Page 120 - 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

or network traffic volumes. Such information is • First Law: Information is (infinitely)
essential for infrastructure resources planning and shareable
costs estimation. • Second Law: The value of information
increases with use
4.2 Combining data and algorithms
• Third Law: Information is perishable
With the complexity of modern data collected and • Fourth Law: The value of information
generated by human activity and IoT, there is a need increases with accuracy
to store/archive data with the corresponding • Fifth Law: The value of information increases
application programming interfaces (API) and when combined with other information
containerized applications that can handle the
stored data. Stored data must contain metadata and • Sixth Law: More is not necessarily better
schema as well as the blueprint for use and • Seventh Law: Information is not depletable
deployment (ready for integration with the target
applications). API management [22, 24] is an Two blog articles of 2013 [28] and 2014 [29]
important part of data management in modern attempted to re-define the Moody&Walsh laws to
data-driven companies; this includes both accessing Data Science [28] or apply them to information
data from external providers/sources and emerging from IoT and sensors [29].
providing own data to customers and application
developers. “Algorithm economy” term was popular Although the presented paper does not discuss data
in 2016-2017 [25] as one of the development pricing and cost models, we mention two other
directions of the emerging data-driven economy but papers by Muschalle, et al (2012) [30] and Heckman,
now API management is a necessary part of the et al [31] that discuss pricing approaches for data
modern enterprise data infrastructure. markets. Their research can provide initial input for
a developing a data pricing model and how it can be
4.3 Other related concepts and models used in the data market operation.

Defining data properties as economic goods is a new 5. DEFINING OPEN DATA MARKET
research area and requires a complex approach
involving different research and technology Data markets are an important component of the
domains. There are not many published researches data economy that could unleash the full potential
on this topic. The authors’ research is motivated by of data generated by the digital economy and
the need to consistently define requirements, human activity in general. Future data markets
architecture and services that must be provided by should incorporate an open data market (ODM)
the big data infrastructure and such infrastructure model that should allow multiple market
components as data exchange and data markets. participants to join by complying with established
rules and using standard APIs for data and
Information and data value are admitted in many information exchange. This section briefly discusses
general publications and research related to the big the ODM model and its functional components as a
data value chain [26], emerging data-driven hub part of the modern data architecture and future
economy [15] and macroeconomic model of big data (driven) economy.
technology firms (referred to in the paper as
“superstar”) [16]. However, these publications do The proposed ODM approach leverages the
not discuss data as economic goods that can be international data space (IDS) architecture and
exchanged or traded for money. functional model [17, 18] that are strongly based on
the concepts of data sovereignty and infrastructure
Few papers and blog articles explored information federation to ensure architecture openness.
as an asset. The seminal paper “Measuring the value
of information: An asset valuation approach” by 5.1 Modern data architecture
Daniel Moody and Peter Walsh (1999) [27]
formulated 7 Laws of Information, which we quote Modern data architecture is enabled by cloud and
here to facilitate further discussion and research big data technologies and has the following
(refer for details to the original paper [27]): characteristics:

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