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Data governance system needed to hand control to consumers, BIS paper says

( May 5, 2022, 07:00 GMT | Official Statement) -- MLex Summary: A data governance system should be created to correct for “market failures,” including who has control over data and with whom the information is shared and processed, a paper published by the Bank for International Settlements argues. The four authors called for a data governance system that would allow consumers and merchants generating the data to have rights over the collection, processing and sharing of their data, with a consent system to restore de facto control to the individual. The system should be user-friendly with low transaction costs, empowering consumers and merchants to use their data for their own benefit, the paper says.Paper attached....

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