Connect with us

Technology

How privacy-driven innovation can eliminate data waste

Published

on

Truata’s Michael Ingrassia discusses how companies can use data in responsible ways without reducing its efficiency or creating excessive data waste.

There’s no denying the commercial benefits of leveraging the untapped potential of data. It has been ringing in the ears of executives since data was first hailed as the fuel of the future.

But with both consumers and regulators putting companies under increasing pressure to prove that they are powering their data use in responsible ways, a privacy airlock is now preventing that data from flowing efficiently, if even at all, through their commercial pipes.

How much data are you actually wasting?

Addressing the inherent complexities of data-driven transformation­ – harnessing the right tech, tools and people who can extrapolate valuable insights from data – requires expensive investment. But in addition, the fear of stepping out of line with regulators, or tarnishing brand value with consumers, is also causing costly repercussions for companies – some of which are obvious, while others are more pernicious.

In particular, the new wave of analysis paralysis enveloping organisations in our increasingly privacy-centric world is leading to vast amounts of data waste, thereby stifling growth in an economy where the ability to leverage advanced analytics will be a key differentiator between the businesses that struggle to survive versus those that thrive in industry 4.0.

From too liberal to too conservative

Data waste is not a new phenomenon. Initially, the volumes of data that companies were accumulating were not being put to work. Why? Because data was a new asset that required new knowledge and new tools.

However, as organisations began to understand how data could be leveraged to improve organisational efficiency and consumer experience, we entered the era of vast data exploitation which, unfortunately, also gave rise to increasing data misuse.

And that’s when the pendulum started to swing. Consumers became more aware of their digital selves, ‘data for gain’ became a bone of societal contention, and demands for regulatory intervention were eventually met.

However, the crack of the compliance whip through enhanced regulations and enforcement, while effectively introducing much-needed discipline to data handlers, has resulted in collateral damage as well. It has led many organisations to feel forced into over-rotating towards treating their data as a potential liability rather than a potential asset to drive growth.

The data advancements that propelled so many businesses forward now, ironically, hold them back. Only this time it is the fear of how to mitigate a tangible risk, rather than ignorance as to how to exploit an intangible asset, that is leading to mass data waste.

Rules alone will not work

Data analytics is at an inflection point and companies are at a crossroads as they assess several competing factors, none of which can be ignored: commercial value, consumer trust, regulatory compliance and business strategy. The seeming irreconcilability of these factors leads to paralysis, where no decisions are made due to fear of a misstep.

In order to break this logjam and drive data-based innovation forward, there needs to be a systematic rethink around the way we position data privacy. The conversation can no longer be focused solely on following the rules and regulations that governments have imposed.

Of course, satisfying regulatory obligations needs to be done, but that cannot become the alpha and the omega of the analysis. It’s too restrictive of a narrative. We need to instead be honest and embrace the fact that rules alone won’t help businesses to overcome the everyday obstacles that stand in their immediate way.

To break free from the data waste causing analysis paralysis that many organisations currently find themselves locked in, they need to learn from the most sophisticated companies when it comes to data analytics. These data innovation-led companies are embracing privacy-enhancing technologies (PETs) to address their two-pronged problem: how to get the value they need from their data and address data privacy concerns at the same time.

Support Silicon Republic

This tech-led approach also requires that governments, knowing that the necessary tools are now emerging to facilitate change, support a positive positioning and drive marketplace incentives that guide a conversation around responsible data practices that foster innovation, rather than limiting it.

It’s time for technology to be leaned on as the solution to the problem rather than being cast aside as the enabler of the trust crisis that now exists.

Encouraging responsible innovation with PETs

Rather than incessantly pushing the regulatory rules of play when it comes to data, we can collectively encourage responsible innovation through the use of PETs.

Shifting the negative narrative to one of empowerment will assist with triggering a movement of change that offers organisations a way out of the privacy prison in which they have unwittingly confined themselves. This offers a practical approach to unlocking data and supports a solution that will enable us to both overcome the trust crisis and fuel the trust economy.

By embracing privacy-enhancing technologies that can measure and mitigate privacy risk, businesses can confidently conduct analytics on their data without having to worry about consumer or regulatory backlash.

In addition to this, since PETs are intentionally designed to unlock value and protect privacy, they offer businesses both a safety blanket and a door to new opportunities. And because PETs are becoming more sophisticated and attuned to different use cases, they enable companies to understand the return-on-investment on the early adoption of a privacy-centric business strategy.

Permissionless innovation can still exist

The success of the modern tech economy was powered by the principle of permissionless innovation, which asserts that innovation thrives in a lawless space – cyberspace – where there are no regulatory constraints.

