The global big data market is growing as government investments in the fourth industrial technology is expanding and as industries such as AI (Artificial Intelligence), Machine Learning, IoT (Internet of Things) etc. are growing. The big data market is expected to grow from $ 33.5 billion in 2017 to $ 92.2 billion in 2026.
As the big data trading market is growing, the support from governments around the world is also expanding to utilize big data of both public and private organizations.
South Korea has opened K-ICT big data center to support big data infrastructure and practical training environment so that individuals and companies can utilize big data.
The United States has allowed access of public data and data trading for companies through the guideline NISTIR 8053: De-identification of Personal Information.
In the case of EU, a consortium of 17 institutions is running a joint project with public and private sectors to utilize the data generated in the transportation and logistics industries.
Japan is planning to push forward with “approved data bank” system which can be used by companies and research institutes for product development by collecting big data in the industrial fields.
The Chinese government is proceeding with big data development plan to improve application capability of big data industry by 2020, and to increase revenue of big data products and services by 30% per year.
With institutional support and growth of data trading market, approximately 53% of global companies are actively seeking to innovate products and services by utilizing big data. In the future, how companies utilize big data in the global market will be the key determinant of corporate competitiveness.
However, companies still have the following limitations of data trading and utilization.
First, the available data is limited. In order to enhance company competitiveness, it is important to discover new products and services by analyzing the market data of the same industry, other industries, and the target global market. However, many SMEs (small and medium enterprises) are facing difficulty in securing data due to lack of data experts and budget for system construction and management.
Second, the standardization of data sources is insufficient. Even within the same industry, the quality of the available data is deteriorated due to lack of data standard policies. Data deterioration is caused by managing data of the same meaning under a different name or by not making changes to new requirements.
Deteriorated data may lead to inaccurate data trading and errors on decision making which may cause loss to companies. Data standardization must be preceded in order to share and utilize reliable data.
Third, the distribution system for data trading is not properly established.
Guidelines for prices to buy or sell data is unclear. Also, the system information for data production, process, and usage history of data are unverified.
In the future, a new paradigm is required for a more transparent and safe data trading within various industries. Transparent data trading history is necessary for both data sellers and buyers.
OASISBloc is a blockchain project that links scattered value and data across industries and allows trading. OASISBloc will solve the problems on accessing worldwide data and the limitations of current blockchains which are specific to each particular industry domain. We are aiming to create collaborative value among companies through virtuous circulation of data ecosystem between data producers and consumers.
OASISBloc
