the convergence of big data and blockchain...internet of things (iot), the world’s total data...

A BLOCKCHAIN RESEARCH INSTITUTE BIG IDEA WHITEPAPER

THE CONVERGENCE OF BIG DATA AND BLOCKCHAIN

Disrupting the Business of Data Analytics

Mark van Rijmenam Datafloq

December 2017

©2017BlockchainResearchInstitute.Allrightsreserved.

Realizing the new promise of the digital economy

In1994,DonTapscottcoinedthephrase,“thedigitaleconomy,”withhisbookofthattitle.ItdiscussedhowtheWebandtheInternetofinformationwouldbringimportantchangesinbusinessandsociety.TodaytheInternetofvaluecreatesprofoundnewpossibilities.

DonandAlexTapscottlaunchedtheBlockchainResearchInstitutetohelprealizethenewpromiseofthedigitaleconomy.Weresearchthestrategicimplicationsofblockchaintechnologyandproducepracticalinsightsthatwillguideourmembersinachievingsuccess.

Ourglobalteamofblockchainexpertsisdedicatedtoexploring,understanding,documenting,andinformingleadersofthestrategies,marketopportunities,andimplementationchallengesofthisnascenttechnology.Researchprojectsareunderwayintheareasoffinancialservices,manufacturing,retail,energyandresources,technology,media,telecommunications,healthcare,andgovernmentaswellasinthemanagementoforganizationsandthetransformationofthecorporation.

Ourfindings,conclusions,andrecommendationsareinitiallyproprietarytoourmembersandareultimatelyreleasedunderaCreativeCommonslicensetohelpachieveourmission.EachresearchpublicationincludesavideointroductionbyDonandaninfographicformembers’useincommunicatingtheseideasthroughouttheirorganizations.Tofindoutmore,pleasevisitwww.blockchainresearchinstitute.org.

Management team

DonTapscott–Co-FounderandExecutiveChairmanAlexTapscott–Co-FounderJoanBigham–ManagingDirectorKirstenSandberg–Editor-in-ChiefHilaryCarter–DirectorofFacultyJennaPilgrim–DirectorofBusinessDevelopmentGeniaMikhalchenko–DirectorofMemberServicesJaneRicciardelli–ChiefMarketingOfficerLukeBradley–DirectorofCommunications

ContentsForeword 4

Idea in brief 6

Introduction 6

Challengesfororganizations 8

Skullcandy:Improvingdecision-makingagility 9

Caterpillar:Usingpredictiveanalysisormaintenance 9

AvisBudgetGroup:Usingdetailedcustomerprofilestoimprovemarketing 10

Challengesforconsumers 11

Blockchain and big data 11

HowTelstraappliesblockchaintosecuresmarthomesystems 12

Telstraleveragesblockchaintoaddresstechnicalities12

BenefitsofblockchainforTelstra 13

Datasharing 14

Datagovernance 16

Theimportanceofgovernance:Qualityandcompliance 16

Anindustryperspective 17

Datasecurity 18

Dataconfidentiality 18

Dataintegrity 20

Dataavailability 20

Dataprivacyandidentity 21

SesameCredit’simpactonsocietyandprivacy 22

Alibaba’sAlipaybringssocialtrustviaSesameCreditscoringsystem 22

Identityandblackboxes 23

Dataownership 26

Shifting attitudes and policies 28

Conclusions and recommendations 29

Whatexecutivesshouldkeepinmind 29

Whatorganizationscandotoday 29

About the author 31

Acknowledgments 31

Notes 31

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© 2017 BLOCKCHAIN RESEARCH INSTITUTE

ForewordBlockchainwillchangethebusinessofbigdata,fundamentally.Thisisthefirstsignificantworktoexplainhow.

Bigdatahasbecomeanewassetclass,onethatmighttrumppreviousassetclasses.However,todaywearelivinginanageof“datafeudalism.”Thisnewasset,worthtrillionsofdollars,hasbeencreatedbyus—individualsandorganizations—butnearlyallofthevalueisexpropriatedbythenewdigitallandlords.ConcentratedpowersinbusinessandgovernmenthavebenttheoriginaldemocraticarchitectureoftheInternettotheirwill.DigitalconglomeratessuchasAmazon,Facebook,andGoogle—allInternetstart-upsatonetime—havebeenstockpilinguserdataintheirprivatesilosratherthanontheWorldWideWeb.

RevelationsofmassiveonlinesurveillanceandwhatIcallcommercial“datafracking”havedrivenpeopleinestablisheddemocraciestoseekanonymityandencryptiontechnologiessuchasthosedeployedinblockchain.Withthesetools,individualscandisguisetheiridentities,masktheirmovementontheWeb,andscrambletheirmessagesintransitandinstoragesothatonlyauthorizedpersonsmayaccessthem.

Thosecapabilitiesareessentialinpreservingbothprivacyandpropertyrightstoourowndata,andblockchaintechnologyenablesustocollect,store,andmanageitourselvesinadigitalblackboxofsorts.Wecouldestablishthetermsofusageandallowotherstoaccessitthroughhomomorphic encryptionandsecure multiparty computation,meaningthatwecouldshareourdatawithAmazon,Facebook,orGoogleinexchangeforafee,andthosepartiescoulduseitincomputationswithouteverdecryptingitorlearninganythingaboutus.1That’swhatMITEnigmawillempowerustodo.“Enigmaisadecentralizedcomputationplatformwithguaranteedprivacy”thatenables“autonomouscontrolofpersonaldata.”2That’sexciting.Itwillturnthismultibillionmarketupsidedownsothattheserevenuesflowtotheindividualdatacreators.Serfsnomore!

ThisBlockchainResearchInstituteprojectlooksattheconvergenceofbigdataandblockchainandtheimplicationsfororganizationsandconsumers.Companieswillhavetopayafeetoqueryaconsumer’sblackbox.Isthispersonacceptingautomobileadvertisements?Ifyes,thenhowmuchistheconsumerchargingtoviewthem?Changingthepowerdynamicwilldramaticallytransformmarketing,

We are living in an age of “data feudalism.” Big data as a new asset class worth trillions of dollars has been created by us—individuals and organizations—but nearly all of the value is expropriated by the new digital landlords.

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sinceeverymessagewillneedtobecompellingandusefulenoughtobeacceptedandviewedbyitstargetaudience.Dittoforrecruitingnewtalent.Isthispersonacceptingnewclientsorlookingfornewprojects?Ifyes,thenhowmuchforaconsultation?Soblockchainwillnotonly“disruptthedisrupters,”butwillalsoradicallychangehowallbusinessesoperate.

Business-to-businessdatawillbehuge,too.Manylargecorporationshavestronggovernancemechanismsfortheirhardassets.However,accordingtoDr.ElizabethM.Pierce,aprogramchairfortheInternationalConferenceonInformationQualityhostedbyMITin2015,

Information assets are often the worst governed, least understood, and most poorly utilized key asset in most firms because [information] is increasingly easy to collect and digitize, has increasing importance in products and services, is very difficult to price, has a decreasing half-life, has increasing security and privacy risk exposure, and is a significant expense in most enterprises.3

Dr.Pierceadvocatesforstrongdatagovernance—Icouldn’tagreemore—whichshedefinesas“specifyingthedecisionrightsandaccountabilityframeworktoencouragedesirablebehaviorsintheuseofdata.”Shemakesanimportantdistinctionbetweendatagovernanceanddatamanagement:“Governanceisaboutdeterminingwhoinputsandmakesthedecisionsandhow.Managementistheprocessofmakingandimplementingthedecisions.”4

MarkvanRijmenam,ourprojectleader,analyzedtheparametersofdatagovernance—sharing(oraccess),security,privacy,identity,andownership—inpracticaltermsforexecutives.WeinvitedMarktodirectthisprojectbecauseheisamongthetopthinkersinthisarea.Hewasnamedaglobaltop10bigdatainfluencerandoneofthemostinfluentialpeopleworkingwithblockchain.Hehasdoneanexcellentjobofunderscoringtheimportanceofdatagovernanceandblockchain’sabilitytosupportgovernanceinitiativesandrebuildthetrustofconsumersandcollaborators.

DON TAPSCOTT Co-Founder and Executive ChairmanBlockchain Research Institute

Privacy is the foundation of freedom. While digital conglomerates create great value for consumers by mining consumer data, they undermine our traditional concepts of privacy and the autonomy of the individual.

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Idea in brief » Bigdataiseatingtheworld.Slowlywewillbegintoseetheenormousimplicationsofthismegatrend.Bigdataoffersorganizationsenormouspossibilitiestoimprovetheirproducts,services,andoperations.

» Bigdataalsoresultsinenormouschallengesforconsumers,revolvingaroundprivacy,security,andownership,aswellasorganizations,includingchangingdata-governancepracticesandthesharingofdataamongindustryplayers.Notmeetingthesechallengescouldunderminethecompetitivenessofeveryorganization—orworse,directlyundermineourdemocracy.

» Blockchainoffersusameansofimprovinghoworganizationsapplybigdatatopreserveconsumerrightstoprivacyandsecurity.Ifdesignedandprogrammedcarefully,smartcontractscouldhelpsharedataeffortlesslyandthemutualbenefitofthesharerandrecipient.

