Monetizing of Personal Data : While we TALK, China WALKS
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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