Problem Statement
The amount of data that is being collected, analyzed, and stored by different organizations is growing at an exponential rate. In the last 10 years, the volume of data created, captured, and consumed worldwide grew by a staggering 3850%. This raises concerns for individual and business users on data protection, data privacy, security, and regulatory compliance. For example, to what extent do individuals have ownership over their data.
Businesses handling users’ data must act as data custodians (not owners) that maintain privacy, where client data is protected and data ownership is the sole right of users. Without secure data ownership, users not only lose potential benefits from their data to businesses, it also restricts their ability to access better and more inclusive services.