Monetization of Personal Identity Information: Technological and Regulatory Framework

Monetization of personal identity information has become a major component of modern business models, driving innovation in many industries. This phenomena is common place given that parties to business transactions and social interactions usually rely on the issue of claims, and disclosure of unique attributes and credentials for proofs and verification of identity. However, the heightened societal information privacy concerns, and the diminishing level of trust between transacting parties´ makes such attempts to monetize personal information a very risky endeavor given the dearth of literature in that regard. This study focuses on understanding the major technological and regulatory imperatives in the monetization of personal identity information. Focus group discussion and interviews in four major cities in Ghana were the sources of empirical evidence which supports the claims made in this paper. The resulting monetization model provides a critical reference point for technological and regulatory policies that ensure effective monetization of personal information.