But the idea that innovation and data responsibility are mutually exclusive is a canard, as PETs increasingly and convincingly demonstrate that lawful innovation doesn’t need to be heckled as oxymoronic.

Today, the power imbalance that once favoured the corporations tilts towards the consumers, which means that Mark Zuckerburg’s “move fast and break things” era is over – especially if the thing being broken is consumer trust. Companies that are seeking lucrative, long-term success built around loyalty need to evolve with a privacy mindset.

Now that we have reached an era where we understand how technology can impact people, we can adapt, as humans always have, to new ways of thinking and working. By placing people at the heart of strategy and harnessing technology that protects their privacy, businesses can continue to drive innovation without compromising on consumer trust – and that is a business philosophy that is “sustainable for the long-term”.

Ultimately, harnessing the power of PETs will not only help companies to relieve the regulatory and consumer pressures that are restricting their data flow, but it will also ensure that the full potential of their data can be leveraged in a responsible way to fuel tomorrow’s growth strategy.

By Michael Ingrassia

Michael Ingrassia is president and general counsel at Dublin-based data anonymisation and analytics company Truata.

Source link

Technology

Bitcoin price back above $40,000 after Elon Musk comments | Bitcoin

Published

on

The price of bitcoin hit a three-week high on Monday, climbing back above $40,000 after Elon Musk said that Tesla would resume allowing transactions made in the digital currency once crypto mining becomes greener.

The electric car company’s latest change of direction on its acceptance of bitcoin once again highlighted the continuing ability of Tesla’s billionaire chief executive to influence the price of bitcoin and other cryptocurrencies.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” Musk said in a tweet on Sunday.

The price of one bitcoin climbed to a high of $41,033 (£29,063) on Monday before slipping back to $40,580, still up more than 12% from its price before Musk’s tweet.

Musk, one of the most high-profile proponents of cryptocurrencies, also said that Tesla sold about 10% of its holdings to confirm bitcoin could be liquidated easily without moving the market.

He announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency. In February, Tesla revealed it had bought $1.5bn of bitcoin and would accept it as a form of payment for cars. But the cryptocurrency’s production is at odds with the company’s mission toward a “zero-emission future”.

Bitcoin fell more than 10% after Musk’s tweet in May. He said that he believed cryptocurrency had a promising future but it could not be at great cost to the environment.

The energy used to produce bitcoin alone is equivalent to the annual carbon footprint of Argentina, according to the Cambridge Bitcoin Electricity Consumption Index, a tool from researchers at Cambridge University that measures the currency’s energy use.

Bitcoin mining – the process in which a bitcoin is awarded to a computer that solves a complex series of algorithms – is deeply energy-intensive. Because there is a finite number of bitcoins that can be mined – 21m – computers have to solve harder and harder algorithms in order to get bitcoin. The special equipment and intense processing power use a lot of electricity – as much as some entire countries.

The concerns over energy use aside, cryptocurrencies have split opinion among investors and financial regulators for other reasons, including the rollercoaster ride sparked by their frequent swings in price.

Despite bitcoin’s recent rise, it is still trading about a third lower than the record high of $63,000, which it reached in April. A year ago, bitcoin’s value was under $9,500.

Earlier in June, the Central American country of El Salvador became the first in the world to adopt bitcoin as legal tender, as part of its technology-loving president’s proposals to use the cryptocurrency to promote “financial inclusion”, investment and economic development.

However, others remain unconvinced, and cryptocurrencies remain controversial. Global regulators are sceptical, on account of their volatility and vulnerability to theft or hacking.

The Bank of England has previously warned that the rise of digital currencies could set off a flood of withdrawals from high-street banks, risking financial stability and the wider economy, and cautioned that investors risk losing their money.

Guardian business email sign-up

According to various measures, bitcoin is undervalued at current prices, said Alexandra Clark, a sales trader at the digital asset broker GlobalBlock, although she added: “Many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend.”

Tesla’s decision to sell 10% of its bitcoin holding “has brought about fresh accusations of pumping and dumping by Musk and reiterated the need for an investigation by the SEC [US Securities and Exchange Commission],” Clark said.

The US securities watchdog warned Tesla last year that Musk had twice violated a settlement requiring his tweets and material public communications to be preapproved by company lawyers, the Wall Street Journal reported at the start of June.

Source link

Continue Reading

Technology

Price-capped broadband on hold for New York State after judge rules telcos would ‘suffer unrecoverable losses’ • The Register

Published

on

A new law due to come into force tomorrow that would force broadband providers in New York State to provide net access to low-income households for $15 a month has been put on hold.

