Mydex. A Global Exchange For Personal Data. Can SWIFT, the global financial services provider, succeed in doing what Microsoft and other tech titans famously failed to achieve?
It is exploring an initiative that could provoke a sea change on the Internet that is so significant and so widespread in scope that the digerati say it could mirror the shift from mainframes to the personal computer. The Society for Worldwide Interbank Financial Telecommunications (SWIFT), a global organization that handles financial transactions such as wire transfers for more than 9,000 banks, is preparing an expansion into data banking – helping to secure all types of digital transactions.
Such a move would allow banks and a whole chain of other actors to play a key role in securing and disseminating personal data, a service that Microsoft tried to introduce ten years ago and that other big tech companies, such as Intel, Sun, Oracle and AOL, attempted to develop through a group called The Liberty Alliance. But trust is not enough. World Economic Forum - Rethinking Personal Data. Report: Unlocking the Value of Personal Data: From Collection to Usage, February 2013 Unlocking the Value of Personal Data: From Collection to Usage, prepared in collaboration with the Boston Consulting Group, examines the need for new approaches in the policies which enable the managing of personal data in ways that are flexible, adaptive and contextually driven.
The report highlights outcomes from a nine month, multistakeholder, global dialogue on how the principles for using personal data may need to be refreshed to ensure they protect the rights of individuals, unlock socio-economic value and are fit for the complexities of a hyperconnected world. A key insight from the report notes that the age of Big Data creates both new opportunities and risks, particularly as they relate to the privacy of individuals.