Dubbed "Truata", the scheme will manage, analyse and organise large quantities of personal information data held by companies - using proprietary processes, methodologies and intellectual property - to ensure that businesses only store the necessary data.
Truata will operate independently, allowing it to maintain direct control over data hosting and analytics on behalf of its client companies.
The trust is to be led by Austrian national Felix Marx as CEO. He brings more than two decades of experience in telecoms, identity management and payments, most recently as executive vice president of services in Asia-Pacific for Mastercard. His previous roles include CEO and president of C-SAM, Inc., CEO of Identiv Group and CEO of SCM Microsystems.
Prominent technologists and data protection experts have also joined the Truata board, including Professor Barry Smyth, digital chair of computer science at University College Dublin; Aoife Sexton, principal at Tech Law Services and co-founder and director at Frontier Privacy, a data protection services consultancy firm; and Kevin Butler, managing director of TMF Group Ireland.
Marx said: "Truata is built on the long-standing demand for data, security and privacy. This demand will be catalysed by the arrival of the GDPR and other developments like 5G and the Internet of Things. The Truata data trust, paired with data anonymisation and analytics, is a natural next step in the evolution of the data economy."
Professor Smyth added: "The explosion of data and advanced analytic technologies mean that businesses can deliver personalised experiences that make life easier, safer and more convenient. If we can't, as technologists, enable businesses to continue to maximise the promise of data while protecting the rights of consumers, then we all stand to lose. By placing boundaries between how data is stored, protected and used, Truata can safeguard the benefits of data for modern businesses and consumers."
Further details about Truata will be announced in the coming weeks.