The issue of privacy and people’s data sold around the world among major corporations has been a central topic for many, on top of the economy.
The left, particularly the Andrew Yangs/AOCs/Bernie Sanders variety, love the idea of UBI. Of course, we know it’s an effort to buy votes. But what if we were to beat them to the punch, without calling it UBI or making it taxpayer-funded? What if every single time an American’s data passed from one hand to the next, that individual received a portion of that transaction? It’s their data after all. They are the ones doing the heavy lifting by using search engines, going out, and so on.
This will accomplish one of two things. This will put money back in the pockets of Americans, if all of these corporations choose to continue buying and selling data, or it will become so cost-prohibitive to buy and sell data that the practice dies out, and these corporations will have to market the old-fashioned way.
Legal Proposal for Compensation and Liability in Data Transactions
Introduction
This proposal outlines a framework for compensating individuals whose data is utilized in transactions. It establishes the responsibility of sellers operating as clearinghouses for data exchanges and specifies the conditions under which individuals should receive compensation.
Proposal
1. Compensation Structure
Individuals whose data is included in a transaction shall receive compensation based on the following criteria:
Minimum Compensation: Individuals shall receive the greater of either:
$100; or
Fair Share Value: The total access price of the data package divided by the number of individuals whose data is included in that package; or
Value of In-Kind Exchanges: The value derived from any in-kind exchanges made in relation to the use of their data.
2. Seller Responsibilities
Sellers operating as clearinghouses for multiple customers shall bear the following responsibilities:
Repeat Payments: Sellers must make repeat payments to individuals for ongoing use of their data, ensuring that individuals are compensated fairly for continued access or use.
Transaction Costs: Sellers are responsible for all costs associated with each transaction involving the data. This includes, but is not limited to, processing fees, administrative expenses, and any other costs incurred in the data transaction process.
3. Oversight and Enforcement
An independent regulatory body shall be established to oversee compliance with this proposal. The responsibilities of this body will include:
Monitoring Transactions: Ensuring that all transactions involving individual data comply with the compensation structure outlined in this proposal.
Dispute Resolution: Providing mechanisms for individuals to contest any discrepancies in compensation or transaction costs.
Reporting: Regularly publishing reports on compensation practices, compliance rates, and any violations of this proposal.
4. Legislative Support
This proposal calls for the support of relevant legislative bodies to enact laws that formalize the compensation structure and seller responsibilities, ensuring accountability in data transactions.
Conclusion
Implementing this legal proposal will create a fair compensation framework for individuals whose data is utilized in transactions and establish clear responsibilities for sellers. By prioritizing transparency and equitable compensation, we can foster trust in data exchanges and promote ethical practices in the data marketplace.