We have all come across the term "Data is the New Oil". People within the Tech Industry might have heard this term over a gazillion times by now. What exactly does it emphasize and how does it impact the Industry across sectors and the everyday user.
British Mathematician & Data Science Entrepreneur Clive Humby is credited towards coining the term data is the new oil. Being a Data Science Expert himself and having worked extensively in this field, he has coined this phrase from his expertise and knowledge.
The core definition and the reason towards the phrase is attributed and quoted with the explanation below.
"Data is the new oil. Like oil, data is valuable, but if unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals, etc. to create a valuable entity that drives profitable activity. so, must data be broken down, analyzed for it to have value."
Oil was considered the biggest wealth creator from the 18th Century and had immense untapped value, towards which many corporations and nations marched ahead.
Similarly, data is one of the most important factor and tool shaping the tech industry and the world around us. Unlike the earlier centuries, technology has become so interwoven in our lives, it's hard to dissect it and live without one. World without Technology is not just a rarity, it's an impossibility now. Similarly, technology without data and data analytics will become one such act soon, if not already.
Ever since the advent of smartphones, there are terabytes of data being generated from each and every user. Complaining about social media platforms and other web service providers snooping at the users have all become so common, that they are being termed as a cliché. Over the past couple of years, ever since the discussions and debates grew seriously by all the stakeholders and government entities taking cognizance of these acts, it has led to some amount of fruition to the users. Even though we have some strong measures and factors like the GDPR, they are yet to achieve their full potential and see a similar implementation in other countries around the world. The sad reality of the day is most of the users aren't even aware of all the different ways their data is being collected and used.
Technically, data collection is integral for analytical and AI based offerings. Without data, we don't have any programming language to train the algorithms and it's impossible to make any major breakthrough in the field of Artificial Intelligence & Machine Learning.
Tech Giants use it as a common practice collecting user data to track and analyze the user behavior, which results in focusing on the features most used by the users and those that are used the least. It becomes vulnerable, when the user data gets exploited for commercial viability and ulterior motives.
Thanks to ample amount of data some of the tech behemoths are even able to predict, if we are standing or sitting tracking us from a remote location. Such is the amount and intensive data, that's being transmitted.
As per the statistics from Domo, it's being stated that an average Human Being generated at least 1.7 MB of data per second in 2020. Incidentally, India ranks 4th in the Average Daily Hours spent using apps at 4.8 hours per day, next to South Korea at 5 hours per day. So, imagine the amount of data that's being generated and transmitted each and every day.
Not to forget all the health and well being related information, that's being passed on with or without fitness devices including your heart rate, pulse rate and even the number of steps you walked in a day.
Going forward in a futuristic Meta world, this amount of data is going to increase exponentially along with the kind of futuristic devices that come our way. This is just one side of the story in the consumer market, not withstanding the Enterprise sector which generates terabytes of data with automation and advanced machinery.
We see lot of A.I. and Machine Learning based companies emerging by each passing day. All the new creators must take cognizant of the user interests as their top most priority to develop and build a model around it.
We are heading unto a future, which makes us all so vulnerable and exposed with all the smart systems ranging from Televisions, Refrigerators and other house hold appliances. It gets even more cautious, when most of our living time might happen in the Meta World. It's important that the creators for tomorrow, take a stand to not use or collect user data other than the intended benefit of the users.
We take such a pledge today, to not store or share any of the user data, until and unless required and consented by our users. We urge and hope our peers too take such a stand and follow suit. When our collective voices become a roar, the behemoths will have to cede to it.