The concept involves the innovative use of a trust structure to hold personal data so that it can be stored, managed and shared safely, lawfully, in accordance with the trust parameters and applying fiduciary duties to the stewardship of data within a highly regulated environment.
To test the data trust concept, data will be collected by cyclists in Jersey through special bike light sensors and held in the trust. While the primary focus of the pilot is to test the viability of using a trust structure to explore the data stewardship concept, a secondary aim is to generate useful data and intelligence around safe cycling.
The pilot has been co-sponsored by the Jersey Office of the Information Commissioner (JOIC) and undertaken in conjunction with Jersey’s finance industry.
Appleby Partner Jared Dann said: “Few, if any, jurisdictions have the same amount of experience in the trust sector, the necessary legislative and regulatory framework, or the required governance platform in place to provide a solution like this. This pilot scheme provides a fantastic opportunity for Jersey to demonstrate how it can draw on its long-standing trust expertise and apply it in a new, innovative context.”
Nichola Aldridge, Group Head of Private Client & Trusts in Jersey, said: “I was delighted to work on this exciting and innovative project and look forward to seeing how holding data as an asset in a trust works in practice, as the pilot progresses. Data is widely considered to be among the world’s most valuable resources and it is crucial that it is properly protected. Jersey is an uncontested world-leader for trusts and the management and protection of wealth, so it is a natural progression for Jersey to lead the way in responsible data stewardship.”
Paul Vane, Jersey’s Information Commissioner, said: “As the AI and data revolution unfolds, there’s no doubt that global demand for third party data stewardship services will grow. The security of complex, personal (often sensitive) data, however, is critical. In theory, Jersey’s tried-and-tested trust law may be a good fit for holding data in this context, and this pilot will be instrumental in testing how such an innovative approach to data stewardship could work in a real-world environment, whilst respecting the protections afforded to individuals under data protection legislation.”
Find out more about the pilot project here.