» Byusingself-sovereignidentities,consumerscouldrecoverandmanageownershipoftheirpersonaldataandthedatatheygenerateonline.Forconsumerstoassumebettercontroloftheirdatausingblockchain,theywillneedtobeeducatedontheuseofpublicandprivatekeys.

» Weliveinexponentialtimes,andorganizationalleaderstodayshouldinvestigatehowbigdataandblockchainwillaffecttheirbusiness,iftheywanttobeleadingtheseorganizationstomorrow.

IntroductionThephrasebig datahasbeenaroundsince2001.5Sincethen,theamountofdataavailablehasgrownexponentially.BusinessInternetprotocoltrafficnearlytripledin2017comparedto2012andwillcontinuetogrowatacompoundannualgrowthrate(CAGR)of21percentto2021,whileglobalconsumerInternettrafficisexpectedtogrowataCAGRof24percentforthenextfiveyears.6WiththeInternetofThings(IoT),theworld’stotaldatavolumewillgrowto

With the Internet of Things, the world’s total data volume will grow to 163 zettabytes per year by 2025, a tenfold increase compared to 2016.

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163zettabytesperyearby2025,atenfoldincreasecomparedto2016.7By2025,theaveragepersonwillinteractwithaconnecteddevicenearlyevery18seconds,ineffectdigitallydocumentingeverymove,query,purchase,plan,andcommunicationinsuchminutedetailthat,ifthispersoncannotcontrolaccesstoherdigitaltrail,privacywillhavenomeaningandsecuritywillremainuncertain.8

Thisincreasingavailabilityofdatasignificantlychangesorganizationsintermsofstrategy,design,culture,andoperations.9Already,formanybusinesses,themostlikelypathtocreatingcompetitiveadvantageisbysubjectingbigdatato(advanced)analytics.10Today,bigdatahasbecomeacorporatestandard,anddataanalyticsisaprerequisitetoremaincompetitive.11Theimpactofbigdataonanorganizationdependsonthetypeofdatacollected(structuredvs.unstructured)andthetypeofanalyticsapplied.12Thereareseverallevelsofpractices,eachincreasingincomplexityandthevaluetheycreate:descriptiveanalytics,diagnosticanalytics,predictiveanalytics,andprescriptiveanalytics.

Experts,consultants,andresearchershavetoldorganizationsthatthebestapproachtolearningfrombigdatawastocentralizeallavailabledata,includingcustomer,product,andoperationsdata.Consequently,theyhavereplacedlargerelationaldatabaseswithdatalakesrunningbigdataapplications,creatingamarketworthwellover$100billionannually.13

However,theproblemsandchallengeswithbigdataaresignificantforbothorganizationsandconsumers,andweneedtoaddressthemifwewanttobenefitfromitinthefuture.14

For many businesses, the likely path to creating competitive advantage is by subjecting big data to advanced analytics. Big data has become a corporate standard, and data analytics is a prerequisite to remain competitive.

Figure 1: Achieving competitive advantage with convergence of big data and blockchain

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Security of consumer and business data remains a big issue. Any organization can be hacked.

Challenges for organizationsLargeandmultinationalorganizationsspanmultiplejurisdictionsandterritories,wherevariablessuchastechnologies,infrastructure,markets,customerdemands,andconsumerprotectionlawsaredifferent.Therefore,eachbusinessunitoftendevelopsitsowndatainfrastructuresolution,oftenwithitsownstandards.Individualbusinessunitsmightoperatetheirowndatalakes,buthavetechnicaltroublepoolingdataacrosslakes.Inaddition,differentdepartmentsoftenholdmultiplecopiesofthesamedatasource.Howdoesanorganizationknowwhichcopyisthemastercopy,orthemostuptodate?

Sharingdataacrosscompaniesisevenmorechallenging.AlthoughcompaniessuchasDataStreamXandDataMarketfacilitatetheglobalexchangeofinformation,sharingdatawithacompetitorisusuallytricky,evenifitcanbringsubstantialbenefits.

Apartfromsharingdatawithinanorganizationoracrossindustries,datagovernanceremainsanissue.

» Data governancereferstoprinciplessuchasdataquality,metadata,dataaccess,anddatalifecycle.

» Data principlesdefinehowbusinessusersoughttomanageanddealwithavailabledata.

» Data qualityreferstotheaccuracy,timeliness,credibility,andcompletenessofthedata.Metadata(“dataaboutdata”)describesotherdataandhelpsustofind,understand,andusethoseotherdataeffectively.15

» Data accessdetermineswhohasaccesstowhatdatawithintheorganization.

» Data life cycleisabouthowweorganize,store,andarchivedataovertime.Ifwedon’tthinkcarefullyandcriticallyaboutusageofdataovertime,thenwemightsetourorganizationsuptoencounterproblemsusingthesedatalater.

Departments,businessunits,andorganizationsmightquestiontheaccuracyorownershipofthedatawhenitsprovenance(itsorigin)isunclearorhackable.

Finally,securityremainsabigissue.Anyorganizationcanbehacked.ThebreachofEquifax,theconsumercreditreportingagencythatexposedthepersonaldataofsome143millionAmericansinJuneandJuly2017,isamongthemostrecentand,somehaveargued,verypreventable.Thusfar,theEquifaxbreachhascostthecompany$4billion.16Thecompany’sCEOresignedoverthehack,asdiditschiefinformationofficeranditschiefsecurityofficer.17TheFederalTradeCommission,theConsumerFinancialProtectionBureau,theSecuritiesandExchangeCommission,afewstateattorneysgeneral,andotheragenciesinBritainandCanadahavebegunprobesto

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determinewhetherthehackwasindeedpreventable,andwhetherseveralexecutivesdeliberatelysoldstocksbeforemakingtheirknowledgeofthebreachpublic.18

Equallytroubling,inOctober2016,hackersseizednumerousunsecuredIoTdevicesforadistributeddenialofservice(DDoS)attack,resultinginawidespreadoutageofwebsites.Theseconnecteddevicescouldbehackedviatheirwidelyknowndefaultpasswords.19Connecteddeviceshaveavarietyofvulnerabilities.AsMikkoHyppönen(chiefresearchofficeratF-Secure)andLinusNyman(assistantprofessorattheHankenSchoolofEconomicsinHelsinki,Finland)argue,anysmartdeviceisavulnerabledevice.20Securityissuesincludetechnicalproblems(outdatedsoftware,insecuredatatransmissions,etc.)andpeopleproblems(simpleanddefaultpasswords,publicWi-Fi,etc.).21AsmoredevicesconnecttotheInternetandeachother,withoutasecuritysolution,theInternetofThingswillbecometheInternetofVulnerableThings.22Howcananorganizationpreventthedisseminationofvaluableprivatedataifitsfirewallisbreached?

Bigdatasetsenableorganizationstoimproveoperationalefficiencies,butbigdatausersmustovercomesignificantchallengesiftheywanttominimizerisk.ConsiderSkullcandy,Caterpillar,andAvisBudgetGroup.

Skullcandy: Improving decision-making agility

TheheadphonemanufacturerSkullcandyappliesbigdatatocommunicatewithitsvariousteams.23Originally,Skullcandyusedoutdatedbusinessintelligence;employeeswhotrackedperformancemetrics,suchasforecastingandmarketingdata,keptgettingvariedresults,despiteusingthesameinformation.Withdataexceeding100millionrowsspreadacrossmultiplesourcelocations,SkullcandydecidedtoimplementaunifiedsolutionfromSisense:acentraldashboardandreportingtoolsothatteamscanassesstheirprogress.

Considerations

» Acentralizeddashboarddoesnotsolveissuesrelatedtodataqualityanddataprovenance,nordoesitverifythatdatacanbetrusted.

» Centralizationofanextensivedatasourcemakesitvulnerabletosecuritybreachesandhackers.

Caterpillar: Using predictive analysis or maintenance

Caterpillarappliespredictivemaintenanceanalyticstoreduceoperationalcosts.24Thecompany’smarinedivisionservesshippingvesselandtugboatfleetoperatorsandusesanalyticstodiscoverwaystosavefuel—animportantdriverforitscustomers’profits.Thecompanyuseditsintelligenceplatform,whichintegrates

Any smart device is a vulnerable device, according to Mikko Hyppönen of F-Secure and Linus Nyman of the Hanken School of Economics in Helsinki.

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withtheanalyticalplatformanddataintegrationofPentaho,todiscoveradatacorrelationbetweenrefrigeratedcontainers’energyconsumptionandfuel-meterreadings,bothofwhicharemonitoredbyshipboardsensors.

Combiningbigdataandpredictiveanalyticalmaintenancehelpedvalidatethisinformationandmakebetterprojectionsforthebestoperatingrangeviachanginggeneratorpoweroutputs.Thistacticsaved$30perhour,whichwillhaveabigimpactovertime.Forexample,fleetswith50shipsthatoperatehalftheyear(24hours/day)wouldsavemorethan$650,000annually.Predictivemaintenanceanalyticshelpsthecompanybetterserveitscustomers.

Considerations

» Howtrustworthyaredatacollectedbythesesensors?

» Cananyoneeditthiscentralizeddatabasetoshowmorefavorableresults.

