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.