and challenges associated with PDAs and their impact on the digital economy.

Potential Impact:

The anticipated outcomes of this research include:

*A comprehensive understanding of the PDA ecosystem, including technological, legal, and market dimensions.
*Insights into consumer attitudes toward data ownership and privacy, and how these attitudes shape interactions with digital services.
*Innovative business models that capitalize on the unique capabilities of PDAs, offering enhanced personalization while preserving privacy.
*Policy recommendations for regulators and lawmakers to support the continued evolution and adoption of PDAs.

Conclusion:

The advent of Private Data Accounts represents a pivotal moment in the evolution of the digital economy, offering a path toward greater individual empowerment and innovative business practices. This PhD project seeks to explore this nascent field, uncovering the mechanisms by which PDAs can transform traditional business models and contribute to a more privacy-centric and economically dynamic digital landscape. Through rigorous research and collaboration with industry partners, this project aims to chart a course for the future of personal data management, privacy preservation, and digital service innovation.

Entry qualifications

• Have some working experience in the relevant industry.
• Have a backup business or have access to business data for the PhD study.
• Ideal candidates should possess analytical prowess, a strong foundation in economic and business theory, and a keen interest in emerging business trends.
• Background in either of the following relevant subject areas: Information Science / Tech Management; Entrepreneurship / Innovation / Strategy

Experience in qualitative and quantitative research methodologies is highly desirable.

Fees and funding

This is a self-funded PhD project for UK applicants.