The goose that laid the golden eggs: personal data and the Internet of Things

Abstract

PurposeThis viewpoint is intended to examine the issue of the monetization of personal data and the risks to companies that fail to understand this trend.Design/methodology/approachThis paper reviews the recent literature on the use and abuse of personal data to identify relevant trends and issues.FindingsIt is likely, whether through blockchain technology or some other means, that individual consumers will be able to monetize their data.Research limitations/implicationsAs a review of secondary sources rather than original sources, the findings are anecdotal and not comprehensive.Practical implicationsIn the rapidly changing environment of data privacy and security, one should anticipate that the findings may become outdated by sudden events such as a new global data privacy breach.Social implicationsOwnership of personal data and its use or abuse is one of the single most important social issues in today’s world, with profound implications for civil society.Originality/valueWhile there have been numerous studies cataloguing attempts to create monetization platforms for consumer data, there are not many studies on the reputational risks for companies in handling data from the Internet of Things.