What is the most valuable thing you own?
- A Car?
- A home?
- Your phone?
Millennials as a group are either refusing to purchase the first two, while their mobile device is the most important thing in their lives.
Whether it is due to the fact they can’t afford to buy a car or home or because they don’t want to be tied to the commitment of payments both bring, I lean towards the second, it is undeniable that a smartphone has become the central hub of almost every person in the world’s lives. It is the first thing we reach for when we wake, the last thing we touch before we fall asleep and is the gateway to our lives and biggest secrets.
The implications of this increase every day as the volume of data we create skyrockets. What this data is, that everyone knows but few people appreciate, are personal digital assets.
The switch that’s occurred has been subtle but huge.
Prior generations main assets were physical.
The futures will be digital.
We Don’t own or control them
The infrastructure to do so does not exist
Your digital assets exist in silo’s owned by attention economy conglomerates. If you own a home or live in a flat, your usage and tariff information is owned by your provider. Your bank is the overlord of your banking transaction history, our insurance providers know everything there is to know about the physical assets in our lives. Our email provider is the focal point of our virtual identity — tying to the accounts that we maintain online.
Each of them owns our personal data, not us.
Each of them leverages our digital assets to profits, not us
Yet each of them exists in isolation
The value that could arise from the interconnection of those verticals data sets to build up holistic virtual identity never has the chance to materialize. These companies leverage our personal data and attention to enrich themselves through the offering of free…