Data Is The New Currency
Written by: Tugce Ozdeger, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Data-driven companies are getting more and more common since more advanced technologies are becoming of use e.g. Artificial Intelligence, Machine Learning, Blockchain. Therefore, harnessing the power of data as the currency of the future makes more and more sense. Can you even imagine that 90% of the data in the world today was created in the last 2 years? How much data do you think we possibly create in the coming years?
What we exchange with money is the value. The companies and individuals who will access more data to create valuable products and services, will exchange money to get access to data that will help them to create more value.
In this sense, exchanging money with getting access to the data to be able to train models through advanced technologies is the next big thing that is coming our way. All data regardless of the purpose it is created for would be of value for someone who is
developing a technology to make this planet a better place and at the same will certainly support building more sustainable IT systems based on more accurate models.
Currency is how we create and exchange value across different geographies through time. Medium of exchange is anything that can serve us as goods or services and when you look closer to the data, you can easily realize that data has all the characteristics to be magnetized. Many businesses have already realized how relevant data can help them to deliver better quality service by learning insights from the data through advanced technology such as blockchain.
In other words, using the technology in our favor to build a marketplace where data consumers train their models to learn and provide more value in their deliveries whereas data providers monetize their data without compromising the privacy and learn more about the data points and structure their dataset is the revolutionary way of providing technological
sustainability. The better quality data models IT systems are based on, the longer those systems can exist by requiring less time for maintenance.
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Mass data will make sense when it is structured and provides the results to improve the models that depend on it. With the help of such data marketplaces, there would certainly be a win-win situation for both actors.
Extract insights from data and act on them would benefit data providers as well as monetizing their data for greater good. Providing better quality products and services used for IT systems will implicitly secure sustainability in the long run.
Do you want to know more about how can such a data marketplace possibly be developed with the most advanced technology to be able to build the trust between both partners, I strongly advise you to visit; http://www.datatera.se
Tugce Ozdeger, Executive Contributor Brainz Magazine
Tugce Ozdeger is a Senior Software Engineer and a Career Acceleration Mentor for Women in Tech. After a long corporate career, Tugce created strategies to level up her tech career on her own terms. She has since dedicated her life to helping women to unleash their full potential by defining a lucrative career that allows them to experience the life of their dreams in tech. She is the founder of Heart-Centric Tech Mentoring, an online tech career mentoring academy with students from many different countries. Tugce was featured in various digital publications and podcasts. She was a speaker at SweTugg, which is one of the prestigious tech conferences in Stockholm. Tugce was also the project leader for one of the most appreciated IT-Conferences for Women in Tech in Sweden, which was arranged completely digital. Her mission: More women in tech.