» Howsecurearethesensordataiftheyarestoredinacentralizeddatabase?

» Howeasyisittosharedatawithothercompanies?

Avis Budget Group: Using detailed customer profiles to improve marketing

Detailed,up-to-date,customerprofiledataarecrucialtoeffectivemarketingcampaigns.Car-rentalcompanyAvisBudgetGroupusedbig-dataanalyticstoaccelerateitsmarketingactivities.Itgarneredinformationfromthe40millioncustomerrecordscompiledfromitsreports,rentaltransactionsystem,andonlinetransactionstoproduceone-yearprojectionsofcustomerrentalsandprofitsonacontinuousbasisincomparison.Italsoinfuseddataintothecustomerexperienceandfocusedonthecustomerlifetimevalue.25

Byusingbigdata,thecompanywasabletoimproveitsoperationalefficiencyandcontactstrategy.

Considerations

» Centralizedcustomerdataarehighlysensitivetodatabreaches.

» Whohasaccesstothesesensitivecustomerdata?

» Howhasitstructuredandstoreddatatogeneratereliablecustomerhistories?

» Customerswanttocontrolaccesstotheirdataandvaluetheirprivacy.

Detailed, up-to-date, customer profile data are crucial to effective marketing campaigns. By using big data and focusing on customer lifetime value, Avis Budget Group was able to improve its contact strategy and the consumer experience.

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Challenges for consumersThegrowingdataficationofoursocietycreatestensionwithconsumers.Increasingly,consumersbelievethatprivacynolongerexists.OrganizationssuchasGoogle,Facebook,Microsoft,andExperiancollecttrovesofdatatoofferpersonalizedadvertising,services,andproductsacrosstheweb.26Notonlydocommercialorganizationscollectvastamountsofpersonaldata,butgovernmentsalsoaimtousebigdatatounderstandandcontroltheircitizens.Themoredataarelinkedtogether,shared,orsoldtoothercompanies,themoreconsumerprivacyisviolated.27Consequently,thereisatrendtowardrestoringdataownershipandcontroltoconsumers,whichwillrequireorganizationstorethinktheirapproachtobigdata.

Foryears,consumershavebeenhandingovertheirdatatocompaniesthat,inreturn,offerfreeservices,suchase-mailorsocialmedia.Thesecompaniesuseandabusethesedataaccordingtotheirtake-it-or-leave-ittermsofservice.Forexample,Facebookallowedacademicresearcherstoaccessitsdatawithouthavingsecuredusers’informedconsent.28Althoughconsumerscreatethedata,bigcorporationsmakebillionsofdollarsoffthem.Thecentralizedcontrolofdataownershipbylargecorporationsisharmfulforconsumersandcouldeventhreatendemocracy,aswehaveseenwithFacebook’sinfluenceduringtheBrexitcampaignandthe2016USelections.29 Consumersincreasinglydemandmorecontrolovertheirdata,whichcouldaffecthoworganizationscancollect,store,andapplycustomerdata.

Blockchain and big dataFortunately,thetechnologythatsolvestheissuesconsumershavewithtoday’sbigdatapracticeswillsolvetheorganizationalchallengescompaniesface.SomehavearguedthatblockchainwoulddoforvaluewhattheInternetdidforinformation:facilitatetrustlesspeer-to-peertransactionswithoutintermediaries.30Blockchainisadistributedledger,andthedatarecordedonitareimmutable,verifiable,andtraceable.

Thesenewcharacteristicsofdatawillhelporganizationssolveissuesrelatedtodatasharing,datagovernance,dataprovenance,security,dataownership,andconsumerorclientprivacy.Asaresult,theconvergenceofbigdataandblockchainwillgreatlyaffecthoworganizationsshouldapproachbigdataandhowtheycanderiveinsightsfromit.Thisresearchexplorestheseapplicationsandlooksatstart-upsdevelopingsolutionstoensuredataprovenance,privacy,security,anddataownership.

The more data are linked, shared, or sold to third parties, the more consumer privacy is violated. The trend toward restoring data ownership to consumers will require organizations to rethink their approach to big data.

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As the number of IoT devices expands, so will the number of transactions. Keeping up with these transactions increases computational requirements, which can become a serious challenge.

How Telstra applies blockchain to secure smart home systemsTheproliferationofIoTdevicesanditsadoptionbyconsumershavebroughtonsecurityconcerns,suchasidentifyingthevalidityofatransactionandtheidentityofthepersonauthorizingit.31 AustraliantelecommunicationcompanyTelstraistacklingthisissueforconsumers.ThecompanyisexperimentingwithacombinationofbiometricsecurityandblockchaintechnologyforitsIoTsmarthomeproductofferings.Thecompanyisusingthesetechnologiestoenhancesecurityacrosssmartdeviceswiththehelpofexperientialtestsusingblockchains,andleveragingthehelpofblockchainstart-ups.

Telstra leverages blockchain to address technicalities

AccordingtoKatherineRobins,principalsecurityexpertatTelstra,TelstraintendstouseblockchaintosecuretheIoTecosystemsofsmarthomes.32Todoso,itworkswithanumberofblockchainstart-upsviaitsmuru-DacceleratorandTelstraVentures,includingBrontech,astart-upthataimstosimplifytheuseofblockchaintohelpprotectuseridentity.33ThecompanytesteditsIoTsmarthomesystemonavarietyofdistributedledgers,suchasRipple,ApacheHyperledger,andEthereum,whichresultedinexploringtheviabilityofapplyingblockchaintechnologytoIoTasasecurityenhancementsolutionfordevicesthatwerelimitedtostoringsmallquantitiesofdata.34

Initially,testswereexclusivetoADSL-TGatewayrouters,buttheywereexpandedtootherhomedevices,includingon-offswitchesandcameras.35However,asthenumberofIoTdevicesexpands,sowillthenumberoftransactions,andkeepingupwiththesetransactionsincreasescomputationalrequirements,whichcanbecomeaseriouschallenge.

Ball 63527 by Gerd Altmann (geralt), 2012, used under CC0 1.0.

https://pixabay.com/en/ball-http-www-crash-administrator-63527/

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Moreover,toomuchtrafficcanleaveIoTdevicesvulnerabletoothersecurityissues,suchasDDoSattacks.Theseattackscanbringdownentireenterpriseserversandhaltthedeliveryofservicetomillionsofcustomers,aswehaveseeninthe2016MiraiDDoSattackthatbroughtdownmuchoftheInternet.Aftertheattack,morethan14,000Internetdomains(roughly8%ofDyn’scustomers)droppedDynastheirDNSserviceprovider.36Inaddition,thetimeittakestoverifydevicefirmwarecancausedifficulties,especiallyinsettingswhereconnectionslacksecurityorareinconsistent,suchasruralareasorlargefarms.

Telstra,however,planstomitigatetheseissuesbyincorporatingblockchaintechnologytostoredevicefirmware’scryptographichashesonprivateblockchainsandreducethetimeittakestoverifytransactions.37

ThisispossiblethankstoTelstra’sabilitytodetecttamperingandreceivedatathatisresistanttoalterationinrealtime.Additionally,hasheduserbiometricdataareintegratedintotheprivateblockchaintoimproveuseridentificationandenhanceverification.

Benefits of blockchain for Telstra

Thereareseveralbenefitsofusingblockchaintosecuresmarthomesystems,includingaccelerationofresolutiontime,whichcanhelpcompaniesidentifyusersandverifytransactionsfaster.38Thisbecomesincreasinglyimportantasbusinessescreateapplicationstoenhancecustomerexperienceswithconvenientaccesstotheirproductsandservices,whichisespeciallyrelevantforsmarthomesystems.

Telstraextendsthesecurityprovidedbyblockchaintechnologyandcombinesitwithbiometricfeatures,suchasvoiceandfacialrecognition,whicharestoredencryptedontheblockchain,makingitimmutable,verifiable,andtraceable.39Theusageofblockchain

Cyber Security 2296269 by Vishnu_kv, 2017, used under CC0 1.0.

Using blockchain to secure smart home systems can accelerate resolution time, which can help companies identify users and verify transactions faster.

https://pixabay.com/en/cyber-security-online-computer-2296269/

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makesIoTsecuritysignificantlymoreefficientandcost-effective.Inaddition,theadditionalsecuritycanhelpreducefraudulenttransactionsandmitigateunauthorizedaccessofsmartdevicesornetworks.

AstheIoTecosystemincreases,sowillvulnerabilitiesandtransactions.Thismakesitessentialforheightenedsecuritymeasurestoverifythevalidityoftransactionsandusersatafasterpace.Telstra’suseofblockchaintechnologywillfurtherimprovesecuritymeasuresofsmartdeviceswithinthehome.Thiswillenhancethecustomerexperiencebyprovidingpeaceofmindtoconsumerswhowillknowthattheirdataaresafeandthattheyhavecontroloverwhohasaccesstotheirinformation.

