Data Marketplace to Unleash Data Economy

Categories: Big Data & AnalyticsTechnology

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Author

Vijaya Kotwani

Principal Architect

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The value and importance of data in today’s times cannot be overstated. Some of the most valuable companies in the world rely extensively on data, treating it like a commodity, which they trade and earn revenue off. Data marketplaces have been developed to make this trade easier. However, the current data markets are not sufficiently equipped to meet all of a potential client’s requirements, including fairness, efficiency, security, privacy, and regulatory compliance. In this document, examine the data marketplace: how it affects business, why it’s important, what kinds of solutions are available, what kinds of problems it can solve, and how. We outline the design, show how to design such a system, and discuss the difficulties in constructing a comprehensive data marketplace.

Organizations and businesses are starting to supplement their own data sets with external data, which is promoting market expansion. Data Marketplace is a technique for facilitating these data transfers in a secure and efficient manner that is supported by numerous data-sharing models and aids in meeting the needs of different data sets and clients. Additionally, it enables companies to share data through platforms for data marketplaces, fostering data-driven innovation and integrating third-party suppliers into these marketplaces. It can also help enhance small and medium-sized businesses’ competitiveness.

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