Aussie start up, Flamingo Ventures, has become a foundation partner of the what is being billed as the world's first global network for trusted private data sharing.
Respect Network claims to be the world's first standard and protocol for Personal Cloud providers - that's me and you.
The network is aiming to restore privacy on the internet.
The launch of the Flamingo Personal Cloud strategy is an attempt to disrupt the traditional relationships that business have with customers where the business holds or 'owns' the customer data.
The customer will now be able to store, manage and permission their own data which includes the experience profiles that detail their preferences for interacting with organisations across communications, product, processes, interaction channels, people and price.
It is hoped, for customers this will provide a fast, efficient and accurate way to let business know what it is they want.
For organisations the combination of Co-creation and Personal Cloud may increase efficiency in the customer retention process by up to 50 per cent and in the sales process rates by about 30 per cent, according to a company statement.
Customers with a Personal Cloud will be identified by having an equals sign (=) in front of their name.
The price of a personal cloud name is AU$30 and this should act as the single digital signature or identity for a customer, that the customer owns.
A business that can operate with a customer's personal cloud will have a plus sign (+) in front of their business name.
Founder and CEO of Flamingo, Dr Catriona Wallace said it was time customers took charge of their data and started to manage their vendors.
"This is a much more efficient and effective way for both customers and business," she said.
"It will, however, turn traditional models of CRM and big data on their heads," she said.
"Flamingo's role is to work with business and government to make sure they have the tools and capabilities to enter this new phase of identity sovereignty."
Flamingo's current focus is on the banking and insurance sector.
However, the company is also set to invest $2 million to develop a customer-directed healthcare solution by February 2015.
The Respect Network, which launched in Sydney on July 7, and the US and Europe earlier on, defines a system and standards for Cloud Service Providers (CSPs) to host "Personal Clouds" for any internet user.
The idea is Personal Clouds will host a collection of information specific to a person who has complete control of this information.
This collection will have been populated either manually by the person or as a feed from personal cloud-aware applications.
This could include aspects such as routine stuff like your phone number, postal address.
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