Data sharingFormostorganizations,theimportanceandadvantagesofdatasharingareclearandhavebeenclearforyears.40Combiningvariousinternalandexternaldata,so-calledmixeddata,offersorganizationsadditionalinsightsthatcansignificantlybenefittheorganization.41 Althoughsharingdataacrossgeographicallydispersedbusinessunitscanbechallengingbecauseofdifferentstandardsorformats,sharingdatawiththecompetitionisnearlyimpossible.Afterall,whywouldweshareoneofourorganization’smostvaluableassetswithourcompetitor,orwithabrokersuchasExperian?Organizationsthereforerequireanaccurate,reliable,anddata-preservingtechnologytofacilitatesuchdatasharing.

WhileexistingcompaniessuchasDataStreamXorDataMarketoffernovelsolutions,noneofthemofferthebenefitsofsharingdatathatistrustableandprivate.Blockchain,however,enablesorganizationstokeepcontrolovertheirowndatathattheywanttoshareorsell,asthedatawillremainwithintheorganization.Itenablesorganizationstosegmentdataastheywant,storeeachsegmentintoavault,andhavefullcontroloverwhohasaccesstothosevaults,governedbyasymmetriccryptographyandsmartcontracts.Asaresult,organizations“nevermakeanythingavailablethatyoucan’t,orthatyoudon’twantto,”accordingtoMarcienJenckes,advertisingpresidentatComcastCable,whichwillbereleasingadatasharingsolutionin2018.42

Thankstotheusageofdecentralizedcryptography,theblockchainsolutiondevelopedbyComcastismoresecurethantraditionalsolutions,whichgenerallyenablereverse-engineeringthedatatoobtainanymissinginformation.Comcastiscollaboratingwithseveralorganizations,includingNBCUniversal,Disney,AlticeUSA,CoxCommunications,TF1GroupinFrance,Channel4intheUnitedKingdom,andMediasetItaliatofigureouthowthesystemshouldwork.

AnothersolutioncurrentlybeingdevelopedforenterprisedatasharingistheFujitsudataexchangenetwork,whichallowsorganizationstosharetheirdatasafelyandquicklywiththeircompetitorswithoutdisclosingconfidentialinformation,and

Telstra’s use of blockchain technology will provide peace of mind to consumers who will know that their data are safe and that they have control over who has access to their information.

Traditional data sharing systems generally enable reverse-engineering the data to obtain any missing information. Blockchain enables organizations to segment data, store each segment into a vault, and maintain full control over who has access to those vaults, governed by asymmetric cryptography and smart contracts.

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gettingpaidforeverybitthatisusedbythethirdparty.43ItusesaHyperledger-basedframeworkthatprovidesorganizationsfullcontrolovertheirdistributeddata;theobjectiveistopromoteinterchangesofdatacollectedbyvariousorganizationsandcompanies.Everytransactionwillberecordedontheblockchain,makingitimmutable,verifiable,andtraceable.Thiswillhelporganizationsunderstandwhohadaccesstowhatdatawhen,howthatdatawereused,andhowmuchmoneythedatagenerated.Anaddedbenefitofusingablockchain-basedsharingplatformisthatorganizationsnolongerhavetohandovertheirdatatocompaniessuchasExperianorAcxiom,sinceusingdistributedledgertechnologiesmeanstheseintermediariesarenolongernecessary.

DatasharingwillalsobeveryusefulfortheIoT,whereindependentsensorscanselltheirdatatothehighestbidder(whetherthisisanothersensororanorganization)usingmicro-orevennanotransactions.Whilemicrotransactionshaveneverbeenpossibleduetothehightransactioncostsinvolvedintraditionalpayments(orevennowadaysinbitcoin),itislikelythatfuturecryptocurrencieswillenablesensorsororganizationstopayfordatabytransferringthousandthsormillionthsofacent.Thiscapabilitywillspurnewbusinessmodelsfororganizationsthatinstallsensorsacrosstheglobeandsellthedatacollectedbythosesensorstointerestedactors.

ThefirstplatformtoenablesuchdatasharingiscalledTerbine,whichhasenabledasensordataexchangefortheIoT.WhileTerbinedoesnotyetemploydistributedledgertechnology,itindexesallpubliclyavailablesensordataandgradesthequalityofthosedata,therebycreatingaglobalfrictionlessIoTmarketplace,accordingtoDavidKnight,founderandCEOofTerbine.44

IOTA,ontheotherhand,hasdevelopedarevolutionarynewblockchaintechnologythatenablescompaniestosharetheirdataonanopenmarketplaceinrealtime,withouttheneedforfees.IOTA(“InternetofThingsasset”)cansettletransactionsinrealtime

Photo Sharing by PublicDomainPictures, 2014, used under CC0 1.0.

Using a Hyperledger-based framework, the Fujitsu data exchange network allows organizations to share their data safely and quickly with third parties without disclosing confidential information and get paid for every bit used by a third party.

https://pixabay.com/en/photos-sharing-transfer-laptop-315172/

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amongconnectedsensorsthroughablocklessdistributedledger,calledtangle,whichisinfinitelyscalable.Thetangleisbuiltusingaso-calledDAG,oradirected acyclic graph,whichisactuallynotablockchainatall.IOTAhascreatedadecentralizedandself-regulatingpeer-to-peernetworkfortheIoTthatwillenableanyonetosharedataamongconnecteddevicesandsensorsforfree.Withblockchaintechnology,ortangleinthecaseofIOTA,organizationscanverifytheintegrityofandpayforthedatasharedacrossbusinessunits,organizations,andthings.In2017,IOTAlaunchedanewdatamarketplace,data.iota.org,makingitpossibletosecurelystore,sell,andaccessdatastreams,especiallytargetedattheInternetofThingsdomain.45Atrueparadigmshiftfororganizations,itenablesincludingpreviouslyunthinkabledatasourcesthatwillresultinbetterproductsandservices.

Data governanceOrganizationsalreadyconsiderdataanassetandincludeitontheirbalancesheets.Securedatasharingenablesorganizationstomonetizethisasset.46Asaresult,organizationsneedasingleversionofthetruth.47Therefore,howtogovernthedataisplayinganincreasinglycriticalrolewithinorganizations.48Infact,datagovernancehasbecomesuchanecessityfororganizationsthattheynolongercangetawaywithexpendingminimalefforttothatend.49

The importance of governance: Quality and compliance

Datagovernanceisinvolvedwithcreatingguidelinesandstandardstoachievedataqualitymanagementandensuringcompliancewiththeprocessesdevelopedarounddatausage.50Masterdatamanagement,anaspectofdatagovernance,isgrowinginimportancetoensuredataquality,becausedecadesofusingandstoringdataindisparatestoresandformatshasresultedinmanyinconsistencies,makingitdifficultforcompaniestounderstandtheirdata.51Impropermasterdatamanagementprocessescouldresultinavarietyofproblemsthatcouldharmthebusiness,suchasoperationalproblemsorincorrectcustomerdata.Assuch,duetotheincreasingamountofdataavailable,masterdatamanagementisincreasinglyimportanttoorganizations.52

Intheory,masterdatamanagementwillbecomemoreimportantsinceblockchainpreservesdataindefinitely.Resilienceandirreversibilityaretwokeyattributesofblockchains;oncetransactiondataareaddedandacceptedbythenodes,theybecomeimmutable.53However,blockchaindoesnotmagicallytransformlow-qualitydataintohigh-qualitydataintermsofconsistencyandcorrectness.Garbageinstillmeansgarbageout.Ifbadorlow-qualitydataarepresentedintherightway,theywillbeappendedtotheblockchain.Ifadocumentcontainsfalseinformationbutispresentedintherightway,itwillstillenduponablockchain.54 Thereforeorganizationsrequireadata-governanceframeworkthatcombinesbusinessandtechnicalperspectivesrelatedtodataqualitytorespondtostrategicandoperationalchallengesinvolvedwithdatathatisaddedtoablockchain.55

Blockchain does not magically transform low-quality data into high-quality data in terms of consistency and correctness. Garbage in still means garbage out.

Data governance has become such a necessity that organizations can no longer expend minimal effort to steward their data.

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An industry perspective

Datagovernanceisrelevantforanyindustry,butthehealthcaresectorespeciallycanbenefitfromblockchain-enableddatagovernancebecauseofthesensitivedatagenerated,stored,andshared.Already,severalcompaniesareinvestigatingthepotentialofcombininghealthcaredatawithblockchain,includingDeepMind,Google’shealthtechsubsidiarydrivenbyartificialintelligence.InMarch2017,London’sRoyalFreeHospitalandDeepMindannouncedplanstodevelopkidneymonitoringsoftware.Thelonger-termobjectiveistoallowhospitals,theNationalHealthcareService,andpatientstotracktheirhealthdataandtoshareandcombinedatasecurelythroughdistributedledgertechnology.56

DeepMindco-founderMustafaSuleymanandBenLaurie,itsheadofsecurityandtransparency,calledthisaverifiable data audit: wheneveranentityinteractedwithdata,itaddedanentrytotheledger.Theentryindicatedwhichpieceofdatawasusedandwhy.Forexample,adoctoraccessedapatient’sbloodtestdatatocheckitagainsttheNHSnationalalgorithmforacutekidneyinjury.Anyaccessandchangesmadetothepatient’sdatawouldbeimmediatelyvisible.Inotherwords,theyarecreatinganauditingsystemforhealthdata.57Ensuringthatthedataareaccuratebecomesallthemoreimportantwhendealingwithhealthcaredatatoensurepatients’privacyandsafety.

