Data as Economic Goods: Definitions, Properties, Challenges, Enabling Technologies for Future Data Markets

Yuri Demchenko, Cees De Laat, Wouter Los
2018 Zenodo  
The notion that data has value is commonly recognized. However, data value is different from that associated with consumable goods. There is a number of initiatives to create data markets and data exchange services. Existing business models of paid or commercial data (sets) services such as data archives are based on service subscription fees. However, emerging data-driven technologies and economies facilitate interest in making data a new economic value (data commoditization) and consequently
more » ... ) and consequently identification of the new properties of data as economic goods. The following properties are leveraging FAIR data properties and defined as STREAM properties for industrial and commoditized data: sovereign, trusted, reusable, exchangeable, actionable, and measurable. Other properties to be considered and necessary for defining workable business and operational models are non-rival nature of data, data ownership, data quality, value, privacy, integrity, and provenance. The paper refers to other discussions and projects on defining data as consumable goods and market mechanisms that can be applied to data exchange, such as data markets, data exchange, and industrial data space.
doi:10.5281/zenodo.2483185 fatcat:tmwg4jmjs5gq7pilpx6qbfy7vi