A proposal of personal information trading platform (PIT): A fair trading between personal information and incentives

Personal information is a valuable asset for service providers. They need personal information for several reasons such as target advertising and personalization. Many methods are used to collect personal information from consumers. However, sometimes more personal information than is needed is collected. Since consumers are now more concerned about their privacy, service providers are finding it a lot more difficult to collect consumer´s personal information, which results in less benefit for both consumers and service providers. In this study, we propose a new personal information trading platform that provides benefit to both service providers and consumers. We present the platform design, functions and benefits, a proposed trading model, and the balanced personal information tradeoff model, which is used to measure the balance between the incentive to the service provider and the personal information of the consumer.