Healthcareisoneareawheredatagovernancebecomesincreasinglyimportant,butinfact,datagovernanceshouldbeakeyconsiderationforanyorganizationinanyindustry.Especiallywiththeamountofdatabeingcreatedatincreasingspeeds,datagovernancebecomescriticaltoensureprotectionoftherightsofconsumers.CraigMundie,senioradvisertotheCEOofMicrosoftandthecompany’sformerchiefresearchandstrategyofficer,arguedthatthefocusshouldshiftfromdatacollectionandretentiontohowpersonaldataareused.Hesuggestedannotatingdatumatitspointoforiginandwrappingitwithmetadatathatincludehowthedatacanbeusedbywhomandunderwhatcircumstances.58

Matrix 2953862 by Gerd Altmann (geralt), 2017, used under CC0 1.0.

Whenever an entity interacts with data, the system will add an entry to the ledger. The entry will indicate which piece of data was used and why. Any access and changes made to the individual’s data will be immediately visible. In effect, the system enables a verifiable data audit.

https://pixabay.com/en/matrix-communication-software-pc-2953862/

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Alex“Sandy”Pentland,authorofthebookSocial Physics,addstothisthatconsumersshouldhavetherighttofullcontrolovertheirdataandthattheprotectionofpersonalprivacyensuresthefuturesuccessofasociety.59Theapproachofa“wrapper”withmetadataandrulesgoverningtheuseofpersonaldata,coulddefinitelycontributetothisprotection—especiallyifthatwrapperisrecordedonablockchainandgovernedbysmartcontractstoensurethatorganizationscannotaltertheseruleswithouttheconsumerknowing.ImplementingsuchgoverningruleswouldworksimilarlytotheFujitsudataexchangenetwork,ortheBlockchainInsightsPlatformdevelopedbyComcast,albeitforconsumersinsteadofenterprises.60

Oneapproachtoachievethisisusingakeyless signature infrastructure(KSI)approach.Thisdiffersfromapublic key infrastructure(PKI)approach,whichisthestandardcryptographictoolshedforauthenticationofdatausingdigitalsignature,assignaturescanbereliablyverifiedwithoutassumingcontinuedsecrecyofthekeys.61AsMikeGault,co-founderandCEOofGuardtime—atechnologycompanywithdecadesofexperiencedefendingnetworksfromnation-stateattacks—explained,“signaturesgeneratedbyKSIcanbeusedasawrapper(orstoredasadditionalmetadatadependingonthedatamodel)foranysizeandtypeofdatasuchthatthesignatureiscryptographicallylinkedtotheunderlyingdata.Thecryptographiclinkallowsassertionstobemadeatalaterdateregardingthetime,integrityandprovenanceofthedata.”62

Theresultisablockchainapproachtoincluderulesgoverningpersonaldatathatrestorescontroltoconsumersovertheirowndata—thatis,bringinggovernancetothecode.Smartcontractscanthenbeusedtochangerulessecurely,dependingoncertainpre-setconditions.Therefore,withblockchain,datagovernancecanbecomeintrinsicallylinkedtothedata,preventingmanipulationandprotectingconsumersandorganizations.

Data securityBlockchainnotonlyimprovedatagovernance,italsopositivelyaffectsdatasecurity.Despitethehighmarketvalue,theBitcoinblockchainhasnotyetbeenhacked,althoughitislikelythatmanyhackersaretrying,especiallywithamarketcapitalizationof$297billion,asof15December2017.Althoughavarietyofcryptocurrencyexchangeshavebeenhacked,blockchaintechnologyitselfofferssecurityonseveralfrontsthatareveryusefulfororganizationsdealingwithbigdata.Therearethreemainareaswhereblockchaincancontributeintermsofdatasecurity:confidentiality,integrity,andavailability.63

Data confidentiality

AccordingtotheNationalInstituteofStandardsandTechnology(NIST),confidentialityrefersto“preservingauthorizedrestrictionsoninformationaccessanddisclosure,includingmeansforprotecting

We could use a “wrapper” with metadata and rules governing the use of personal data to protect our privacy. We could record that wrapper on a blockchain and use smart contracts for data governance to ensure that organizations cannot alter these rules without our knowledge.

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personalprivacyandproprietaryinformation.”64Confidentialityisincreasinglybecomingimportant,especiallyinitsabilitytostopidentitytheft.Identitytheftisespeciallyknowntoharmconsumers,althoughorganizationscanfallvictimtocommercialidentitytheft.Thisentailsusingfakeidentitiestoobtaininformationortobillforservicesorproductsthathavenotbeendelivered.IthappenstoalltypesoforganizationsandasrecentlyasApril2017,FacebookandGoogledisclosedbeingthevictimsofa$100millioncommercialphishingscam.65

AlthoughmanyorganizationsapplyasymmetriccryptographyorPKItosecurecommunication,PKIreliesonatrustedcentralauthoritytoissuethecertificates(keypairs),anauthoritythatcanbecompromisedbyhackersusing,forexample,aman-in-the-middleattack.Blockchain,however,canpreventsuchattacksbycreatingapublicandaudiblePKI,therebydecentralizingtheissuingofcertificates.TheKSIdevelopedbyGuardtimeisonesuchdecentralizedapproach;andin2016,thecompanymanagedtosecureallonemillione-healthrecordsofEstonia.66DanubeTechisanothertechfirmthataimstodevelopadecentralizedPKIandrestorecontrolofonlineidentitiestotheirrightfulowners.67AthirdcompanyisCertCoin,developedbyMIT,whichusedadistributedledgertoremovethecentralauthorityforissuingcertification.68

Acommonapproachtoidentitytheftistoobtainandexploitusernamesorpasswordsofconsumersillegally,sometimesbyhackingcentralizeddatabases.Organizationsarerequiredtotakethenecessarysecuritymeasurestopreventhackings.However,anysecuritymeasuretakenbyorganizationswillbeinvainifcustomersstillusetraditionalusernamesandpasswords,suchas123456orpassword.Insuchinstances,adecentralized(certification)systemcanhelp.AsAlexMomot,founderandCEOofRemme,stated,blockchaincanmovetheresponsibilityofstrongauthenticationfromtheusertotheorganization.69

According to Alex Momot, founder and CEO of Remme, blockchain can move the responsibility of strong authentication from the user to the organization.

Binary 1536650 by Gerd Altmann (geralt), 2016, used under CC0 1.0

https://pixabay.com/en/binary-one-cyborg-cybernetics-1536650/

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Thefullencryptionofblockchainensuresthatdatacannotbeaccessedbyunauthorizedpartieswhileintransitthroughuntrustednetworks.Inaddition,inherenttoblockchainistheimmutabilityofdata,preventingpartiestoillegallyadjustdatafortheirownbenefit.Therefore,fororganizationstoensureconfidentiality,blockchainhasbecomekey.Increasinglythereareavarietyofsolutions,suchasthoseofferedbyGuardtime,DanubeTech,andCertCoin.

Data integrity

Thesecondcontributionofblockchainintermsofdatasecurityisthatitensuresintegrity,whichtheNISTdefinesas“guardingagainstimproperinformationmodificationordestruction,andincludesensuringinformationnon-repudiationandauthenticity.”70Thecombinationofhashingandcryptographyaswellasthedecentralizednatureofblockchainmeansthatthereisnocentralauthorityoractorthatcanadjustthedataontheblockchainforitsownbenefit.Doingsowouldbeknowninstantlytoallotherstakeholderswithaccesstotheblockchain,whowouldnotverifysuchtransactions.

Withblockchain,anyassetrecordedonablockchaincanberetrievedormovedonlywiththecorrespondingcryptographickey.Therefore,thekeybecomesanassetthatitsownercanmonetize,sinceitisbackedbytheunderlyingasset.71Protectingtheprivatekeyiscritical.Therefore,organizationsshouldbeawareofhowtodealwiththecryptographickeysandhowtoexpectcustomerstodealwiththem.Alostprivatekeycanpreventdataonablockchainfrombeingdecryptedor,ifitfallsintothewronghands,itcanmakethedatapublicforthosewhohaveaccesstotheprivatekey.Therefore,toensureintegrity,organizationswouldneedtoeducateconsumersinhowtodealwiththeprivatekeys,asmanyconsumersarenotfamiliarwithprivateandpublickeysandhowtheywork.

AsDavidTreat,managingdirectorfinancialservicesandblockchainleadforAccenturesaid,“Leavingcryptographickeysinsoftwaresittingonacomputeristheequivalentofleavingyourhousekeysunderthewelcomemat.”72So,althoughblockchainensuresintegritybymakingdataimmutable,thereremainsaresponsibilityfororganizationsandconsumers.

Data availability

Thethirdcontributionofblockchaintodatasecurityisavailability,whichNISTdefinesas“ensuringtimelyandreliableaccesstoanduseofinformation.”73Distributedledgertechnologydoesnothaveasinglepointoffailure,whichwouldmakeaDDoSattackexponentiallymoredifficult.Afterall,forablockchainnetworktobebroughtdown,allnodeswithinthenetworkshouldbeattacked.Withsomedecentralizednetworksincorporatingmillionsofcomputers,thisbecomeshighlyimprobabletoachieve.Thisiswhyablockchain-basedPKIissovaluable,sinceitdoesnotahaveasinglepointoffailure(thecentralauthoritythatissuesthecertificates).

