Card #17

BUIDL Trust

Control over our own data means choice and accountability.

2022•July•29

fortune 17: buidl trust

Apps are a bridge to the services we want, from social media to health apps. We express part of our lives through them. Many apps are built around advertising from data gathering, but new doors are opening for building trust & giving back control to people over their content & identities.

Many apps are built to track and remember as much information as they can about us, instead of getting only what they need and building trust over time as new services are needed, or through developing stronger relationships with consumers.

From the moment you download an app, it can gather data & keep doing so even when we're not using them. It's as if, before we sit down at a restaurant to place an order, they already have our contact & payment information, & more access than the "gossip" of the town would know.

What they could know is hard to imagine: A full list of our friends, family & acquaintances, our user content (emails, photos, recordings...), where we live and where we are at any moment in time, demographics and psychographics (sensitive info)....

We are often using "free" services in exchange for our data, which is used and sold for advertising. This often comes at the expense of privacy & security. Does this practice develop consumer loyalty or is it invasive and spammy? What could be better ways?

Many times we are locked into using an app, because we need access to their services & cannot take our data with us. Building trust & accountability can come with offering choices to consumers, & those can come from giving us control over our data.

It is a joy to see how self-custody bitcoin apps often choose to gather as little data as possible. This is a path to rethinking the advertising model. More paths are in the works, like Web5 by TBD & the community at large.

How will these efforts encourage the growth and development of alternative creative solutions for sustainable product building that protect the individual's privacy and gives back control of data & identity?

Who'll be the service providers of the future? What will they prioritize when building their products? Will they discover that instead of gathering information obscurely in the background, they can walk other paths to develop stronger loyal relationships with their customers?

Will many people understand the importance of being in control of their identity, choosing levels of trust & privacy, knowing they can deny or revoke access to their information? Will they be able to carry their identities back with them, just as we can walk out of a restaurant?

Next week...Decentralized