Context :
Will
data exchanges become like stock markets ? / Business Line / 11 Dec 2021
Extract :
Ø
The world,
however, is in a fix to decide how to
regulate the usage, storage, and propriety of ‘data’
Ø
A 2011 World
Economic Forum report titled ‘Personal
Data: The Emergence of a New Asset
Class’ described “data”
as a “new asset class” and argued that a massively increased amount of personal
data “is generating a new wave of opportunity for economic and societal value creation.” It seems that China followed the suit.
Ø
China has
now initiated transparent and regulated
trading of data through
Shanghai’s new Data Exchange that began trading on November 26
Ø
The Shanghai
Data Exchange is viewed as an important move in accelerating the circulation of
data and unleashing digital dividends.
Ø
A 2018
research paper titled ‘Can China Lead the Development of Data Trading and Sharing
Markets?’ published in ‘Communications of the ACM’, of course, perceived that,
with technology advances ( blockchain, AI, big data analytics, cloud computing)
and maturing policies ( privacy, digital
ethics ), better data
sharing and trading ecosystems would help economic transition to a new level
of global
competitiveness.
Ø
Over the
past six years, about 30 big data trading platforms have been established by various local
government authorities and private enterprises in China, for trading whole datasets, Web crawlers, Application programming
interfaces, and analytical results.
Ø
In December
2017, China’s President Xi Jinping said: “data
is a new production factor, a fundamental and strategic resource and an important
productive force.”
Ø
The Shanghai
Exchange allows companies that
collect data to maximise the values
of their businesses while permitting purchasers to use the data to raise the
productivity of their businesses. The
transaction, however, will not be conducted if the data purchaser cannot
explain the exact scenario in which the data will be used
( Author > Atanu
Biswas , Professor, Indian Statistical Institute / atanu@isical.ac.in )
Dear Shri Ashwini Vaishnawji – Shri Rajeev Chandrasekharji
:
To set up DATA
EXCHANGES ( as in China ), is not an easy / straight forward task. It will
require enacting new laws and framing complicated rules / regulations
In our democratic
set-up, to enact such a law, we need a consensus / agreement of political
parties
Then again,
enabling COMPANIES to buy / sell “ data sets “ on Exchanges – and make money – should
be a LOW PRIORITY
Our TOP MOST
priority should be :
“ Enable an ordinary
citizen to monetize his PRIVATE
/ PERSONAL DATA, on a Govt-managed / regulated PORTAL ( www.IndiaDataCustodian.gov.in ).
Enable direct
deals between citizen ( data-owners/sellers
) and companies ( data buyers /
exploiters ) “
It is a pity that
our proposed Data Protection Bill has NO PROVISION for monetization of Personal
Data, by individual citizen
If you think,
having debated for over 2 years, it is not possible to delay the BILL any
longer, do go ahead
But, simultaneously
announce your intention to implement ( by April 2022 ? ) :
Monetizing
Personal Data, using Web 3.0 ? ………………………….[ 06 Dec 2021 ]
This will NOT require any new law. At most, an
amendment to Data Protection Law
At this stage, I cannot help quote what our PM said yesterday
in Virtual Summit of 100 democracies :
Delivering India’s “national statement” at the US Summit for Democracy
on Friday , PM Narendra Modi called for efforts to jointly shape global norms for emerging
technologies like SOCIAL MEDIA and CRYPTO-CURRENCIES , so that they are used to
EMPOWER democracy, not undermine it
with
regards,
hemen parekh / hcp@RecruitGuru.com / 11
Dec 2021
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