EU level professionals give an outline for transformative potentials of Data for Business Benefits
11 May 2021. The third session of a collaborative webinar series by the EU Horizon 2020 projects TRUSTS and Safe-DEED was all about Business Aspects of and in Data Markets. Since a few years the global business structure transforms into an intangible one, which means that tangible assets gradually lose their importance and are replaced by softwares, R&D, etc. Ioannis Markopoulos (Forthnet) and Gianna Avgousti (EBOS Technologies) address the importance of this development and give insight in business transformation and fruitful potentials in the webinar.
In the context of the data economy subdomain in the geographic framework of Europe, what is still missing above all is an interoperable, pan-European data exchange or data sharing platform that allow companies to commercialize the multitude of data they are dealing with anyway and to develop new business models from it. However, challenges such as the pricing model, service models, data quality, etc. still stand in the way of the sustainable development – TRUSTS and Safe-DEED are working on this.
| Service | Technology | Finance | Organization |
|---|---|---|---|
| Define Data Ownership | Privacy Protection | Pricing mechanism | Absence of legal frameworks |
| Ensure Data Integrity | Security | Data valuation | Lack of resources |
| Assess Data Quality | Technical efficiencies and scalabilities | Profit maximization | Lack of technical knowledge |
| Ensure contractual compliances | User-friendliness | Ethical concern |
TRUSTS in particular, which works with industrial and personal data, aims to be not just a platform, but also a platform federator – regardless of domain or sector. Data markets and their environments are an ecosystem, the federation of these can also be the usages of the marketplaces. European values, such as ethics and data sovereignty, are particularly important in providing the framework for the desired platform federator. In addition, TRUSTS is based on real use cases (finance, telecom), which represent the practical test of the project.
For the EU, research and innovation actions such as TRUSTS and Safe-DEED are important to keep pace in the global competition of a digital economy. Digital transformation brings many advantages as well as disadvantages – and above all many risks that prevent players from exploiting the full business potential of their companies. There is great uncertainty and skepticism, especially with regard to personal data. However, personal data is the kind of data that will generate numerous new services. Therefore the goal is to ensure a free flow of this data. In order to achieve this companies need to know which technologies can be used to process and store personal data securely and confidently. (For more on this, see Session 2 of the Series: https://www.trusts-data.eu/privacy-preservation-in-data-markets/)
You want to know the details? Then check out our webinar here: https://www.youtube.com/watch?v=9MW7uWKv8n8
[1] © TRUSTS Consortium.
