Two days before Halloween 2017, I was at my Granny’s when the phone rang. I discovered she was paying 4X what I was for a worse satellite TV package
I didn’t think this was right
She’s losing her eyesight — macular degeneration — so I’d help her with letters, bills, and statements
We both have the same bank.
They can’t do anything about it, I thought I could
I was obsessing over GDPR, P2P, and Open Banking at the time and realized it was an asymmetric information problem. Banks know how much we pay service providers but they don’t know our package information so can’t advise when we are paying too much
FinTech is the solution
Open Banking is the gateway
The problem is that we don’t own our digital assets
- historical transaction data
- usage and tariff info
What if we can?
What’s needed are Digital Asset Banks
They will acquire your personal data autonomously meaning you’re the only person in the world who owns your holistic virtual identity
Today your privacy is exploited by attention economy conglomerates to enrich themselves. You forfeit ownership and control of your personal data in return for access to freemium products. We need to reclaim these digital assets now.
Tomorrow you’ll leverage them to unlock value that’s currently impossible
Prior generations main assets were physical
The futures will be Digital
This lets you own and control them
The @FT reported that vulnerable and exploited groups pay £1,500 a year too much for their services. Disgusting.
Helping anyone own their digital assets lets applications utilize that data to provide unparalleled value. That could be auto-switching bills and expenses, for free, forever.
That’s just from a financial perspective
What about your:
- health watch activity data
- grocery receipts
- social media archive
- search engine query history
- Energy, tariff, consumption and usage data
- Insurance information
Applications will analyze those data sets, enable universal interoperability and cross-pollination which enriches the value of them all and make preventative diagnosis based on how you live your life
- Credit ratings based on your actions and habits
NOT how much debt you’ve serviced
- Insurance based on behavior, or applied automatically when you book flights because your asset bank knows your departure date and destination.
- House insurance which adds every new purchase instantly to the list of protected items.
- Costs recouped on purchased flights automatically if the price changes in the first 30 days after booking
Every privacy conscious person in the world will have a digital asset bank within a decade
This will lead to a decentralized world of applications which let us do things that are currently impossible