Privacy as a Currency: Un-regulated?

We are living in a time where many of the decisions that affect us are made by mathematical models. These models rely on data. Precision and relevance of the decisions made by these models is dependent on quality of the data being fed to them. Therefore, there is a rush to collect personal data. Majority of the organizations that provide online services are at the forefront of collecting user data. Users, either voluntarily or by coercion, divulge information about themselves in return of personalized service, for example. These organizations’ revenue model is based on advertisement where advertisers are paired with user profiles that are built on top of collected data. This data is being used for a variety of purposes apart from delivering targeted advertisements. Mathematical decision models are impartial to the data on which they operate. An error, omission or misrepresentation in data has an irrevocable consequence on our lives, at times, without corrective remedies. This paper touches upon various facets of information gathering; information bias, economics of privacy, information asymmetry – and their implications to our ecosystem if left unaddressed.

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