The mantra “If the service is free you are the product!” has become the common battle cry for Silicon Valley.
Consumers on the lookout for freebies have flocked to these free services and signed away their data rights to access these cool and “indispensable” services. However, with AI, microtargeting and next best action algorithms becoming ever more pervasive, things can now feel a little creepy for many consumers.
Unscrupulous collection
There are plenty of recent examples where social media has collected, mined and sold customer data to third parties only for the data to be “weaponized.” The customers’ very data is sold to political parties and propagandists of all persuasions who target specific groups of customers.
Consumers today have zero control over who can access and sell their data and how they go about doing it. Existing regulations assume that a consumer will know who has their data but that is impossible in today’s world…
Read Full: Blockchain Will Really Disrupt Silicon Valley Once Consumers Control Own Data
