For many years, Big Tech, data brokers, and even governments have monetized people’s personal data, often without meaningful notice, let alone true consent. Given the value of personal data in this data economy, data has been increasingly referenced as: a currency, a commodity, the world’s most valuable asset, and even “the new oil.”

Both supporters and critics of the data-as-property model have obsessed about whether people should own their data. For the reasons outlined below, we believe that individuals don’t need to wait for the law to catch up and extend traditional property rights over personal data in order for us to start monetizing and sharing in the value of our data.

Reason #1: Data privacy is about individual control over data — and this necessarily includes the choice to monetize data

The cornerstone principle underlying data privacy is that individuals should have control over their own personal data. Critics of the data-as-property model are rightfully concerned that treating personal information as property to be licensed or sold may lead people to trade away their privacy rights for very little value. But the answer is not to take away people’s choice to monetize their own data when companies have been doing so, almost exclusively, for years.

Instead, the better question is how we structure these data transactions in a way that truly represents and protects individual choice — choices as to what data she wants to monetize, for what specified uses, for how long, and the parties with whom she wishes to transact. We need to innovate and find a way to structure data transactions in a way that is specific, defined, and delivers value to both individuals and businesses, as opposed to the one-sided status quo of companies offering consumers “free services” or take-it-or-leave-it discounts. Otherwise, maintaining the status quo breathes life to the criticism that consumers will be unlikely to strike a good deal for their data.

Reason #2: Data valuation is contextual, but this doesn’t negate that data has significant value to be monetized

One of the main criticisms of the data-as-property model is that valuating data is extremely difficult. How much is personal data really worth? With every data point supporting data’s significant value (for example, a man Federico Zannier’s sale of his online data for $2,733), there is at least another counterpoint (WIRED editor Gregory Barber’s paltry $0.003 for his location data, Apple Health data, and Facebook data). To add to the complexity, similar data sets could fetch different amounts: Facebook’s reported annual revenue per US user is about $130, but the global average goes down to $25. The unsatisfying answer to the question of how much personal data is worth is: it depends on the context.

Data valuation is contextual, which makes it challenging. But this does not mean that the challenge is not worth solving. There are existing, evolving, and proposed data valuation models, some based on brand or tied to cyber insurance, while others are based on income, market rates, and even shadow prices. Why not put all of them to a test?

None of this complexity negates the incontrovertible fact that personal data has value that is already being monetized inequitably against consumers. The more interesting question is whether we are going to empower consumers to meaningfully share in their data’s value.

Reason #3: New property rights are not necessary to empower individuals to monetize their own data

Beyond property law, current privacy regimes, such as the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) already provide for individual control over data. Individual privacy rights to access, correct, delete, port, restrict sale, and restrict general processing of data are on the rise all over the world. These privacy rights have been labeled “property-like,” but don’t go as far as to create an absolute ownership right.

But these existing rights do allow people to exercise control over their data and start monetizing it — should they choose to do so. A consumer can exercise their access right and request a copy of their data from Facebook or other company controlling their data. They can then exercise their portability right and take that copy to another service that would provide them with compensation or to a platform that will facilitate its monetization. They can choose to transact with brands they trust, and exercise their deletion right towards brands they don’t trust. They can also rely on their right to restrict sale or processing of their data to prevent entities from further selling or sharing their data with other third parties.

As the point made earlier in this article, one of the cornerstones of privacy is individual control over one’s personal data. This necessarily extends to the ability to transact and monetize one’s own data, supported by existing rights. These rights provide guidance for legislatures that are concerned about people’s ability to exercise control over and share in the value of their data.

Reason #4: The property rights debate is just a distraction from the inequity and privacy violations crystallized in the status quo

At the end of the day, the real problem is not property law’s shortcomings as a framework for personal data control. Instead, let us be clear: the problems are the inequity and privacy violations crystallized in the status quo. It is a status quo that is one-sided and untenable, disproportionately benefitting data brokers and data companies such as Facebook and Google. Not only are regulators paying attention, but consumers are also catching on, and competing ethical technologists and entrepreneurs are seeing the opportunity to innovate and tackle this pain point.

As digital citizens, we need to make known our sentiments on how we feel about the status quo. In turn, regulators and policymakers need to listen and act to protect our citizens’ digital rights. As for today’s entrepreneurs and technologists, we need to do better and innovate for the good, overturn the inequitable status quo, and provide digital citizens meaningful tools to share in the value of their data.

On our end, DataDignify, Inc. is building a neutral platform that will enable you to take your data from online accounts and monetize such data yourself, if you choose. On the flip side, companies that are struggling with privacy compliance and data accuracy problems when buying data from third parties can instead choose to transact directly with people through our neutral platform. Join us in toppling the status quo — it needs to go. https://datadignify.com

Under no circumstances should any content from DataDignify, Inc. or from any of DataDignify’s publications, advertisements, blogs, videos, chats, communications, emails, or any other means of communication be used or interpreted as legal advice.