How Singapore is providing a living lab for the Data Economy and Ocean Protocol
Source: Ocean Protocol Published : Feb 8 2018
Over the next 4 to 6 weeks we will share in a series of posts and formal announcements covering DEX activities in Singapore with the people, start-up’s, SME’s, public sector and MNC partners. This is the first in the series.
We are in the Data Economy. The Data Economy gives control back to data owners, and at the same time, exposes data to AI for discovery and consumption making everyone an entrepreneur with their own data. Data becomes fuel to power growth, innovation and change.
“In the Data Economy, enterprises will succeed or fail based on how well they leverage data to:
• Improve operational efficiencies
• Make better tactical and front-line decisions;
• Make better strategic and “big picture” decisions;
• Automate real-time business processes;
• Manage risk, security and privacy; and,
• Collaborate and co-innovate with partners and competitors.
It is also a connected economy in which partners and competitors alike share data and integrate business processes where the resulting benefits to overall markets, the enterprises themselves and customers outweigh the risks of such collaboration.”[1]
Companies hold data but are not able to mobilize it.
Advances in cloud storage, computing and big data technologies have made it easier for any company to become a data company.
The world’s data is growing exponentially, yet not enough is being utilized. Massive amounts of data are collected only to sit dormant (more or less securely) on servers with no commercial or otherwise benefit for the economy and individuals. According to McKinsey[2], only 1% of data is analyzed.