Data wallets to 'give consumers control' over personal info online

All consumers will use a platform that enables people to control and earn from their data in the near future, according to the founder of Gener8.

Sam Jones, who pitched his idea on the BBC’s Dragon’s Den programme last year, launched a company that gives people the choice to keep their data private online or be rewarded from it.

At the Retail Technology Show, rapper Tinie – who invested in Gener8 – joined Jones on the stage, saying that privacy is integral to society and people’s lives.

He said that the way information is obtained digitally is sophisticated, with consumers often unaware of what is going on.

Jones said that retailers need to own the relationship with their audience rather than relying on companies like Google. While Google is phasing out third-party cookies, he claimed that the tech giant is simply replacing this with another form of tracking that “won’t make a massive difference”.

He said that consumers should have a simple and transparent choice and the ability to say yes or no to ads.

The founder added that while collection of data isn’t always bad – for example when Netflix tracks users to provide recommendations – the problem lies with organisations and businesses that allow thousands of companies to access data from their cookies with poor transparency about what they’re doing.

NFTs

Tinie talked about how NFTs are giving artists and creatives more autonomy in the market.

Most artists will go to a record label or a middle man,that owns their IP or takes a large chunk of their profit, he said.

“In this day and age you don’t really need that, and you can build direct relationship with customers,” he said. “You can create your art, music, and can put it online and the audience can be the ones that invest.”

He described NFTs as a “game changer” for any artist or creator because they no longer need to rely on someone who could take advantage of them.

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