Covering Disruptive Technology Powering Business in The Digital Age

This article was originally published by smh.com.au and can be viewed in full here

A Sydney-based start-up, Data Republic, has built a technology platform that allows company and government data to be exchanged in a secure environment. It will benefit companies looking to create revenue from streams of digital information being collected from customers.

To flourish in the digital economy, companies know they must turn business transactions into customer relationships, which requires personalisation. But in order to better target offerings to customers, companies, such as big banks and retailers, require more data than they individually possess. This calls for the exchange of data on particular customers – which is conducted on an ad-hoc basis and is typically governed by complex and costly individual legal contracts.

This is an important time for people to start to think about leveraging and monetising data, but it has to be done with sensitivity to what the customer wants. In order to be admitted to Data Republic, data contributors will need consent from their customers to exchange data. Its rules prevent data being used for creepy or surprising outcomes and require participants to adhere to ethical responsibilities.

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