Home / Brand Stories / ‘Data is the new oil’

Just like oil was an important commodity once, so important, in fact, that oil-producing nations were the most sought after, today the same holds true for data.

From shopping to monetary transactions to studying, everything happens online these days. And, every act involving the Internet produces more and more data. Together, the world produces over 2.5 quintillion bytes of data every day.

Today, data is practically the most essential commodity. The companies that have access to this data are ruling the world, just like oil companies once did. And, to our surprise, there aren’t many of these ‘king-companies’, as around 99% of the world’s data is owned by the top five global Internet companies. With so much data in their hands, these companies gain a rather strong hold over every user’s life. They can utilise the data to profile users and guide, mould and influence them for their financial benefits.

Data is something that holds—from general profile data to personal and sensitive behavioural data—all sorts of information about not just people, but organisations too. More often than not, we contribute to this data even without knowing it. A good example would be the IoT devices that we use. These devices hold information about us, right from our heart rate to more sensitive personal data. And where does all this data go?

It just gets added on the Internet, with no one to guard it or oversee its use. It just stays there, available for anyone to use or misuse! At times, malicious entities make use of this data stealthily, as they have unauthorised access to it. They can cause damage on varied scale—from identity theft to financial stress (if someone makes ransom calls).

A major point of difference between oil and data is the fact that the amount of oil is reducing across the globe, but in the case of data, it will only increase by the day. If this data is left unattended, it can cause havoc among a large section of the population. In the near future, we might become witnesses to wars caused solely due to data and this can be catastrophic.

The fact that our data can be stolen from any place on the Internet is what makes most people wary about it. This is why the need for data protection is becoming increasingly important. Every Internet user needs to have the guarantee that their data can be safe on the cyberspace and that they are as free in the digital world as they are in the real world.

The lack of strict laws to ensure data privacy of the users on the Internet just adds to the fear that we hold in our minds regarding the vulnerability of our data online. Though stronger laws such as GDPR are being put into action, the time it will take to secure all the data is too much. Thus, there needs to be an external solution that can help you secure your data. But is there any solution for this?

Bijai K. Jayarajan, Co-founder, Houm Technology Singapore Pte. Ltd.
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Bijai K. Jayarajan, Co-founder, Houm Technology Singapore Pte. Ltd.

Well, there is! And it comes from a Singapore-based company called Houm Technology Singapore Pte. Ltd. The company has been created by two Indian founders, Bijai K. Jayarajan and Priya Goenka, who believe that complete data protection and privacy can only come when we are able to own our data on the Internet.

Priya Goenka, Co-Founder, Houm Technology Singapore Pte. Ltd.
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Priya Goenka, Co-Founder, Houm Technology Singapore Pte. Ltd.

Houm is a revolutionary technology product, the first in the world to put Internet users completely in charge of their own data.

How this happens

Watch this video to know more:

Houm lets you own a unique domain on the Internet. This domain acts like your own piece of legally- owned digital property. You can use it to safely store all your digital assets there, without the fear of losing them to anyone, since you are the only person who can access it. Basically, Houm can be called your digital home.

Have a look at this video:

Though the idea behind Houm is revolutionary, it is not the first exceptional idea from its founder Bijai. Before Houm Technology Singapore Pte. Ltd., Bijai was the Founder and CEO of Loylty Rewardz, which had a large clientele and served a huge consumer base of around a billion people. Bijai founded and ran Loylty Rewardz for a decade, and operated loyalty programs for a large number of clients. He had a cumulative consumer base of over 1 billion consumers under its loyalty program management. Eventually, Loylty Rewardz was acquired in 2017, valued at USD 100 million.

With such rich experience in hand, Bijai is moving ahead with the team at Houm Technology Singapore Pte. Ltd., to bring a type of digital revolution in the world that we haven’t seen in over a decade.

A few centuries ago, during the period of monarchy, people did not own land privately. All land was owned by the rulers or kings. But, today, private land ownership is one of the most powerful concepts that bind together human societies across the world. It’s time to introduce the innovative concept of private ownership on the Internet as well. This is the only route to achieving true digital privacy in the coming times.

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