How is data giving rise to a new economy? EXCELLENT
article featured in yesterday’s print version of The Economist. ✅ Highly recommend reading the full article (or at least condensed version here
). It raises numerous thought provoking points around the fuel of the future
- Digital information is unlike any previous resource; it is extracted, refined, valued, bought and sold in different ways.
- There is a disincentive to trade as each side will worry that it is getting the short end of the stick - data can easily be duplicated and used for other purposes than those agreed.
- If digital information lacks a price, valuable data may never be generated and if data remain stuck in silos, much value may never get extracted.
Do you trade data for convenience?
🤔 Or even use it as a currency? Anindya Ghose argues that “people are beginning to demand a fair exchange for their data
and want to negotiate the terms with brands to mutual advantage
”. 💪 Ghose summarises:
Instead of fearing sharing data, we should feel comfortable with it—and even start getting excited about it. Rarely do we enter an economic era when the technological upside is so positive for both consumers and the firms that live up to their end of the bargain.
A leaked document
reveals that the UK government is pushing for wider internet surveillance
. Zack Whittaker reported than the proposed changes
would “force internet providers to monitor communications in near-realtime and install backdoor equipment to break encryption”
Furthermore - Jim Killock, executive director of Open Rights Group
, claims that, if passed, “companies may be obliged to lie to their customers about the privacy and security that is applied to their communications
”. 😱 – The government has requested feedback from six telecom giants
- but not partners in the tech industry
The Times of India reported
that “The Centre told the Supreme Court that citizens can not claim "absolute” right over their body parts"
and “refuse to give digital samples of their fingerprints and iris
for Aadhaar enrolment.” 😠 (Aadhar is the world’s largest biometic database
containing fingerprints and iris scans of more than a billion Indian residents - who have been issued with a 12-digit identity number).
The number, says Nikhil Pahwa, editor and publisher of Indian news site MediaNama, is “being forcibly linked to mobile numbers, bank accounts, tax filings, scholarships, pensions, rations, school admissions, health records and much much more, which thus puts more personal information at risk”.