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How to Unleash the Power of Life Management Platforms

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Good afternoon. Good morning, ladies gentleman, welcome to our equipping cold webinar live management platforms. My name's Martin Kuppinger I'm founder and principal Analyst Analyst at KuppingerCole today. I will talk about the concept of live management platforms, which is in terms of the discussed these days, which was a concept which builds on a lot of ideas. We've seen in the area of personal data stores and other new technologies, and which we believe is sort of a next step. And, and then the, how should I say? And they were of these concepts towards what really helps us to better deal this privacy and fulfill the business requirement and even enable new types of business models. So it's about putting privacy in the center, and I will talk about a concept terminology business opportunities of just before we start with the webinar and the content, some information about cooking and coalition Analyst company, we provide enterprise it research advice, service, decision support, networking for it.
Professionals from vendors, integr, user organizations, our research services include standard reports. They also include custom research or advisor service are mainly targeted at end user organizations for strategic guidance and, and reviews and to vendors for support and the roadmaps and other things. And then we have RA went, which included webinars trainings, and our European identity and cloud conference, which will be held next time, May 14th, two 17 next year in Munich, like every year, it's definitely place to be around topics of identity and cloud, not only in Europe. So some guidelines for the webinar, you are muted centrally. You don't have to mute or unmute yourself. You control these features. We will record the webinar and the podcast recording will be available latest by tomorrow. In addition, also the slide deck will be available by tomorrow.
Questions and answers will be at the end, but you can ask questions using the questions tool in the go to webinar control panel, which you find at the right side of your screen. At any time, we will pick up the questions. Usually usually by the end of the webinar, some cases also might pick up questions during the webinar. This webinar also allows you to earn one CPE points. These CPE points are continuing professional education credits. So a concept which allows you to earn points for which help you to, to renew accents and other things. It qualifies for one group internet based CPE. You will need, if you want to apply for this, this, this point, you will need to take and pass a test. Following the webinar when your attendance has been confirmed, you'll be sent on email, containing a link to this test. So it requires you attending the webinar.
It requires you passing, taking, and passing the test. And in addition, what we also will do, which is also a requirement of this CPE approach we will have in this case, two polls, which the people who apply for CPEs should answer for the others. It's very optional. However, be definitely also interested in get your feedback on this. So there will be two polls during this webinar for a quick time, which you might answer or not learning objects are that you understand the concept of live management platforms and the differences to social networks and personal data stores that you know, the concepts of informed pull and control push based on security and privacy, where absent that you are able to understand that they are business CA for live management platforms. Okay, let's directly start. What drives all this? So what is reasoning behind? What is the big driver behind this entire topic?
I think at a very high level, there are three mega trends which are, are really influencing it. These days, cloud computing, mobile computing, social computing, and social computing, I think is one of the very important ones. Cause it's really about dealing with others building networks. So we have this term of social enterprise collaboration or collaboration with the customers and others. So that's one of the fundamental changes. Also things are getting increasingly mobile, which means that, that we have two very important results once consumerization on the I D parameterization of it. And the consumerization is really also that we don't just have sort of B2B relationships, but it's a fundamentally new way of dealing with customers, interacting with customers. And so, and that also means that we have to look at how can we make it easier for customers? And if you take the customer perspective, I think one of the things which is annoying for everyone of us is the need to frequently register and create passwords and username with all the problems we've again, have seen recently enter information, keeping information up to date and so on, which is a result of that. This entire thing is very much, let's say business oriented and the businesses at the center
While the single consumer has to do or share and maintain connectivity to a lot of businesses, which is a relatively complex task. And it makes things relatively difficult. And on the other hand, a lot of things still are feasible or not feasible and acceptable. So really dealing with a lot of requirements in sort of the daily life, starting from ordering a rent car, to managing a car accident, you had to, a lot of other things we will discuss later when we talk about the business cases, still something which is frequently not perfectly sold today. And I think when we look at these big brands, the, the fact that really drives also, or which really drives an influence life management platform topic is what I call the identity explosion. So the situation that as an organization, we not only have to deal with our employees and partners, but with many, many more identities in person.
