As wearable and Internet-of-Things technology becomes more prolific, vast numbers of new data sets are generated from many different sources. This presents some new and complex challenges regarding personal privacy, argues Markus Lampinen, CEO of open-app data market Prifina. He spoke to Orchid's Derek Silva on this week's episode of the Priv8 Podcast.

"Our expectation is that in a few years, we're going to have sensors on everything in your home, on your body, in your clothes, and more," Markus said.

"So the question becomes, 'Okay, so what? At the end of the day, they're just sensors, right?' But the issue isn't just about the sensors themselves. It's also about the data that's generated—data that legally belongs to you.

"Your car already has a huge amount of connected intelligence. However, it's not really sharing it with you—rather, your car is sharing your data with somebody else."

"We therefore believe that this data must be stored and managed in a decentralized way. It's not enough that an individual simply stores this data in the manner that they choose," which could lead to data theft and external control, Markus said. "It's also absolutely imperative that the individual who owns the data is the one that actually uses it."

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But today, the tools to effectively manage and store these types of data do not yet exist. This also presents limitations in terms of how individuals can put their data to practical use.

Markus compared this phenomenon to trends happening in parallel markets. "If you take the common trend in different markets—let's say cameras, for example—previously, they were all about the lenses and all about the hardware. But nowadays, it's all about the software. The software actually does most of the calibration: it enhances and corrects images, among other intelligent adjustments."

"Eventually, we expect a similar thing to happen to all of these personal sensors," he said. "But today, we don't have the software layer" capable of storing and managing data in ways that allow it to be practically used.

Check out Derek's entire conversation with Markus here. And don't forget to subscribe to the Priv8 Podcast on your favorite streaming service.