To ensure integrity, organizations would need to educate consumers in how to deal with the private keys, as many consumers are not familiar with private and public keys and how they work.

“Leaving cryptographic keys in software sitting on a computer is the equivalent of leaving your house keys under the welcome mat.”

DAVIDTREATManaging DirectorAccenture Capital Markets

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Despiteblockchain’spotentialtoimprovedatasecurity,theremustbeanoteofcaution,sincethetechnologyisstillsonew.Hence,inthe(near)future,currentlyunknownsecurityissuesmightappearthatcouldhaveanimpactonhowthetechnologyisusedandapplied.Inaddition,manystart-upsareexperimentingwithvariousnewblockchaintechnologiesorcryptographicpractices,which,ifdoneincorrectly,couldresultinpotentialsecuritybreaches.Therefore,aswithanydigitaltechnology,securityshouldbeakeycomponentofanydigitalstrategytoprotectconsumers,customers,andemployees.

Data privacy and identityIncreasingly,bigdataisinvadingconsumers’livesandaffectingtheirprivacybecausethewebhasbecomesuchacentralizedplatform.Originally,thewebwasdesignedtobedecentralizedsothateverybodycouldparticipatebyhavinghisorherowndomainandwebserver.74Unfortunately,thatdidnotworkout,andasaresult,thereisamajorproblemwithhavingcentralizedorganizationscollectingsomuchconsumerdataandusingittoofferpersonalizedadvertisingtotheirusers.

AsJonathanTaplindiscussedinhisbookMove Fast and Break Things, organizationsthathaveaccesstosomuchdataanduseittosteerconsumerbehaviorcoulddirectlyundermineourdemocracy,aswehaveseenwithhowFacebookandCambridgeAnalyticswereabletoinfluencebothBrexitandthe2016USPresidentialelections.75Thesecentralizedorganizationsdonotforgetorforgive.Sinceactions(i.e.,data)speaklouderthanwords,aslongasconsumersarenotincontroloftheirowndata,itispossiblethathumanbeingsarebeingdefinedbytheirdata.Thiswouldbeaseriousthreattoourhumanity.AnexampleofwhatsuchaworldwouldlooklikecanbeseeninChina.

With any digital technology, security should be a key component of any digital strategy to protect consumers, customers, and employees.

Human silhouettes 668300 by Gerd Altmann (geralt), 2015, used under CC0 1.0.

https://pixabay.com/en/human-silhouettes-group-668300/

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Sesame Credit’s impact on society and privacy

ChinaisdevelopingSesameCredit,asocial,transparentcreditscoreforhowobedientlycitizensfollowthepartyline.76China’ssocialcreditscoringsystemappliesinnovativesolutionsthatleveragetheadvantagesofblockchaintechnologyandbigdata.77AntFinancial,anAlibabacompany,hasbeendevelopingthissocialscoringsystemanditstandstoimpactsocietyandinvadethedailylivesofChinesecitizensinavarietyofways.

SesameCreditisacreditratingsystemthatincorporatessocialscoring.Itcalculatescreditscoresbasedononlineshoppinghabits.78 SesameCreditwillimpactsocietybyusheringintheuseofsocialtrustasapartofcreditscoringandreporting.TheprogramhelpsChinapushthedevelopmentofitssocialcreditsystemonanationallevel.However,itcomeswithconcernsregardingdataprivacydataandinformationtransparencysince,forexample,manyindividualswerenotawarethatSesameCreditratedthemwhentheserviceinitiallybegan.79Thisistroubling,especiallyasthesystemisnot100percentaccurate.

Nevertheless,theChinesegovernmentaimstofullyimplementthesemeasuresby2020.80SesameCreditusesbig-datainsightstoassignasocialscorebased,notonlyonaperson’sdealingswithbusinesses,butalsoonhowheorsheinteractssociallyonline.Thisdirectlyaffectsconsumersbyprovidingthemwithaccesstopreferentialtreatment,suchasskippinglonglinesatthehospitalandaccesstoloans.However,itcouldalsoaffectconsumerswithpenaltiesforbreakingsocialtrust,suchasdenialofconsiderationforpublicofficeoralossofwelfareandsocialsecurity.Thegoalistoenhancemarketeconomyregulationandgoodbehavior,suchasbuyingdiapers,andtopenalizepeopleandbusinessesforpoorpractices,suchassellingtoxicfoodorengaginginbribes.

Alibaba’s Alipay brings social trust via Sesame Credit scoring system

AlibabawasoneoftheeightapprovedtechnologycompanybyChina’scentralbankin2014todeveloponlineande-commerceratingsystemsbasedonsocialtrust.81Alibaba’spaymentaffiliate,AntFinancial,developedandintegratedSesameCreditintoAlipayandassignssocialcreditscorestoAlipayuserswhohaveagreedtousethecredit-scoringservice.82SesameCreditcanleverageAlibaba’srobustdatabaseinconjunctionwithotherfactors,suchasonlinetransactionalhistory,taxpaymenthistory,andtrafficinfractionhistory,todetermineanindividual’strustworthiness.83

Forexample,anindividualwhobuysdiapersmighthavehigherscoresthanapersonwhospendsmoneyonentertainment,sincethediapertransactionswouldbeperceivedasbeingmoreresponsible.AlipayuserswithaSesameCreditsocialcreditscorecanaccessvariousperquisitesdependingonhowhightheirscoresare,suchasexpeditedsecuritychecksatairportsordepositwaiversforcar

Sesame Credit is a credit rating system that incorporates social scoring. It uses big-data insights to assign a social score based not only on a person’s dealings with businesses, but also on how he or she interacts socially online. Individuals could be rewarded or penalized for their behavior. It will help China to scale its social credit system to a national level.

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rentals.AntFinancialisexploringincorporatingblockchaintechnologytoenhancethesecurityofdataandimproveverification.84WhilethetechnologyisstillunderdevelopmentwithSesameCredit,AntFinancialplanstoleverageittomaketransactionscheaperandfaster.Italreadyhasexperienceusingitwithitscharitabledonationsitetotrackmoney.

SesameCreditoffersorganizationsseveralbenefits,includingrewardingbetterbusinessdecisionsandpenalizingpoordecisions.Asaresult,organizationscanverifytheidentitiesandtrustworthinessnotonlyofcustomersbutalsoofsuppliersandcompetitors.However,SesameCreditmightbecomeadata-privacynightmareforconsumers.

Identity and black boxes

AsolutiontotheprivacynightmareofSesameCreditmightbetheincorporationofaself-sovereign identity,anidentitythatisownedandcontrolledbythepersonorthedeviceitself.Itisanidentitythatisportable,private,andprotected.Inotherwords,aself-sovereignidentityisaparadigmshiftfromtoday’sidentitysystem,anditwilldrasticallychangehoworganizationsareabletodealwithcustomerdata.Tounderstandtheimportanceofaself-sovereignidentity,weneedtounderstandwhatidentityreallyis.

Identityconsistsofmanydifferentattributes,whichareconstantlychangingandevolvingintermsofpriorityanddurability.Someattributessuchasbirthdates,placeofbirth,biologicalparents,andSocialSecuritynumberswillstaywithapersonforhisorherentirelife.Others,suchasanemployeenumber,studentnumber,address,ortelephonenumbercouldchangeperiodically.Stillotherattributescouldbeveryshort-lived,suchasausernameonaforumorwebsite.Eachoftheseattributeshasdifferent,uniquelyidentifiablecharacteristics,andthecombinationofthemconstitutesaperson’sidentity(althoughthepersonmightperceivethatdifferently).

A self-sovereign identity is an identity that is owned and controlled by the person or the device itself and is portable, private, and protected. It is a paradigm shift from today’s identity system.

Binary 2450188 by Gerd Altmann (geralt), 2017, used under CC0 1.0.

https://pixabay.com/en/binary-hands-keyboard-tap-enter-2450188/

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Thesamegoesfordevices.Aswithpeople,machineshaveavarietyofattributesthatmakeupitsidentity.Theseincludethetypeofdevice,itsbrand,color,characteristics,andcapabilities.Althoughwehaveanidentityinfrastructureforpeopleinplace,atthemomentwedonothaveanidentityinfrastructureinplaceforthings.Despitethat,wearerushingtoconnectdevicestotheInternet.Thiscouldposesignificantfuturechallenges,arguesDavidBirch,aninternationallyrecognizedthoughtleaderindigitalidentityanddigitalmoney.AccordingtoBirch,theonlywaytoachievethisisusingadecentralizedsolution,sinceacentraldatabasethatstoreseverythingabouteverythingwouldbetoodangerous.85

Ifanidentityconsistsofever-changingattributes,aself-sovereignidentityrestorescontroloverwhohasaccesstothoseattributestotheconsumerwhoownsthatidentity.Soinsteadofsocialmediacompaniesorgovernmentsowningaperson’sidentityattributes,theconsumerisinfullcontrolanddetermines,foreachinteraction,whogetsaccesstowhichdatapoints.Forexample,whenenteringabar,wecoulduseaself-sovereignidentitytoprovethatweareofdrinkingageratherthanprovidingadriver’slicense,whichdisclosesavarietyofverypersonaldetailssuchasourname,dateofbirth,address,orlicensenumber,noneofwhichthebarownerneedstoknow.Instead,wedecidewhichinformationwewanttoreleasetowhichorganizationandwhen.Assuch,aself-sovereignidentityoffersmanyadvantagestoconsumers.Buildingtheinfrastructuremightbeachallenge,however.

