The modern business-consumer relationship is built on the principle of information exchange. But what if individuals could take complete control of their own data and even sell this directly to businesses in exchange for products or services? Could we all have cryptocurrency wallets on our phones that track the data we have sold and how much we have earned from it? In this brave new world of democratised data, control is now shifting away from the data behemoths of old, with GDPR handing far greater powers over to data subjects. What's more, the public is becoming acutely aware of how their personal data is being used and, with data breaches now becoming a familiar part of the daily news cycle, we're now seeing those new powers being executed. The idea of taking more control over personal data has not only been driven by regulatory change, but also by online initiatives. The Decode project, a consortium of 14 organisations across the European Union, is one of those working to attempt to create what it describes as "practical alternatives to how we use the internet today". "Consider that the licenses of major social networks are such that they can reuse and license individuals' content with little restriction, even after a user leaves their network," the project states. "The proprietary nature of the platforms makes it hard for users to leave and take their data with them or find ways to deploy it for themselves." Knowledge is power The changing data economy will see new relationships develop between businesses and their customers. According to FileCatalyst, 1.3 exabytes (or 1.3 million TBs) of new data is generated every day. How this mass of information is exchanged, stored, manipulated and monetised will radically alter, as consumers take back more control of the data they generate. Research by the Direct Marketing Association (DMA) revealed an important shift in consumer attitudes is underway, with more than half (51%) of the respondents to a recent survey viewing data as essential to the smooth running of the modern economy, up sharply from 38% in 2012.

Chris Combemale, group CEO of DMA, said at the time that the figures highlighted "a continued growth in the awareness and understanding of the UK public towards the role and value of data exchange in modern societies". "Consumer trust is central to data exchange both to the business looking to prosper, and the customer looking to benefit," he added. "Businesses must do everything in their power to retain it by putting their customers first." Data has become one of the most precious assets a business or individual now possesses. As new data collection points are created, such as wearable technologies, our cars, the burgeoning IoT (Internet of Things), or the increased use of APIs, these streams of information will form the core of the relationship between their creators and collectors. Having more control over all this extra data then becomes the foundation on which consumers can build their own 'data currency'. What's missing at the moment is a way to enable this control on a practical level. Enter the blockchain In 2015, the UK government's then chief scientific adviser, Sir Mark Walport, said in a report: "For the consumer... the technology [blockchain] offers the potential, according to the circumstances, for individual consumers to control access to personal records and to know who has accessed them". For many, this is exactly the sort of technology that enables what 'Web 3.0' promises to bring: an environment where data is democratised, where strong data encryption and secure decentralised networks enable everyone to access goods and services without being surveilled. In this world, the data middlemen of today are replaced with blockchain-based networks that deliver complete control to the individual the user gives permission for companies to access their data temporarily for the purpose of powering a service. There will be no third-party companies making money off data transfers or storage, nor will there be government departments holding the keys to that information.