Data Economy: Data and Money
subject: Big data; Data; Data analytics; Data economy; Data monetization; Data sources; Data valuation; Digital ecosystem; Digital transformation
description: The article explores the concept of data economy, which is based on the sharing of data across platforms and ecosystems. Data has evolved from factual information to a new asset for companies worldwide, and the article discusses its evolution from brittle paper records to complex databases and algorithms like blockchain. With a prediction of a data explosion of about 175 zettabytes by 2025, data is used extensively in various domains, from agriculture to healthcare. The article also discusses how the data economy is not domain-specific but is a universal shift as all companies transition to become technology-driven companies. The data network effect is a cycle that uses data to acquire service users and generate more data. This has become a B2B service model that has added profits to various tech giants balance sheets. The article concludes by exploring the current need for data sharing across organizations and the future scope of the data economy. The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.
creator: Shukla S.; Elsheba D.; Chopra G.; Bisht K.
source: Lecture Notes in Networks and Systems, Vol-922 LNNS, pp. 517-527.
publisher: Springer Science and Business Media Deutschland GmbH
date: 2024-01-01
rights: Restricted Access
relation: ISSN: 23673370; ISBN: 978-981970974-8
format: Online
language: English
type: Conference paper
coverage: Shukla S., Christ University, Bangalore, India; Elsheba D., Christ University, Bangalore, India; Chopra G., Christ University, Bangalore, India; Bisht K., Christ University, Bangalore, India