I don't think that that's what krnel is proposing and I don't think that is going to work. Privately controlled is by no means a panacea. If the access to this data is open for some and restricted for others, than you still get the exact same problem and abuse of authority that you get now. You just move it from the government to corporations and other private investors. And their motivation to be in this business would be to earn the most money out of it and this system doesn't have many good revenue streams unless you start selling people's data or practicing other kinds of abuse of your position.
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Open for some and restricted for others? The data belongs to the people who own the cameras. If you have a camera running on your porch, that data is yours. A community of houses has porch cameras on every door. How would that be a bad thing? Packages would not be stolen, cars would not be rummaged through, etc.
Yep, wasn't thinking of that particular angle. I agree, this actually makes sense and has a lot less of the privacy/stalking problem.