So suspects, prospects leads customers was their say was their migration from being a suspect at the beginning, maybe to become customer at the end. So, and on the other hand, all these connected people also have to deal with a lot of organizations. And, and this let's say explosion of not only identities and organization has to deal with this, but relationships between identities or persons and organizations, we need new approaches. And there are some established approaches right now, like social networks, which allow us to share which leveraging socially, everyone, but obviously they're not made to cover all the needs we have in our daily life. So I think we need other things and for sure we could say, okay, things are there, social networks are there. And so why care about, so people like mark Zuckerberg, but also a lot of some others have this notion of why care there will be no privacy anymore in the future.
And I've personally think this approach is fundamentally wrong for two reasons. At least one is, if I look at reality, I don't really see people giving up their privacy. I think what we really observed is that is a change in thinking about what is private and whatnot. So things are changing, but in some cases it's, they're changing also sort of back towards things are considered more private than they have been considered maybe sometime before. So it's that a one way change towards giving up more and more of privacy, it's really sort of rethinking privacy. And in that situation, I think if you look at the reality, that has been the case for all the time. And if you look at the us, for example, and, and, and Europe, some different things are considered private. So there are things like earnings and income, which are discussed pretty open in the us, which are considered very private in most European countries. And there are other things in European countries, which are, are seen very uncritical, which are considered pretty private in the us. So I think it's really more cultural thing. Countries are changing. That's a very normal thing over time. So it's nothing new, but even if you look, look at, or even when you look at young people, now we see that they understand that some things better remain private. Maybe they have to, to go through sort of a hard way of learning, but they usually quickly understand these things.
And if you look at, look at a reality, no single party, these are organizations or individually have really the interest to UNW everything. So UN we let's say bank account information, all the details of their private life, including the bedroom details and whatever. Maybe aside from some what I would call virtual exhibitionist, but even they most likely don't share things like their bank account information, their insurance number, their personal phone numbers. Or did you find, let's say the, the private cell phone number of mark Zuckerberg anywhere and Facebook publicly available for everyone or his bank bank account information was the passwords probably not. So I think there's, there will be no privacy anymore is just wrong for the perspective. The question is what is considered private and not, but it's not about there's privacy anymore. That's just this, I think this, this notion is nonsense.
And the other thing is that business model to build on knowing everything about everyone from my perspective will fail. And you look at it from an economic perspective because I, I think they, they might work as mono ballistic or legal ballistic approach. But in that case, they are S to legal aspects of Monopoli or legal police usually are, have faced strong recommendations there regulations. And the point is the more sense know virtually everything about everyone, the less the business models work cause the value in knowing something others don't know. And if you have a lot of parties, which know a lot about all the other parties and are able to, aside from a technical little perspective, sell this knowledge, then the value decreases. So the more layers they're in which know virtually everything about everyone, the less, the value of this information is, and it goes down to zero more or less at some point of time.
And then business models don't work anymore. So at the end of the day, even besides the legal issues, these business models are limited by default. And so this idea of there will be no privacy anymore. From my perspective, it just doesn't work on the other end. And that's the situation we we are facing when, when dealing with privacy, the problem is on or challenges. Once information is out is out. It is out of control. So once we start sharing information, we are losing control in standard approaches. So there's no technical way today to control what happens with information you give away. There's no standard, there's no sort of rights management, digital or information, rights management for a single piece of privacy, private data. There's no standard, which allows us to at least define policies, which are then first by the users. And there's no way to outstate such information.
There are some potential solutions. So one solution might be legislation. So that's the solution where we would say, okay, governments have to ensure that no harm is done based on this information. The problem is that we have such legislation in virtually every country, but we have a lot of differences between, and I don't see that we will have a, sort of a, a common understanding on this in foreseeable period of time market pressure. That's something where, where I think chances are better. So once we have opportunities, which allow us to do a lot of things and a lot of things better than with today's approaches, then the market will and might, might and will decide. And the other point, maybe the best approaches we could avoid giving away information. If we both security and privacy into our specialized apps, which allow us to do a lot of things without sharing the information.
