Recently, Japanese Prime Minister gained a lot of attention when appeared at the Annual World Economic Forum meeting early this year. There he also announced to be a part of the upcoming G20 summit. But what attracted more attention amid all these was the proposal put forward by PM Abe as G20 summit chair to develop global notions for the utilization of big data technology.
The new wave of technology lead by Artificial Intelligence and Big Data is contributing a lot in the fourth industrial revolution. Also, Angela Merkel, Chancellor of Germany had put some light on the future economic competition that would revolve around big data. She also noted the ways to match with China as it gathers and arranges big data using state capitalism which is not similar to that of Western economies.
Comparing the market scenario for the US and China, we can see that IT giants in the US including Google, Apple, Facebook, and Amazon created their own free trade ecosystem whereas, the government contributed as a lead under state capitalism in the emergence of companies like Alibaba and Tencent. Not much of surprise, Chinese firms today are well capable of giving a tough market fight to US tech giants.
On the other hand, the introduction of the EU’s General Data Protection Regulation marks Europe’s emphasis on personal data protection. Due to lack of standard common international guidelines regarding big data, individual regions are working on negative concerns related to the technology.
Presently, there is a huge amount of data is being generated in the society via widespread technology and smart devices. On a daily basis, the quantity of data reaches 2500 quadrillion bytes which are 2,50,000 times more than the printed data stored in the US congress library.
If used appropriately, such an enormous quantity of data can bring about a lot of positive changes in the environment such as:
• Digital marketing will allow people to gain what they exactly need at the least possible price.
• The government will be able to proceed with efficient policies to achieve what citizen really need.
• Usage of big data will help bridging income gaps and social gaps that partiality creates.
However, recent incidents of data breaches have compelled the users to question whether human rights regarding privacy and information will be fairly taken care of?
A global debate is going on over the data governance which includes concerns consisting so-called behavior of digital platforms, businesses offered by digital medium, and GAFA (Google, Apple, Facebook, and Amazon) like platforms holding enormous human data.
One thing which haunts the IT people as a nightmare is the risk of platform companies to gain monopoly as they have to access such quantity of data. The discussion in the governments is heated up regarding the development of new organization within cabinet secretariat to draft competition policy and guidelines for platform companies.
Moreover, extreme restrains oppress innovation. Democratic nations should deal with this issue in a certain manner that can accumulate and use big data technology without hindering the privacy of personal data.