Data Cooperatives: The Bold Future of Data Governance
The report, “Data Cooperatives: A Scalable Framework for the Formation of Data Alliances and Co-operatives,” isn’t just another vision for data governance—it’s a game-changer. Launched at the UN Science Summit Digital Governance Series, it challenges the outdated, profit-driven data economy, advocating for a new era of shared ownership and transparency.
Forget the current model where a few giants profit from your personal data. Data Cooperatives flip the script, putting power back in the hands of individuals and communities. It’s not about hoarding data but about fostering collaboration, ensuring ethical use, and sharing the rewards of the data economy with those who truly own it.
Key points? It’s all about:
- Ownership: Clear rights to your data.
- Control: Digital Asset Registries (DARs) securing those rights.
- Governance: Collective data management for the greater good.
A Radical Shift in Data Strategy
Flybits CEO Hossein Rahnama proposes a bold, scalable framework to build Data Alliances and Cooperatives. Here’s the radical truth: the way companies exploit personal data today is broken. Rahnama outlines a new approach:
- Trust over Profit: Be transparent with customers about data use and the benefits they get in return.
- Insights over PII: Stop fixating on personal identifiers and focus on actionable insights.
- Collaboration over Competition: Build ecosystems where data flows freely to maximize benefits for everyone.
The Future of Data is Here
Data isn’t a commodity to be exploited—it’s a shared resource. By embracing Data Cooperatives, companies can pioneer a new, democratic data economy where transparency, equity, and collaboration drive real value for all.
About Flybits:
Flybits revolutionizes how financial institutions deliver personalization. Their award-winning framework simplifies the connection between financial institutions, their data, and their customers. Flybits’ platform accelerates the delivery of critical use cases with minimal IT intervention, empowering digital teams to seamlessly deliver data-led insights across all channels. Supported by leading fintech investors including Point72 Ventures, Mastercard, Citi Ventures, TD Bank Group, and Information Venture Partners, Flybits has offices in New York, London, and Toronto.
