Data is New Oil.
It is very indefinite widely-spread phrase, usually it follows by:
Big Data=Big Oil=Big Profit.
Simple as that. But is it really?
Let us look at some difference between Data and Oil:
Information is the ultimate renewable resource. Any kind of data reserve that exists has not been lying in wait beneath the surface; data are being created, in vast quantities, every day.
Finding value from data is much more a process of handling than it is one of extraction.
I would love to use this buzz phrase (data as oil) to demonstrate risks of consequences.
We have already seen “data spills” happen (when large amounts of personal data are inadvertently leaked). Will it be much longer until we see dangerous data drilling practices? Or until we start to see long term effects from “data pollution”?
One of the places where we have to tread most carefully — another place where our data/oil model can be useful — is in the realm of personal data. A great deal of the profit that is being made right now in the data world is being made through the use of human-generated information. Our browsing habits, our conversations with friends, our movements and location — all of these things are being monetized. This is deeply human data, though very often it is not treated as such.
I reckon, for safety, we all need to consider the following:
First, people need to understand and experience data ownership.
Second, we need to have a more open conversation about data and ethics.
Finally, we need to change the way that we collectively think about data, so that it is not a new oil, but instead a new kind of resource entirely.
What are your thoughts of “Data is New Oil”?