Regulating the internet giants: The world’s most valuable resource is no longer oil, but data

  • Now similar concerns are being raised by the giants that deal in data, the oil of the digital era.
  • Far from gouging consumers, many of their services are free (users pay, in effect, by handing over yet more data).
  • Old ways of thinking about competition, devised in the era of oil, look outdated in what has come to be called the “data economy” (see Briefing ).
  • Industrial giants such as GE and Siemens now sell themselves as data firms.
  • Governments could encourage the emergence of new services by opening up more of their own data vaults or managing crucial parts of the data economy as public infrastructure, as India does with its digital-identity system, Aadhaar.

A NEW commodity spawns a lucrative, fast-growing industry, prompting antitrust regulators to step in to restrain those who control its flow. A century ago, the resource in question was oil. Now similar concerns are being raised by the giants that deal in data, the oil of the digital era.

@JacBurns_Comext: The world’s most valuable resource is no longer oil, but data #BigData #Blockchain #IoT…

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Regulating the internet giants: The world’s most valuable resource is no longer oil, but data