So if we can avoid sharing information, we are not in a situation of this once information out the source of control, that's basically the idea. And going back to the organizational perspective again, I think for organizations, the other, other situations today are in a sort of dilemma between looking at so knowing about a lot about identities and persons on one hand and privacy on the other hand. So it's about one view and identities for an organization. So how can I manage to, to know that the same person has been this aspect and then became a prospect lead and on the customer, a regular customer now as a sort of VIP customer, I think that's a very, very big challenge we are facing here, and that should work regardless of our education. And there are some interesting compliance challenges there. So a person might be at the same time, a customer of an insurance company, it might be an Lance insurance broker might be an employee of an insurance company.
And so there are things, the same person shouldn't sell an insurance contract to itself and then approve it the day after. So there are things that area, which are, are pretty important to understand which are, are, are pretty complex also. And on the other hand, there's the need to ensure privacy. So the challenge of privacy is increasing. We have breach notification penalties. We have the new upcoming EU legislation, which might cost an organization, some person of their annual revenue per year, if they don't meet the EU regulations. And so the, the point is organizations have to rethink the way they deal with. And the best thing is to bring customers to the point that they share their information willingly, which only works if it's sort of a thrust between these parties and if it's the minimal amount of data, which needs to be shared. And I think there, there are so so many aspects you have to see there, from my perspective, if you look at the, the concept of live management platform, files start, explain in detail very soon.
The point is that if we do it the right way, we can help both parties. We can help and both aspects. So we can support privacy and the need to have a current and consistent view on identities. We can help the organizations and the individuals. And I think that's what you really should think about. How can we make things better? And I think in this context, it's very worse to have a look at a book, which is called intentional economy, which has been written by docile and has been published. I think in may of this year, it's a book which describes it from a customer to, to win your perspective. And I think there are a lot of very, very good thoughts. And so you definitely should read this book. So which approaches do we have today to solve these issues? One approach is about social networks.
Social networks are sort of following to share everything approach. So social network usually is us. Okay, more or less you could say, okay, maybe just only visible to my friends or something like that, but it's about sharing more or less all the information with other people. Data typically is in control of the network. If you look at the terms and conditions, then usually data is in control of the network. We observe a lot of privacy issues, sometimes very massive privacy issues sometimes also caused by changes in the terms and conditions of these networks. So if you sink back to LinkedIn, changing their trumps and condition in a way that they were allowed to use the picture of their customers, their members, their own advertising, that's something which is a fundamental problem. And most of them have a, or many of them have sort of an anti business model.
So if you look at the discussions about the valuation of Facebook, then it's pretty obvious that not everyone agrees that their business model is the most. Well. One of the valuation is the most, well at one second area are what we, what people tend to call personal data stores or personal clouds, just a very sassy field, just many startups, doing different things. So commonly personal data stores are sort of secure stores for personal information like insurance information, your car key number photos are also a lot of things which you wouldn't share and wouldn't store in, in, in a typical social network, which allow you to share that information based on a somewhat granular sharing model. So sometimes a little bit more cost trained, sometimes a little bit more fine train. The focus is to say, okay, I have this information in and I decide who's allowed to see which parts of this information.
And it remains in control of the individual, which is a fundamental difference to the approach. Most social networks are taking. And then we have this personal clouds, which is probably the most cloudy part of this area, because there are so many different approaches. So depending on the vendor, it might be anything from simple, somewhat insecure cloud based data stores with very core range sharing models towards I'm assuming, which is very close to our live management platform idea. So I strongly recommend not to use the term because it's hard to cloudy. It doesn't make much sense from a marketing perspective because no one really knows what is behind us. So life management platform, finally, they are a combination of personal data stores. So where you can store your personal information, every part of personal information, you want to store securely, or you can access this so you can access other personal data stores.
You might have, they support underlying trust frameworks, which allow you to describe your relationships you trust. So who do you trust and which way all these things. And there are some interesting thing going on around trust framers, and they consist of apps, which allow you to control the privacy and security, a rare use of data. So these apps are sort of the interface to the outside world, which allow you to say, okay, I, I want to provide some information or I want to make, have this app consume some other information, make a decision and provide me something that without sharing information, that's where some, two fundamental concepts of sharing come into play and where the real big difference between live management platforms and other approaches like personal data stores and their classical way really pops up. And that's what, which is the, from my perspective, fundamental point, there are two, from my perspective, important information sharing concepts, one is to control push.
