Data as a new Markets

by Phuong H
In the article ” Data Markets: The Emerging Data Economy” written by Gil Elbaz, the author talks about how people turn data into a new market where they collect, analyze and sell it to the market. There are advantages for both parties. One can make money out of it, the other can use the data and don’t have to maintain it. The author also give 2 examples of data markets like: Jigsaw and Kaggle. Jigsaw is a collection of contact information collect from individual and organization. On the other hand, Kaggle is more of a community where company provide the data and people from around the world join and analyze the data and make prediction, find pattern or whatever the goal of the project is. And in return, these contributor will get a reward.

Data markets change the attitude of data. Instead of keeping it private, it is more values to share like the authors mentions “in many cases the largest amount of value will come from sharing data and getting some new type of value in return.” However, there are a few questions the company should asked themselves before sharing their data: What is the value of your data inside your organization? What is the risk in sharing it? What control do you over the data? What can you get in exchange for it? What role should you play in data markets? The author then explain the current data management systems like: cloud computing – online storage, big data software – handling project with big data, data science and machine learning – finding the pattern and relationship of data, APIs – application integrate with database, crowd-sourcing and social processes – get data from online social media like Facebook and Twitter.

I choose this article because as we all know data is so important nowadays. Moreover, data is keep growing bigger and bigger, as a CIS major student I think we can be benefit from this by start looking a new way that we can maintain and analyzing data faster. Before reading this article, I’m not aware of website like Kaggle, where company share their data and people analyzing it in return for a reward.

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3 thoughts on “Data as a new Markets

  • December 2, 2012 at 8:31 pm
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    This was a good topic. I think it was perfect for the last blog. In this class we have been learning about data and how to store and manage it. Here we see that we need to step back and look at the big picture. This is the first step that all companies should be doing; check to see what data you can give away and what repercussions there will be if you do. I think that this is probably one of the biggest decisions to make and to consider.

  • December 2, 2012 at 8:36 pm
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    Interesting article Phuong, I checked out the kaggle website you mentioned in the blog and it’s quite interesting, for example they have competitions going on whereby a person comes up with an algorithm or way to fix the companies issue pertaining to the data they are given they can get big bucks and were talking big bucks like a hundred thousand dollars or even a quarter million. It was really interesting to learn about this site and what people are actually able to do with data. Maybe in the future if i decide to get into databases i’ll assemble a team and give some of these competitions a shot.

  • December 3, 2012 at 1:53 am
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    I’m a bit hesitant about companies collecting and selling data. I’ve heard instances of companies putting random pieces of public data and figuring out private personal data such as mother’s maiden name, driver’s license number, even social security numbers. I can see how public data is useful to companies but not to the extent where companies can figure out personal data.

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