Personal data bank vaults are the new “in thing”

A personal data bank vault provides the facility of retaining an individual’s data ownership while storing data in a secure way. The data that is stored in these vaults is constantly filtered before it is shared with service providers, advertisers or data analysts. Personal data bank vault architecture gives users granular and flexible access to data.

Security in big data analytics has become a topic of debate. To implement increased level of security in big data analytics, a new data modelling technique has been introduced, known as a personal data bank vault. This data modelling technique is considered to be the cure for the anxiety of people sharing their data online.

A personal data bank vault gives every individual control over their data. An agreement has to be signed between the individuals and the owners of personal data bank vaults. If any other agency misuses or misplaces the data from an individual’s personal account, then that agency comes under violation of the agreement. And, it can be held liable on the basis of that agreement. Thus, individuals can freely share their personal, financial, and health information along with shopping habits through this platform. This information can be used by web services only on the terms defined by the individual. In this way, online retailers and web service providers cannot treat your data as their commodity. Also, the process of collecting accurate consumer information becomes easier for advertising, marketing, and data brokerage companies.

For example, previously, a customer might order a product from an online retailer. But a retailer can only view that a particular home has ordered a product as they only receive the PC's IP address. Hence, anybody in that particular household could have placed the order. If the customer is associated with personal data bank vault, this online retailer can get more accurate information while tracking that individual’s shopping pattern.

Features of a personal data bank vault

• It provides users with a secure web utility service. Users can create their own personal web domain.
• Users are able to load all their information in this secure domain and segregate them into various categories. They are also able to remove or modify this data anytime.
• It gives users the additional capability of allowing them to set their domain in a way that they can release certain parts of their personal information to companies they trust.
• Users are provided with the facility of setting preferences and permissions for their data stores so that their privacy can be protected to a certain extent.

Take an example of a medical research and development institution that wants to gain access to a person’s medical history for research purposes. An individual can grant access for accessing its data through a personal data bank vault on the condition that data must not be passed to other organizations and the individual must remain anonymous. Thus, a personal data bank vault provides a fine-grained data sharing technique using policy management mechanisms. This approach is gaining popularity among people as it prevents users’ personal data from wandering around the web as various data collectors.