And the other is what I call informed pool controlled push is a concept, which is basically the same concept. Like we found personal data store. So it allows us to, to decide on which information can be accessed by whom this consent. So we decide on this information can go. So the consent part could be much more explicit in that case saying, okay, right now, our allow this data to go. However, the, the fundamental problem of once information's out of data through its out of control, this blood problem remains in the concept control. Push the concepts we see is what we call informed pool. This is a contact which lasts apps we have in mind to request information from one or multiple providers, maybe for example, from different assurance companies, current conditions for contract, it consumes information from the personal data store. It's manuals, all this information through and can make decisions based on the data, the personal data, the information requested in the app.
The interesting point is it doesn't unle until them any information to any of these organizations, to any of these, for example, insurance companies, it doesn't unle the information of insurance company, a to insurance company, B, C, D, and E, and the other way around. So it really ensures the data is handled secure and privacy aware no data is shared until them. And if you decide to sign a contract, then the control push thing starts. That's really what is from my perspective, the important thing. So this is a concept which, and then really allows to enable anonymity and privacy within this concept. So it's a really interesting thing. You, you observed there because it's a concept where saying, okay, instead of just giving data away, we dry to, to implement an idea which allows us to become better in the sense of avoiding to share any data and avoiding the data shares obviously is the better approach.
And that's why we think that an informed pool concept is required, which needs an instance an or an app. And I tend to use the term app, which really is built with anonymity and privacy in mind. So comparing different approaches like life management platforms, like personal data stores, like social networks and looking at some, some key features, some important features. So where do we have protected information store for sensitive and personal data? We have it in live management platforms. We have it done right in personal data stores. We don't see it in social networks. If you look at a concept of granular access controls for data stored on platforms. So allowing to decide very fine grained, who's large access. What we will find at live management platforms, the future we sometimes find in personal data stores, information control, remains individual. Again, something we don't find in social networks in the other two approaches, CF secure information, sharing the controlled push approach with explicit of the information owner.
You might find to some degree in the area of personal data source. It's a key concept to life management platforms and the concept of apps, which really support privacy and security, a gray information sharing information used, and the support of the concept of informed pool. That's something which is, which is a model. You only find live management platform. So the idea behind live management platforms is really to extend what we see in the personal data store space towards a concept, which whites sharing data, if it can't done. And that allows a lot of things to be done because it minimizes the amount of data which flows. It increases trust between the parties, the organizations, and it allows to implement some business models that which never worked before. Before I, I move forward to the business models. And some examples, I, I just wanna quickly show this more in a graphical way.
So the basic ideas that you say, we have individuals, we have our personal data stores, so they might for sure have more than one. And we have on the other hand organizations and the point where they really interact or the approach really interact, that's the apps, the apps allow to share information. They allow to provide information to an organization. They might consume information from multiple and from personal data stores to find a, to make a decision. So they are the point where everything comes together and if they are done right, then you can do a lot of very interesting things. So for sure you can do this control push thing where you say, okay, I as an individual share data with an organization, which then I can't can access this data if I have given my consent. And the other thing is that I can consume information for organizations like the information about insurance contracts use some personal data, decide about what is done.
And Dan finally signed the contract. And in that case, I think for example, it becomes also clear where does information come into this personal data source? Because that's one of the interesting questions. Do you want, want to enter all that information today have in a lot of this information, currently paper based, do you want to enter all this information manually? Probably not, but such apps might also allow to access your utility companies, your insurance companies. In other instances, your employer, maybe even, and pull information to your personal data store. It might be also used for example, by your employer to send the salary statement in an electronic form directly into your personal data store so that you have it available for when you deal have to deal with financial institutions and others, which might need access to this statement. So there are a lot of things you can do as long.