ThatiswhyDavidBirchbelievesthatbanksshouldberesponsibleforstoringidentityinformation,sincetheyalreadyhaveasecureinfrastructureinplacetodealwithmoney.Bircharguesthatinthefuture,banks’functionasstoresofmoneymightbecomeoutdated,whichiswhytheyshouldpursueguardingidentityandreputation,albeitusingadecentralizedsolution.86Oneorganizationthatalreadyenablesfinancialinstitutionstoensureidentitycompliance,whichcouldbeaprecursorformanagedidentities,isCambridgeBlockchain.Itsproductfocusesonstreamliningdigitalidentity

If an identity consists of ever-changing attributes, a self-sovereign identity restores control over access to those attributes to the consumer who owns that identity.

Board Electronics Computer 453758 by Michael Schwarzenberger (blickpixel), 2014, used under CC0 1.0.

https://pixabay.com/en/board-electronics-computer-453758/

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byofferingusersfullcontrolovertheiridentities,whileensuringregulatorycomplianceforfinancialinstitutions.Accordingtoitswebsite,“CambridgeBlockchain’sdistributedarchitectureresolvesthecompetingchallengesoftransparencyandprivacy.”87

However,DanielGasteiger,amemberoftheboardofdirectorsoftheGlobalBlockchainBusinessCouncil,arguesthatweshouldbecarefulwithaddingattributestoablockchain,sinceattributeschangeovertime.88Thatiswhyadecentralizedencryptionmethodisrequiredtoprovideindividualswithfullcontroloverthesechangingattributes.Asaresult,consumerswillbecomeblackboxesfororganizations,andonlytheconsumerwilldeterminewhatkindsofdataaresharedwiththeorganization.Thatwillsignificantlychangedataownership,howorganizationscandealwithcustomerdata,andhowtheycanderiveinsightsfromit.IfSesameCreditwouldincorporatesuchadecentralizedinfrastructure,itwouldofferChinesecitizensfullcontroloverwhohasaccesstotheirsocialcreditscore,whilethegovernmentcouldguaranteethatthescoresaretrustworthy,immutable,andverifiableatanymoment.

Multipleorganizationsareworkingondevelopingsolutionsforself-sovereignidentities.Eachsolutionisslightlydifferentthantheotherandhasadifferentapproachintermssecurityandencryption.Thesestart-upsarefocusingondigitalidentitiesrelatedtopassports,e-residency,onlineaccountlogins,certificatesofbirth,marriage,anddeath,andsoforth.Someofthepioneersindigitalidentityareasfollows,inalphabeticalorder:

2WAY.IO(2way.io):apeer-to-peerreputationandidentityplatformthatputstheuserbackincontrol.Itoffersservices,whichareblockchainagnostic,toorganizationslookingtoimplementanidentitysolution.

BanQu App(banquapp.com):afintechcompanyfocusingoneconomicidentitiesandextremepoverty.Itoffersasecure,portabledigitalidentitythatmaintainstransactionhistorythroughaproprietaryblockchain-basedplatformforthepoorestpeople.

Bitnation(bitnation.co):aplatformcompanythatofferstheservicestraditionalgovernmentsprovide,butbasedontheblockchain.Itcallsitselfthefirstdecentralizedborderlessvoluntarynation.

BlockAuth(blockauth.org):BlockAuthisdevelopingaframeworktoverifyuserauthenticitywhilealsoenablinganeasy-to-integrateOpenIDauthenticationsystem.

Brontech(bron.tech):ablockchain-basedidentityplatformthataimstoredefinetherelationshipbetweenpeople,personaldata,andmoney.

Cambridge Blockchain(cambridge-blockchain.com):astart-upthataimstoputcontrolofpersonalidentitydataback

According to Daniel Gasteiger of the Global Blockchain Business Council, we should be careful with adding attributes to a blockchain, since attributes change over time.

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intothehandsoftheenduser.Theplatformisfocusedonthefinancialindustryandenablesthemtocomplywithknow-your-customerregulations.

Civic(civic.com):anidentityplatformthatusesidentityverificationandprotectiontoolstoprovidebusinessesandindividualscontrolovertheiridentities.

Procivis(procivis.ch):astart-upthataimstodevelopandofferan“e-governmentasaservice”solution,wheredigitalidentityempowerscitizensandgivesthemcontrolovertheiridentitydata.

ShoCard (shocard.com):anorganizationbuildingadigitalidentityplatformtoprotectconsumerprivacyandmakeiteasytouse.Itisbuiltonapublicblockchaindatalayer,andassuch,itdoesnotstoreanydataorkeys.

Sovrin (sovrin.org):aself-sovereignidentityblockchaindevelopedinitiallybyEvernym,whichhassinceopen-sourcedtheplatform.Itaimstobuildthemissinglayerforsecureidentityontheinternet.

uPort(uport.me):astart-upthataimstodevelopanopensource,self-sovereign,blockchain-basedidentitysystemonEthereum;itpartneredwithMicrosoftanditisdevelopedbyConsenSys.

Thesestart-ups,andmanymore,aimtodevelopsolutionsaroundidentityforallindustries.Anyindustrycanbenefitfromdigitalidentitiesthatareverifiedusingtheblockchain.However,threeearlyadoptersaremostadvancedintheirdevelopmentofapplicationsfordigitalidentity:thefinancialservicesindustry,healthcare,andgovernment.

Data ownership Manypeoplehavehandedoverpersonaldataoragreedtobemonitoredinreturnforfreeservices.However,increasingly,consumersareconcernedaboutwhohasaccesstotheirdata:a2016PewResearchsurveyshowedthat74percentofconsumerssaiditwas“veryimportant”tohavecontroloverwhocouldgetinformationaboutthem.89Inaddition,consumersmightnotrealizethattheyhavegiventheirconsentbecausethetermsandconditionsofusageorservicearelongandcomplicatedandtaketimetoreadandunderstand;ortheyhaveasenseofresignationaboutcorporatesurveillance.90Suchcentralizedcontrolofdataownershipbylargecorporationsisharmfulforconsumers,asitgivescentralizedorganizationsenormouspowerandputsconsumersinavulnerableposition.Consumerscanseeonlytheirowntransactionsandinteractions,nothowthird-partyvendorsorapplicationsareusingtheirdata.

Any industry can benefit from digital identities that are verified using the blockchain.

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However,withblockchaintechnology,wecansolvethissituationbygivingconsumersfullcontrolovertheirdata,enablingconsumerstodecidewhichorganizationscanusetheirdata,how,andwhen.Sincedataonablockchainareimmutable,verifiable,andtraceable,itenablesdataprovenance.Dataprovenanceshowshowownershipandpermissionshavechangedovertime,aswellashowthedatawerecreatedandused,andwhoisincontrolofthosedata.Assuch,itspeedsuptheprocessofverifyinganidentityofthirdpartiesandoffersconsumersachoicetoselect,foreachpieceofdatathattheycreate,whetherornottheywanttoallowthirdpartiestohavetheirinformation,andverifythatthesethirdpartiesareauthentic.

Inaddition,consumerscangetpaidforit.Whenconsumershavefullcontrolovertheirdata,organizationswillhavetofindnewwaystogetconsumerconsenttoanalyzethosedata.Consentmovesawayfromasimple“Iaccepttermsandconditions”totechnologicallyimplementingsolutionsthatnotonlyobtainreal-timeconsentfromusersbutalsorewardconsumersforusageoftheirdata.Thisshiftwillbecomeasignificantbutnotimpossibletechnicalandculturalchallengefororganizationstomeet:thefirstsolutionssimilartotheFujitsudataexchangenetworkarealreadyindevelopment.Theyworkasifeverybitofdatahaditsownvault,includingsmartcontractslinkedtoit,whichregulateswhohasaccesstothedata,forhowlong,andforwhatprice.Everytransactioncanbetraced,andthedataownercanbenefitinrealtime.

Ofcourse,whatwecandevelopforenterprisescanbedevelopedforconsumers.Forexample,thestart-upBlockstackisworkingonanewInternetusingdecentralizedapplicationswhereusersowntheirdata.WithBlockstack,usersobtaindigitalkeysthatenablethemtocontroltheirdata.Theyusethesekeystosignintotheapplicationslocally,andtheyownanydatatheygeneratewhiledoingthingsontheInternet.Itcombinesadecentralizeddomainnameserversystemwithblockchaintechnologytodeliverthesecapabilities.Ifitsucceeds,Blockstackwillsignificantlychangethegamefororganizations.Giventhetechnicalandculturalchallengesofsuchasolution,organizationsshouldbeginpreparingforthisfuture.

When consumers have full control over their data, organizations will have to find new ways to get consumer consent to analyze those data.

