DATA AS THE NEW CURRENCY
oogle “data as a currency,” and you’ll get back searchresults in the millions. “What i web Users Could SellTeir Own Data?” asks a blogger or the
A story in
highlights “Big DataAnalytics: Te Currency o the 21st Century Enterprise.”
You’llfnd stories heralding big data as the new currency or science, sto-ries on the personal data marketplace, and even stories on stolendata as a currency—not to mention prominent ED talks, WorldEconomic Forum studies, and multiple books on the subject. Tegist o the argument: Personal data has an economic value that canbe bought, sold, and traded.
Remarkably, one area has gone largely unexplored: the role that government will—orshould—play in establishing data as a currency. Given the problems governments acein maintaining stable monetary systems, many data enthusiasts would just as soon havegovernment stay away rom this emerging instrument o exchange.Like it or not, that’s not going to happen. For one thing, government is one o thebiggest producers o data—and one o the ew major producers that deliver data to thepublic ree o charge. At last count, more than 1 million data sets rom governmentsaround the world were available on the web.
Second, governments already regulate how organizations may use personal data, whatprivacy rights individuals have, and myriad other issues involved with the new datamarketplace. I anything, regulation is likely to increase in coming years as privacy ad- vocates and consumers step up their demands.