And that's basic concept, as long as privacy and confidential tr guaranteed by these apps. I want to bring up an our example. And I think it's a very interesting example because recently in the us, one of the, the companies which claim to provide or define the best rate for car rentals, they, they were identified as a company who, which in fact, not have identified the best rate for the customer by the best provision or commission to, for, for itself, for, for the company itself. So they, they did a, let's say a business day shouldn't have done that way. It was a problem obviously. And it also has been discussed in a lot of newspapers in the us and people like drug source and others have blocked out. And I think it's a very good example where live management platforms really bring well, you, so what could you do in this case?
You can't talk with many current rental companies. So the question in that case is how much time do you have? So it costs you a lot of time talking with the different companies. You have to unre a lot, lot of information, starting with the information about, are you a customer, which is your current customer card number and all these things you could rely. So another best way to do it. The second approach is you could rely on a standard web service, which promises to find the best grade. The question, especially in that cases, will the service really find the best rate or the best commission you don't know, and you it's, it's really hard to judge. You could rate code something in, in your, your life management or personal cloud platform, whatever. So there are some, some people who have a strong emphasis on allowing coding. I'm not a believer in that because I don't think that people want to code at least that most people who don't want to code there, people who struggle is to code. And I personally like coding, but the average consumer doesn't want to code, obviously.
So you could put your personal references to your personal data store and make it accessible to car rental companies. So the question is, what will they do with that information it's out? And it's out of control. The problem we always are facing, you could provide that information to something which is called a fourth party. We see in some concepts, which promises privacy again, if it's the first party, which is for example, in the case of insurances, there are a lot of companies in, in, in the web, which promised to, to find the best rate for an insurance contract and the same, it's the same story, like finding the best rate for a car rental company to question again, is, will they find the best rate or the best commission, as long as they're paid by commissions, you always will see this problem. So in the concept of live management platforms, you might just buy an app from an app provider paid once or per period of use per month or a year, which is following the privacy confidentially, aware approach of life management platform.
So really using the informed pool approach, not unwilling, all the details, writing you with the best rate, the point is in that case, the business model doesn't depend on commissions. The business model depends on selling apps. The more apps you sell, the more successful you are. And once someone identifies that you still try to earn commissions, you are out of business. I think that's a very simple thing. And so, depending on the way you construct these things, it might be even that the current company's not really aware of which app has been in between. And that's, I think a very important difference to the other things, for sure, the live management platform providers, my providers app, as part of his service, you pay for whether it's a standard basic service for free or standard subs for additional services, you pay in another way for deploy the situation. The same as buff.
He does depend on commissions. And if he, if he starts doing it the wrong way, trying to, to earn money, his commissions not providing the best, not providing the best rate for you, then the entire platform quickly will be out of business. And I think that's a very interesting approach. We are, we are seeing here and very interesting shift and there's, I think two very important aspects to, to look at one H one is if you pay for an app, let's say five euros, $5 once or even use does app will most likely pay off the first time you rent the car. So it's something which is really working very well in that case. It pays off immediately. And I think that's a, that's a fundamentals difference in that, that case. And the thing is we all know that app markets are working. So the markets of apps are something which we know that are, they are working very well in contrast to broker services where we know that there are too many scenarios where at the end of today, not the best rate, but the best commission have been provided.
So from our perspective, moving to an approach, which allows you to make decisions without UN reading too much data is a very important thing to do. And that's why we think that this is a key concept for LA punishment platform. So there are a lot of use cases for such platform. So besides finding or selecting an insurance company for a contract from pool of required data in form decisions, there are a lot of other things, a lot of our use cases there. So one of the use cases, for example, car accident, if you have all your information, insurance, car, key numbers, your health insurance information, your car insurance information on the platform and the data, sir, the apps can manage the case more or less automatically. And that's something. If you look at the today, today's situations, there's a lot of, there are a lot of paper based process and trust having a personal data store, you can access, make things a little easier, but ads can really move it to the next level without, depending on one insurance company, which says, if you are, have everything with me, I can do it for you.
