3.10 Data Marketplace
The world produces 2.5 quintillion bytes a day, and 90% of all data has been produced in just the last two years.
The global data economy is pegged at $3 trillion as per World Economic Forum [31]. So far largely all of it has remained fragmented, siloed, disconnected and illiquid.
Making any asset class liquid increases participation, removes friction and hugely incentivises all stakeholders.
Our global value exchange layer focuses solely on making data exchange a liquid marketplace accessed via $HUC utility tokens.
HumanChain can enable Data Subjects, Data Providers, Data Aggregators, and Data Consumers to freely participate in a liquid Data market.
Furthermore, niche and focused data marketplaces can be built on top of the HumanChain infrastructure.
Importance of a Liquid Data Marketplace:
Unlocking Data Value: By creating a marketplace where data can be bought and sold, its intrinsic worth is maximized. Data, which was previously a largely untapped asset, becomes a tradable commodity.
Democratizing Data Access: A liquid marketplace ensures that data is accessible to a wider range of users, not just large corporations. This democratization fosters innovation and competition.
Efficient Data Exchange: Streamlining the process of data sharing and acquisition saves time and resources for both data providers and consumers.
Incentivizing Data Creation and Curation: As data becomes a tradable asset, there's a greater incentive to generate, collect, and curate high-quality data.
Enabling Data-Driven Decision-Making: A richer and more diverse data pool fuels advanced analytics and better-informed decision-making across industries.
Impacts of a Liquid Data Marketplace:
Economic Growth: A liquid data marketplace can significantly stimulate economic growth. By transforming data into a tradable asset, it unlocks new revenue streams for businesses. This can lead to the creation of new industries, jobs, and business models centered around data management, analysis, and trading.
Innovation Catalyst: A liquid data marketplace fosters a data-driven innovation ecosystem. By making data more accessible and affordable, it encourages experimentation and the development of new products and services. This can lead to breakthroughs in various sectors, from healthcare to finance.
Data-Driven Governance: Governments can leverage a liquid data marketplace to access valuable data for informed policymaking. This can improve public services, address societal challenges, and enhance overall governance.
Increased Competition: A liquid data marketplace promotes fair competition by leveling the playing field. Smaller companies can access data previously unavailable to them, fostering a more competitive landscape.
New Business Models: The emergence of data marketplaces creates opportunities for new business models, such as data brokers, data valuation experts, and data curation platforms. This can lead to job creation and economic diversification.
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