Page 116 - ITU Journal - ICT Discoveries - Volume 1, No. 2, December 2018 - Second special issue on Data for Good

ITU JOURNAL: ICT Discoveries, Vol. 1(2), December 2018

consistent models to make data an economic good impact of 2.5% on the GDP in the baseline scenario,
and enable data commoditization (i.e. transforming which is defined by a continuation of the positive
data into an object of trade and exchange [5]). but moderate growth trend of the economy [7].
Interest to make best use of research data has
resulted in the formulation of the FAIR (Findable – A data-driven economy uses processes and
Accessible – Interoperable – Reusable) data products/services digitalization, it collects and
principles [6] which are fully accepted by the processes large amounts of data that include both
international research community and widely personal and non-personal data. For personal data,
supported by industry and business. However, the recently enacted GDPR mandates multiple
emerging data-driven technologies and economies measures to protect personally identifiable data, in
facilitate interests to making data a new economic particular informed consent [8]; this should build
value (data commoditization) and consequently further confidence and trust in digital technologies
identification of the new properties of data as and build trusted environments for data exchange
economic goods. This paper leverages FAIR via the future data market [9]. In fact, research has
principles to define the proposed STREAM data shown that people tend to share more data when
properties for industrial and commoditized data: they trust the companies processing the data. The
sovereign, trusted, reusable, exchangeable, data economy tends to involve the maximum
actionable, and measurable. Other data properties possible amount of data that may be produced by
important to enable workable/actionable business multiple sources, so creating a trusted environment
and operational models include data ownership, for data exchange and trading is a key enabling
data quality, data value, privacy, integrity, and factor for data markets and data-driven
auditability. technologies. Data quality and veracity are
important properties of data for data-driven
This paper refers to past and ongoing discussions to applications.
define data as economic goods and market
mechanisms that can be applied to data, such as 2.1 Data markets as enabling mechanism for
data markets, data exchange, and industrial data data economy
space.
The establishment of the Open Data Market as a
The remainder of the paper is organized as follows. necessary stage in making a digital single market
Section 2 analyses the emerging data-driven (DSM) in Europe a reality and working to facilitate
economy and identifies data markets as important the digital transformation of the European economy
driving forces. Section 3 discusses gaps and to embrace new trends related to Industry 4.0 [10]
challenges on the adoption of data markets. Section and data-driven technologies. Data markets are
4 introduces the proposed STREAM data properties recognized as a priority topic in the Horizon 2020
and explain their importance in the context of data Work Programme 2018-2020 [11]. Currently, data
markets. Section 5 analyses data market concepts exchange is limited to open data (including social
and defines the main functional components and media data, city data, governmental data etc.) while
mechanisms required to enable open data markets customer activity data, personal data, business
and data exchange. Finally, the conclusion section operational data and industrial data that has a
provides a summary and invites for future strong potential of bringing global optimization to
discussion. multiple human/social activities and resources use,
still remain in proprietary/private custody by
2. DATA ECONOMY AND DATA MARKETS companies. This brings unfair benefits to big
network(ed) and technology companies that all
The European data economy is growing at a fast tend to create their own full set of data that they
pace and will continue to do so in the upcoming collect from their business and operational network.
years. The overall value of the data economy grew Data markets [11] and data exchange [12] have the
from €247 billion in 2013 to almost reaching €300 potential to bring benefit for facilitating business
billion in 2016. According to the estimates of the activity, social creativity and technology
European Data Market study, the value of the data advancement, but current infrastructure, data
economy in 2016 was worth nearly 2% of the protection, legal conditions and regulations are not
European GDP. By 2020, the data economy is
expected to increase to €430 billion with an overall

94 © International Telecommunication Union, 2018