A preliminary injunction [PDF] was granted by United States District Judge Denis R Hurley on Friday after a string of trade bodies – including the New York State Telecommunications Association and The Broadband Association – launched the action on behalf of their members.

The ruling notes that telcos and ISPs forced to impose the price caps would “suffer unrecoverable losses increasing with time” and that the “bulk of these losses will stem from lost income.”

“While a telecommunications giant like Verizon may be able to absorb such a loss, others may not: the Champlain Telephone Company, for example, estimates that nearly half [approximately 48 per cent] of [its] existing broadband customers will qualify for discounted rates,’ with each such customer ‘caus[ing] a monetary loss’,” it states.

The legal action also highlighted that not only would telcos lose revenue by offering cut-price access, they would also incur additional costs associated with increased spending on advertising.

In April, New York Governor Andrew Cuomo put his name to legislation that would force operators in the state to offer $15 a month high-speed internet to low-income families across the state.

The legislation also made it a legal requirement for operators to inform the authorities about their broadband products and prices, and how many had taken up the offers.

In all, it was estimated this change would impact seven million New Yorkers and some 2.7 million households.

At the time, Governor Cuomo said the need for remote access to work, education, and healthcare – which had been brought into sharp focus by the pandemic – had underlined the “need to make sure every household has access to affordable internet.”

“This program – the first of its kind in the nation – will ensure that no New Yorker will have to forego having reliable home internet service and no child’s education will have to suffer due to their economic situation,” he said.

US telcos in the crosshairs of the enforced price cap were quick to challenge the legislation, pointing out, among other things, a temporary $50-a-month discount being offered to households as part of a federal benefit.

In a 19-page lawsuit filed on 30 April, the industry lined up to say that they’re already doing their bit to help close the digital divide including offering cut-price tariffs to people on low incomes.

They also claim that New York is acting beyond its jurisdiction.

“In short, New York has overstepped its regulatory authority,” lawyers acting on behalf of the telcos said in their lawsuit.

Governor Cuomo hit back almost immediately and in a statement on the same day as the 30 April lawsuit said: “I knew giant telecom companies would be upset by our efforts to level the playing field, and right on cue, they’re pushing back. This is nothing more than a transparent attempt by billion-dollar corporations putting profit ahead of creating a more fair and just society.”

Fast-forward to this week and the decision to grant a temporary injunction halting the introduction of the $15-a-month broadband cap has left many wondering what happens next.

In a statement, US Telecom said: “The broadband industry is committed to working with state and federal policymakers on sustainable solutions that will serve the needs of all low-income Americans. While well-intended, the state’s law ignored the $50 monthly broadband discount Congress enacted, as well as the many commitments, programs and offerings that broadband providers have made for low-income consumers.” ®

Source link

Continue Reading

Technology

Sweden’s Vässla raises $11m for its e-bike rental service

Published

on

The company is building a subscription service for its micromobility vehicle, which is a cross between a moped and a traditional e-bike.

Vässla, a Swedish micromobility start-up, has raised $11m in fresh funds to expand during the increasing demand for e-bikes.

The Stockholm-based company initially launched with e-mopeds and is now launching an e-bike with a club-like subscription model.

Vässla Club will target individuals, delivery drivers and businesses like hotels and holiday resorts with a subscription model to access its e-bikes with fleet management features built in for businesses.

The round of funding was led by Swedish investment firm Skabholmen Invest with eEquity contributing to the round.

The company is running trials in the Scandinavian market with further trials pencilled in for Berlin, Vienna, Hamburg and Madrid. It is also planning a UK launch once legislation around e-scooter and other electric micromobility vehicles has been introduced beyond the current trial stages across the country.

Support Silicon Republic

Vässla designed its bikes in-house and describes it as a midway point between a moped and an electric scooter. It has a maximum speed of 25km/hr and battery range of 40km.

The company was founded by chief executive Rickard Bröms over his frustration with commuting and a mission to reduce dependency on privately owned cars.

“The problem with electric pedal bikes is that your morning commute becomes a workout session – you arrive at work or at your important meeting sweaty and tired. It’s really no better than using packed trains or buses,” Bröms said.

The new iteration of its bike is lighter but capable of multiple trips a day, he added.

“The investment, which will help us launch Vässla Club, and expand into other territories, comes at a very exciting time and we are very much looking forward to seeing how the attitudes of the general public towards micromobility will change over the next few years.”

Wilhelm Pettersson, CEO of lead investor Skabholmen Invest, said that it invested in the company as it believes the “future of urban planning will exclude personal cars”.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!