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The Charm of Big Data: How are these amazing predictive technologies changing the world?
With the acceleration of digital transformation, the data economy has become an important global digital ecosystem. The data economy is not just a collection of data. It is a huge network composed of companies, individuals and institutions that create economic value through the collection, organization and exchange of data. As data sources become increasingly diverse, from search engines, social media, online e-commerce to physical stores, the generation and operation of data are like a complex ecological chain.
The data is originally collected from a variety of sources and, once collected, is often passed on to other individuals or companies for a fee.
In the United States, agencies such as the Consumer Financial Protection Bureau have developed early models of data economy regulation. Data storage and protection have become an integral part of the data economy.
Categories of data economy
Big data economy
What we call the big data economy is based on algorithms that analyze large-scale and unique digital data for the purpose of prediction, measurement and management. As the scale of data grows, the difficulty of effectively managing and utilizing this data increases accordingly.
Human-driven data economy
A human-driven data economy is a data economy that operates fairly and puts people first. This economic model is designed to promote individuals' control and use of their own data, and is combined with the MyData movement, which emphasizes a people-centered approach in personal data management.
Personal data economy
The personal data economy is created by individuals, and the data provided by individuals is either direct or indirect data. This process makes consumers not only the recipients of data, but also the providers and controllers of data, giving users greater power and freedom.
Algorithmic Economics
The rise of the algorithmic economy allows companies and individuals to buy, sell, trade or donate unique algorithms or applications in specialized markets, which has changed people's perception of the value of data.
The transformation of the data economy
Market size
According to estimates, the EU's data economy market size exceeded 285 billion euros in 2015, accounting for 1.94% of the EU's GDP. Against this background, various industries, such as manufacturing, agriculture, automobiles, smart living environments, telecommunications, medical and pharmaceuticals, etc., are or are about to transform into data-driven industries.
Benefits
Proper management of personal information makes daily life more convenient and increases people's happiness. Unified procedures open opportunities for user-oriented innovation and commercial activities.
Individuals can control their own data and actively define services and the conditions for their use, further increasing the value of data.
Challenge
The risk of data leakage still exists, and it is still difficult to respond to data leakage in management today. Issues such as compensation for victims and incentives for companies to invest in data security all need to be resolved urgently.
Norms
The norms of the data economy are closely related to privacy. The current popular approach is to find a flexible balance that protects privacy while allowing citizens to make their own decisions. The EU's GDPR regulations are one of the cornerstones of this new regulatory framework.
Criticism and Outlook
With the development of the data economy, the outside world has expressed concerns about issues such as regulatory uncertainty, privacy protection, ethics, data control and ownership.
Currently, many algorithms based on mathematical models lack transparency and can easily become a black box that cannot be challenged.
Even more concerning is the control that Internet companies have over data flows, thereby expanding their power and influence. Critics argue that now is the time for a more structured data protection framework to allow the digital economy to continue to develop within the internal market while giving individuals greater control over their data.
Overall, the development of the data economy brings many opportunities and challenges. In such a rapidly changing world, can we be alert to the impact of data and make the future data ecosystem more fair and transparent?
