Approximately 60% of business executives don’t fully trust their company’s data. Yikes!
With the widespread use of data comes the responsibility to protect it and ensure its proper usage. This is where the concept of #datatrust comes in.
A data trust is a legal structure that allows organizations to manage data on behalf of their owners through a neutral third party that is responsible for collecting, storing, and sharing data based on predefined rules and regulations.
“Data trust is a concept that provides a framework for responsible data governance that is based on transparency, trust, and collaboration. This is established through a neutral third-party that is responsible for collecting, storing, and sharing data based on predefined rules and regulations.”
The data trust framework ensures that data is used ethically, securely, and transparently, while also protecting the rights of the data owners.
The key elements of a data trust include:
- Governance – a decision-making process that determines how data is collected, stored, and used.
- Data Sharing – enabling collaboration with others, while maintaining control over the data. This helps promote innovation through shared insights.
- Stewardship – managing the data assets in a responsible and accountable manner and establishing guidelines and policies for data use.
- Accountability – ensuring that data users are held responsible for their actions, to facilitate data-driven technologies and public confidence.
Benefits of data trusts include:
- Ethical and secure monetization.
- Reputation management.
- Risk assessments and protection against breaches.
- Greater control over data.
- Collaborative opportunities.
- Economic boosts.
- Maintained privacy.
In the healthcare industry, data trusts can be used to manage patient data for research purposes. By pooling data from multiple sources, researchers can gain insights into disease patterns, treatment effectiveness, and other critical health issues.