Data Economy: Data and Money

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.