Davos 2019 - Realizing the Data Economy | Summary and Q&A

TL;DR

The panel discusses the fourth Industrial Revolution, the power of data, and the need to balance technological advancements with privacy and protection.

Key Insights

• ✊ The data economy has the potential to create wealth and opportunities through the power of data and computing capabilities.
• ❓ Transparency, accountability, and regulations are crucial for establishing trust in the data economy.
• 🥺 The adoption of artificial intelligence can lead to significant advancements and improvements across different industries.
• 😘 5G technology and low latency processing speeds will drive innovation and enhance customer experiences.
• ❓ Collaboration between industry, society, and policymakers is necessary to navigate the challenges and embrace the benefits of the data economy.
• ❓ Data ownership, privacy, and protection are important considerations that require further exploration and regulation.
• 🌉 Inclusive growth and bridging the digital divide are essential aspects to ensure that small economies and marginalized populations can benefit from the data economy.

Transcript

welcome everyone to the World Economic Forum 2019 panel on realizing the data economy I'm Robert Smith and delighted to be here today I think we're never in dynamic discussion and I'll introduce our panelists in a few minutes but the the the topic was was brought about by a narrative really that came from Klaus Schwab where he coined this whole phr... Read More

Questions & Answers

Q: Who owns data in the data economy?

The panel agrees that individuals should own their own data, while corporations may have ownership of the algorithms derived from the data.

Q: What are the potential benefits of artificial intelligence in the data economy?

Artificial intelligence can revolutionize various industries, improve customer experiences, combat social issues like human trafficking, enhance precision agriculture, and enhance productivity in different sectors.

Q: How can we establish trust in the data economy?

Transparency, accountability, and adherence to regulations are essential. Trust can be built through certification, inspection, and accountability measures. Regulatory agencies and industry bodies can play a role in ensuring proper data handling.

Q: How will 5G and low latency processing speeds impact the data economy?

5G technology will enable faster, more interactive connectivity, and drive innovation across various sectors. It will lead to advancements in gaming, real-time data analysis, robotics, and voice-enabled technologies.

Summary & Key Takeaways

• The panel discusses the implications of the fourth Industrial Revolution and the potential of the data economy to create wealth and opportunities.

• They highlight the exponential growth of data, the importance of predictive analytics, and the challenges of managing and protecting data.

• The panel emphasizes the need for industry, society, and policymakers to work together to embrace the benefits of the data economy while ensuring privacy and personal agency are not compromised.