Everywhere you move, you leave your digital footprints.
These digital footprints are the data that you leave behind you. In this era, each company is after the data you keep leaving, as owning that data is extremely valuable. As the data web grows and more people interact with this data web, hence the data universe keeps increasing. Tech companies are finding ways to make data collection of customers easier each day. Digital footprints clearly state your interests, activities, and the things you like or dislike and do. These digital footprints can pass information as simple and basic as your name to as complicated as knowing your family members, your favourite color, and whatnot.
Data holds immense value to business owners, and they will, without a second thought, pay a considerable amount to acquire consumer data. Collecting data and working on it is so crucial that there are dedicated departments allocated towards studying data patterns. For example, have you ever noticed that when you need essay services, suddenly Google magically starts showing you advertisements for the best college essay writing service?
This is no coincidence this happens when you leave digital footprints behind as you leave and because business owners receive real-time data from you to precisely target what and how they should. That’s what makes data the currency of the future. And not just the future but of today too. Data is considered the world’s most valuable asset. Whenever you are struggling to pay for an Essay Service, you will find advertisements to buy essay online cheap rates without you filtering your searches. Where it took you ages to find the right product or service for yourself, now businesses are specifically targeting you.
Data as a Currency:
Data moves like money, and it is transferred between millions of entities every passing second. People often wonder, ‘how data is a currency?’ ‘How are we paying?’ The answer is simple and very straightforward. Nothing in this world comes free of cost. One of the most significant payments you are making through data is on social media. Yes, social media is not free. You are paying through your information, and this information can be misused, monetized, and manipulated. Often time’s consumers do not even realize that their information is being acquired but believe it or not. This is the case.
Consumers and businesses cannot control the whereabouts of their own information. So, in case Facebook database was to be hacked, you would lose all your information, or if Twitter decides to monetize your data someday, you will have no idea as to where and to whom your information goes. However, data can be secured through decentralized networks database systems; distributed databases allow data security with authentication and authorization and data encryption. Here the consumers can control whom their information is passed on to.
The Future of Data
We live in an information overload era, where we are digitized but still operating manually. The advertisement industry is blooming with the help of digital footprints that we leave behind. These digital footprints leave behind macro and micro information about you, your family, and your interests. This data is consumed by every department and almost every kind of business that you can think of, the advertisement and marketing department, the supply and production side so on and so forth. Everyone needs to know your interests and if you are worth spending time and effort on or not. As scary as it sounds, details as minor as what is your name and as significant as your interests are acquired only to learn about your buying patterns. These also include potential buying patterns, which means your interests. Your data is shared without you even noticing, with zero control in your hand. This is why information comes and finds you at the right time and right place. You keep wondering about the sorcery behind you, seeing exactly the advertisements you needed to see or something coming up in advertisements as soon as you discuss it with a friend.
Most consumers remain unaware of how the data works and how it affects them; however, this has also led to consumers securing their data to avoid the unwanted spread of information. The future of data can be secured. Rather than putting your attention up for auction without you knowing, you can put your intention up for auction, which means consenting to share data. The process does not have to start with advertisements planting ideas in a consumer’s head, but with a consumer thinking, they want what they are about to purchase. Imagine you stop seeing advertisements for travelling to the Maldives instead. The consumer decides that they have to travel, and they put this information up themselves. This would be acquiring data with the consent of the consumer. Here the consumer must also be told where their information will be shared.
When so much of someone’s information is involved somewhere, the risk also increases. There’s a definite risk of a data breach, human error, unauthorized access. This could mean hacking systems and acquiring databases illegally, lack of data processes, etc. All these issues can lead to compromised information of the consumers. At the end of the day, they will have to face the consequences of losing their information.
Protection Against Data Loss
To protect your data from going in the wrong hands, there are specific measures that you can manage your data effectively, ensure data protection by complying with the rules and regulations, recruit a professional to manage the organization’s data, invest in a data-centric security system and regularly train staff.
In the end, data is considered the currency of the future as it holds such significant value, every piece of information is crucial and vital. With the ability to auction your data with intention, it can become the currency of the future and work more securely. Therefore it is necessary to handle data and databases effectively.