Today, data is the key resource – saying 'Data is the new Oil'. Collecting personal data about users (e.g., search engines or navigation systems) or created by users (e.g., photos or messages) is a major challenge but crucial to many of the most successful online-platform models of our time. As a result of new regulations on handling personal data, such as the GDPR, for many companies, it is vital to keep this resource closed. In other areas, such as the Internet of Things, a push towards opening data and sharing data is seen to offer new opportunities, e.g., for mobility in the smart cities domain, smart home spaces, connected cars or precision farming. Here, platforms are needed that make sharing data most efficient. In this context, marketplaces that provide access to data on-demand become increasingly important and will trigger new digital business models, services and greater benefits for citizens. Also in other domains, e.g., industrial manufacturing, a trend shows that industrial data shall be shared with specific third parties, e.g., for specialized analytics, predictive maintenance or tighter integration of the value chain. In both cases, enabling the monetization of using or processing of data is crucial for new business models.
Author: Dr. Arne Bröring, Research Scientist at Siemens AG