One of the greatest barriers to adopting and scaling AI applications is the scarcity of varied, high-quality raw data. To overcome it, firms need to share their data. But the many regulatory restrictions and ethical issues surrounding data privacy pose a major obstacle to doing this. A novel solution that my firm is piloting that could solve this problem is a data trust: an independent organization that serves as a fiduciary for the data providers and governs their data’s proper use.
“Data Trusts” Could Be the Key to Better AI
They allow organizations to pool data — while ensuring it’s used responsibly.
November 10, 2020
Cactus Creative Studio/Stocksy
Summary.
One of the challenges in developing AI applications is obtaining the vast amount of data that’s required. Making matters worse, regulations and privacy issues pose obstacles to firms’ sharing their data. A possible solution is for firms to form a “data trust.” that serves as a fiduciary for the data providers and governs their data’s proper use. Willis Towers Watson recently piloted a data trust together with several of its clients. This article shared what they learned about how to create such a trust.