In defense of a transparent economy for data capitalism.

Abstract

We are in a digital economy where data acting as the new oil is more (fundamentally) valuable than ever, and the modern key to smooth and efficient functionality of everything from the government to local companies. Today, an unprecedented amount of analysable information on humans, things, and nature opens up vast opportunities for accelerated insights, innovation, economic growth, and advances in scientific and medical research. The value of data to modern businesses helps them to know customers better, make better decisions, boosts return on investment (ROI), and form mutually beneficial and profitable business relationships with other organisations. According to a United Nations Financial Trade Quarterly (FTQ) report of 2019, the five largest data firms in the world today: Apple, Amazon, Facebook, Google and Microsoft—are actors in the digital data economy (compared to only one of them being an actor a decade ago) with a combined market value of nearly $4 trillion. This amount represents approximately 20 percent of market capitalisation in the US, and more than the annual gross domestic product (GDP) of India.