It's really something where you have independency and can do a lot of things. You can use it. For example, the area of health trials and research, where it's always about anonymized access to relevant data. In that case, the concept is TransPerfect because it allows you to share data without unwilling your right entity. Think about individual daily news and fundamental different topic, a topic which has been discussed some 50 years ago as well. And that at that part of time, the problem was always, it's too hard. And it's also a problem for privacy to share all my current interests or, and my intentions. If you share it only with the app and the app then pulls the news from different news sites and builds your personal news day by day. Then it's something where, which is interesting for the news providers, because you might be willing to pay them.
And it's interesting for you because you receive exactly the news you really want to have today. It's based on your interests. So more the long term things you're interested and your intentions to things which really want to have. Now that's something which could be done based on that concept, which isn't possible today. So it's allows you to, to solve a problem which has been discussed for 15 years, right now you can do health risk tracks without unwilling all the data through your health insurance, based on data collected at home sports, weight, or diffuse, suppress licenses, whatever. And a lot of the data we, we are at least for example, the people who are doing a lot of sports are collecting continuously. So it indicates risks and proposes actions without chairing that information. And the first step, it might also help you to do the next steps.
If you need some more, if the risks are getting bigger, whatever, it could also be concept. And the, some of the areas we will, we will, we will publish a report soon. It might also provide a lot of things around the connected vehicle. So if you look at the concept of a connected vehicle, the vehicle itself consists of a lot of more or less independent entities. And there are a lot of things to drive or the owner, the, maybe the current company, the, the garage, the, when you, and so on the dealer, which all are interested and which need to share information in a controlled way. And again, this is an area where life management platforms provide an interesting opportunity. And the, I think the most important point at the end of the, if you look at such concepts, new ideas, the fundamental question is, is there a business model behind?
And if, if not, forget about it. And I think the good thing was life management platforms is it's not only one business model, one proven business model, which is behind, there are a lot of different business models behind this. So you could replace paper based process, less cost, more value by making data available online. Like for example, around insurance contracts, which might be provided in the electronic form, only monthly salary statements, things which sometimes are very complex and expansive paper based processes. You might get fees of individual paying for platform services that works business, social networks like LinkedIn, or seeing as well. So why shouldn't it work for these platforms, which provide you a much bigger value for your daily life? You can earn fees of companies connecting to live management apps or platforms because they have access to a larger audience. And if you combine this direct Edwards to intention instead of attention, so they, they really get in touch with the ones who are currently interested in the specific topic and the ones who are interested can control where in this whom they want to get in touch.
So it's a model which brings value for both sides. And instead of trying to reach a very large audience and hoping that someone is interested in what you're offering, it's about getting in touch with the ones who are currently interested in the things you're offering the app markets, app markets work well today. So why shouldn't they work in that context? And finally, for example, you or old media concepts like personal life content delivery. So many of these concepts are proven, and there are definitely more others, which you can think about. And I think it's a very important point it's life management platform to sort of it's about business because there, our business models are proven business models beyond. And so the final point is theory practice. And I would say some something in between. So there's no life management management platform out there yet, no platform where we try would consider as complete life management platform. There are some approaches which are, are pretty good and are moving in that direction. We see a massive interest in our research around this. So we have a lot of conversations with companies which are engaged in some way or another in that area being sort of personal cloud or personal data store, which are picking up ideas. And so we will see definitely a lot of these things, including requests from very large vendors who want to see what happens here.
And in fact, most of the elements we need to build these platforms are there. So there are trust frameworks and the underlying standards, there are personal data stores. There's an understanding of apps even while there's no security and privacy awareness and misunderstanding, but there's an awareness of understanding or an understanding of the app concept itself. There's a massive demand from the end users from the, the individuals. And there's also a need on the business side, in many, many cases to make things easier, to reduce paper based processes, to connect in a better way to their customers. And so the crown is set for these live management platforms. The question to Analyst always is how long will it take? So the one thing I'm I'm sure is that we'll see live management platforms, and that might differ a little from what we, what we explained here, but overall, we will see these concepts and these approaches, and we will see them, I think, relatively soon.
