The Shanghai Data Exchange is viewed as an important move in accelerating the trading and monetization of data, unleashing digital dividends. Discuss (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· The massive increase in digital dependence induced by the pandemic might have forced us to re-estimate the immediate future.
· The European Union has come up with its General Data Protection Regulation in 2018 and, in India, a Parliamentary panel was looking at the Data Protection Bill.
· A 2011 World Economic Forum report titled ‘Personal Data: The Emergence of a New Asset Class’ described “data” as a new asset class and argued that a massively increased amount of personal data
· the idea of setting up data exchanges has been nurtured in China for some time now. In 2013, Chinese businessman Wang Sanshou, nicknamed the ‘Data King’, pioneered a new path for data asset operation.
· China’s initial small-scale experiments of data trading, however, failed to reach critical mass.
· The Guiyang Data Exchange, established in 2015, never saw significant trading volume. Over the past six years, about 30 big data trading platforms have been established by various local government authorities and private enterprises in China, for trading whole datasets, Web crawlers.
· The Shanghai Exchange allows companies that collect data to maximise the values of their businesses while permitting purchasers to use the data to raise the productivity of their businesses.
K. V. A 3 years
Kindly review
IAS Parliament 3 years
Good attempt. Keep Writing.
