The Dashboard Act would require companies with over 100 million users to disclose the value of their data and would allow users to request the deletion of the data that companies collect on them.
Chris Miglino, CEO of Social Reality, Inc. (SRAX), says his company is doing what The Dashboard Act plans to do right now.
"We have a product called BIGtoken, that is in the market now. Consumers can log on and own their own data. It gives them the ability to own all their own information, and how much marketers are paying to access that data," Miglino told Yahoo Finance’s YFI AM. “The challenge that marketers are having and in the Dashboard Act is the requirement to tell consumers how much their information is worth".
Miglino compared the selling of data to the stock market.
"It’s sometimes, certain days, worth more money and at other times worth less money, so it's a complex issue," Miglino said.
But where does SRAX get customer data from?
"We ask you a variety of different questions, we ask you to connect all of your Facebook account, your Twitter account, your Tumbler account, any of the other accounts that your can connect into the application", Miglino explained. “We pull that data into what are called segments. We're able to create those segments on those users and then put those segments out into the marketplace, let the marketers buy against that data and instead of paying Oracle, Experion, and or Axiom for that data, it goes direct to the consumer.”
Miglino still sees the benefit of using social media platforms.
"You don't stop using Facebook,” he said. “There's a benefit that you get from using within the social interactions inside facebook and you're willing to trade the value of your data in exchange for that. BigToken tells you exactly what everybody is willing to pay for any one of your individual segments that you fall into.”
Pamela Mitchell is a producer at Yahoo Finance.