So I expect the first ones to be there latest within that 12 to 18 months timeframe, which then will be more the startups. And I also expect that is the area, the next area in it, in fact, where at least one startup becomes really big. So if you look for the next Google or the next Facebook or something like that, it's most likely a startup in the area of life management platforms, because that's really a, a real big business. It's, it's relevant for every individual it's relevant for virtually every organization for every government, for everyone. And so there's, there's a need for them as they expect of least one big player in the it market will start live management platform to compete, compete against Facebook and Google. So from what we see currently, I think there's definitely a likeliness for this to happen because there's, they are looking for, for ways to enter this market.
So I'm convinced that we will see live management platform relatively quickly, which are then really concept, which go beyond just sharing data beyond the relatively simple approach of personal data stores. So that's my expectation. We will have to wait for this, but I expect this to happen. And then in that case, there's a much bigger need and a much bigger market because it brings much more value to our personal life than a social network. And that's the reason why I believe that these things will fundamentally challenge today's social networks with that I'm through my slides, you can ask questions using the questions tool and go to webinar. So if you have any questions, trust, enter them now so that I can pick them up and answer them.
I think one of the points, which is always asked, which is very one of the questions, which is raised, I quickly touched this. How does the data come into the platform? And I think that they are different ways. So you can enter the data manually. You can have apps which collect data from your utility provide and others which have interfaces, which have websites and other things in that area. So that's finally, there are different ways to do it. And once you sign a contract, you might have the information in companies will, might start to provide you with your sales trade and other things. Okay. Another question, just one of the questions which now came in, how will new player qualifier for being trusted? Yeah, I think that's, that's an interesting question.
When you look at at startups, then my perspective is that it's about building a reputation by being very open, what you do, explaining what you do and, and gaining just enough attention. And, and if you look at personal data stores, I think it works that some are trusted in other areas. It worked as well. So I think it's the same question. How do you doesn't new player in the security market become trusted at the end of the day. It's not making mistakes, being open and communication, telling a good story and really showing that, that you have understood it together was a good marketing with marketing or a big marketing approach, depending on the money you have. So, and I think it's, it's relatively easy if you do it right to become trusted, it's even easier to become, to gain distrust or mistrust because once you make a big mistake, you might be out of the business again.
So I think that's something which is also different from, for example, the social network area, where, where you can make a lot of mistakes in that case, it doesn't work. The, the other thing I, I wanna quickly touch is are any standards for such apps out there? No, they are what we see there. And as the, the most important thing is so we might see some standards, but I think the most important thing with there is what we have described in our research as the open API economy, which is a concept that allows to, to expose and consume services a much more granular way than before. There's some research way ever from a call around this and based on restful APIs, based on, on chasm, we are much easier able to build interfaces. So I, what I see is that the need for, for standards is a little bit reduced based on this, because it's far easier based on these standards to, to do these things. And I think that's a, that's, that's a very interesting thing.
Another question I want to pick is I one, one partition claims, okay. I say, there's, there is a massive demand. And these, the average I user internet user doesn't seem to care about privacy yet. How, when do you see the massive demand coming? I think there, there are two points to keep in mind. One is even the average internet user has a lot of things in his personal life. He can't handle today based on what he has. So he don't, doesn't put information to social networks. He can't gives us a lot of things I've managed during this, this webinar, in these social networks. So that's one part of the story. The other part of the story is if, if I look at the reality, so if you go back some, some three years as a company, and you had an incident where, for example, privacy relevant data leaked that put you in most cases, maybe on page seven of your weekly computer news magazine today, you're likely to become the headline in the daily news on TV.
So I would say that from when I look at these things, the average internet user to day cares much more about privacy than it did some few years ago. So there's a, the momentum has changed. Things are really changing. And once these applications are out there, once you see, okay, I can do a lot of things to make my daily life easier that will attract the next wave of demand. So if you go back some three or four years, or five years or six years, and someone said, Hey, there's a big demand for social networks. Most people would've said no, right now, most people say there is a big demand. Maybe some people are through this, but your daily life will remain and the need to manage your daily life will remain. So from that perspective, I think that's a good argument for Matthias demand. Okay. So if there are no first questions, that's up to me to thank you for participating in this call webinar. We have a lot of other webinars coming up in the next week. So I have a look at our events and thank you for your time and hope to see you again, or have you again in one of our upcoming webinars. Thank you.