Having spent quite a number of decades working on data at scale, we’ve worked to codify some of the baseline principles that could underpin a trusted web of data.
The purpose is to unlock open markets and increase the precompetitive spaces to both
- commoditize current parts of the data ecosystem; and,
- increase the efficiency, value and potential of using data to solve problems.
To me, this is a step we need to take to create data as infrastructure and unlock the next generation of data-enabled innovation. Open document for discussion here
On one level, we could draw an analogy with energy: there were many ways of connecting, different voltages, sockets, etc. Then we created the national grid and built our economy on it. Getting it right was tough, but it shifted the value chain to delivering services at web-scale.
Another is open banking: banks had ‘ways of being interoperable’ but standardising this process is driving a different kind of innovation at application, business and consumer levels. It’s now in 80 countries (5 years since launch), and is a $23B market that is projected to grow at 23% CAGR to $150B by 2032 [citation].
Why wouldn’t we enable this for all parts of our economy?