Datacentre-telecom by Gregory Maxwell, 2007, used under GNU Free Documentation License, Version 1.2G.

https://upload.wikimedia.org/wikipedia/commons/1/13/Datacenter-telecom_rectilinear_145x115deg.jpg

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Shifting attitudes and policiesTheconvergenceofbigdataandblockchainwillrequirenewsolutionsandapproachesfromorganizations,regulators,andindividualstoensurethat,intheend,everyonecanbenefitfromthisconvergence.Itisaparadigmshiftwhen,suddenly,thecreatorofthedataisinfullcontrol,ratherthantheorganizationcollectingthedata.Herearefivewaystheconvergenceofbigdataandblockchainwilldirectlyaffectindividuals,organizations,governments,andpolicymakers:

Organizationsneedtoensuredataprivacyandsecurity,especiallywhenrelatedtoindividualsandthings,andiftheywanttosharedataacrossorganizations.Distributedledgertechnologyiskeyfororganizationsiftheywishtoachievethis.Datasharingrequiresstandardstoensurethatorganizationsandconsumerscaneasilysharetheirdataacrossbordersandorganizations,whileremainingincontrol,keepingdataprivate,andbeingabletomonetizethem.

Regulatorsandgovernmentsneedtoensurethatconsumersremaininfullcontroloftheirowndata,takingitawayfromorganizations,andtoensurethatorganizationstakedatasecurityseriously.Aself-sovereignidentitywillbecomethenewnormal,forindividualsaswellasthings.Governmentsandpolicyadvisors,therefore,needtounderstandwhataself-sovereignidentityentailsandneedtodraftlegislationtoforceorganizationstomovetoself-sovereignidentitysystemsandrestoringcontroltotheindividual.

Individualsneedtobecomeawareoftheopportunitiesandresponsibilitiesthatcomewithbeingincontroloftheirdata,suchaskeepingaprivatekeytrulyprivate.Therefore,itisvitaltobuildawarenessofwhattheconvergenceofbigdataandblockchainmeansforconsumers.Thisrequires,mostlikely,long-termeducationofconsumersonhowtodealwithprivatekeys.

Controlofdatawillmovetotheindividual,organization,ordeviceresponsibleforcreatingthem.Datavaultswillbecomethenewnormal,governedbysmartcontractsthatexecuteautomaticallyoncecertainpre-setconditionshavebeenmet.Watchdogsshouldensurethatthesesmartcontractsareethicalandtreateachcustomerfairlyandequallyinsimilarsituations.

Increasingly,wewillseeorganizationsbringinggovernancetothedataandthecodebyapplyingsmartcontractsandcryptographytoensuretrustinatrustlesssociety.Governancewithinorganizationswillshiftfromboardroomstodevelopers,whowillberesponsibleforincorporatinggovernancewithinthecode.

Theconvergenceofbigdataandblockchainwillnotslowdowninthecomingyears.Onthecontrary,weliveinatimeofexponentialprogress,andthecomingyearswillseethedevelopmentofaplethoraofnewsolutionsdevelopedwiththecustomerinmind,offeringdataownership,privacy,andsecuritywhileenablingindividuals,organizations,andthingstoshareandmonetizetheir

Data sharing requires standards to ensure that organizations and consumers can easily and securely share their data across borders and organizations without losing control, privacy, or revenue potential.

Governance within organizations will shift from boardrooms to developers, who will be responsible for incorporating governance within the code.

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data.Itisaparadigmshiftthatrequiresactionsforallstakeholdersinvolved,includinggovernments,policymakers,andregulators,toensurethatmovingtothisnewparadigmisdoneinaccordancewiththelawandprotectsconsumers.

Conclusions and recommendationsWiththeamountofdatacreatedincreasingexponentiallyovertheyearsandtherapidimprovementofdistributedledgertechnologies,theconvergenceofbigdataandblockchainoffersmanyopportunitiesfororganizationsandsocietiestodevelopproductsandservicesthataremoresecure,fair,andprivateforconsumers.

What executives should keep in mindDataownershipwilltakeonanewmeaning.Datasharingwillbecomepossibleasdataprovenanceopensupnewrevenuestreamsfororganizations,whiledatagovernancewillbeimprovedsignificantly.Asaresult,theconvergenceofbigdataandblockchainoffersfourkeytakeaways:

» Blockchainwillprotectconsumers’privacyandownershipandofferconsumersfullcontrolovertheirdata,butwillalsorequireeducationregardingtheopportunitiesandresponsibilitiesthatcomewiththisnewparadigm.

» Datasecuritywillbecomeincreasinglyimportantasthenumberofconnecteddevicesincreases,andblockchaincanensuretrustamongconnecteddevices.

» Datasharingwillenableorganizationstogainbetterinsights,whileensuringdataprivacyacrossdepartmentsandorganizations.Inaddition,consumerswillbeabletomonetizetheirdataiftheyhavefullcontroloverthem.

» Blockchainwillrevolutionizedatagovernancebybringinggovernancetothecode,wherebysmartcontractsaddametalayertoeverybitofdata,determiningtheconditionsrelatedtothosedata.

What organizations can do todayTake action today if you want your organization to benefit from the convergence of big data and blockchain.Regulatorswillsoonawakenandimposerulesandregulationsthatoffermorecontroltoconsumersovertheirdata.Thatwillsignificantlychangetheplayingfieldfororganizations.Consumerdatawillbecomeablackboxthatwillrequiretechnicalconsenttoaccessandamonetaryrewardtouse.

Consumer data will become a black box that will require technical consent to access and a monetary reward to use.

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Investigate how you might better monetize your existing data.CouldsuchsolutionsastheFujitsudataexchangenetworkenableyoutosharedatasecurelyandprivatelywithotherorganizations?Couldyouincorporateexternaldataintoyourowninsights?Theseeffortswillresultinimprovedproductsandservicesforbothconsumersandorganizationsandanimprovedbottomline.

Explore mutually beneficial partnerships with competitors or other industry players.Wouldsharingdatahelpyoutoimproveyourproductsandservices?Organizationscantestthisprocesswithaninternaldata-sharingprojectacrossgeographicallydispersedbusinessunitstounderstandwhatitmeansbeforesharingdatawithexternalorganizations.

Consider which processes within your organization could benefit from smart contracts that govern data and automate decisions.Especiallywhenworkingwithconnecteddevices,smartcontractscanautomatetransactionsandofferanewdatasourcethatcanleadtonewinsights.Inaddition,theycanensuredataintegrity,whichcouldresultinmoresecureapplications.

Imagine not having automatic access to customer data. Howwouldlackofaccessaffectyouroperations?Whatifaccessrequiredmorethanawrittenconsentandcomplicatedtermsandconditions?Howwoulditchangeyourprocesses?Whatnewsolutionswouldyouneedtoimplement?Wouldyouneedtocreatethemyourselforcouldyouleverageexistingsolutions?

Understand the impact of self-sovereign identities on your business.SuchIDsforindividualsandtheirdevicesmightstillbefaraway,butconsumerswilldemandincreasedprivacyandmorecontrolovertheirdata.Findouthowtheycanhelpyourorganizationbecomeanearlyadopterofself-sovereignidentities,similartowhatTelstraisdoing.

Investigate how blockchain can make your own connected devices more secure.FormanyorganizationsworkingwithIoT,whichisalmosteverybusinesstoday,securityisnotapriorityandcouldleavethenetworkvulnerabletomassiveDDoSattackssuchastheoneinOctober2016.BlockchainsolutionssuchastheIOTAtangle—whichoffersinfinitescalabilityandfreemicrotransactions—couldpreventsuchattacksand,andsoleaderswouldbewisetoconsiderthemandcreateamoresecureorganization.

Weliveinatimeofexponentialprogress,andacceleratedchangeistheonlyconstant,especiallyforthoseusingbigdataandexploringblockchaintechnology,twomegatrendsthatfundamentallyaretransforminghowweworkandlive.Therefore,organizationalleadersshouldstartdiscussingtheimpactofthesetrendsontheirorganizationsandpreparingforaconnectedworldwheredataaremoresecure,private,andownedbyconsumers.

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About the authorMarkvanRijmenamisfounderofdscvr.itandDatafloq.Heisahighlysought-afterinternationalpublicspeaker,abigdataandblockchainstrategist,andauthorofthebestsellingbook,Think Bigger: Developing a Successful Big Data Strategy for Your Business,aswellasthebookBlockchain (VanRijmenamandRyan,forthcoming).Hehasbeennamedaglobaltop10bigdatainfluencerandoneofthemostinfluentialpeopleworkingwithblockchain.Currently,heispursuingaPh.D.atUniversityofTechnology,Sydney,onhoworganizationsshoulddealwithbigdata,blockchain,andresponsibleartificialintelligence.

AcknowledgmentsTheauthorextendshisthankstothefollowinggentlemenwhosecommentswereusefulinhisresearch:AndrewTobin,managingdirectorofEuropeEvernym(a.k.a.Sovrin);DavidKnight,CEOofTerbine;DanielGasteiger,memberoftheboardofdirectorsoftheGlobalBlockchainBusinessCouncil;andDavidBirch,directorofHyperionandanidentityspecialist.

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