Every internet user is now faced on a daily basis with dozens of terms and conditions which he accepts by passively clicking “ok”. It is very hard to escape all of the so-called cookies that scan our computers.
Personal data is the new raw material of the economy. From now until 2020, the personal data market is forecast to reach the size of one trillion euros, i.e. 8% of the EU’s GDP. Online users are permanently producing personal data and yet have almost no control over their use. The legal framework needs to be updated, data ownership rights need to be introduced. Europe is the right scale to act.
Polls show that data protection and personal privacy are major issues for users. Yet this is clearly at odds with their online behaviour. Users fall victim to this ‘intimacy paradox’. The less they feel their data are protected, the less they will value them, leading to a downfall of their online confidentiality preferences
Personal ownership rights are needed to introduce a price system allowing people to take back control on their data.
The digital economy is highly concentrated because various effects strengthen the influence of big players. The main online platforms benefit from strong network effects.
To protect online users’ privacy while fostering competition in a market characterised by monopolistic tendencies, a price system has to be introduced as a subtle balance between market and regulation.
Personal ownership rights are needed for personal data to be exchanged. We put forward two models of data ownership: a “contractual” vision and a “proprietary” vision.