Data Economy

A Data Economy is a worldwide digital ecosystem in which data is collected, structured, and distributed by a network of vendors with the goal of extracting value from the information that is gathered. The data inputs are gathered from search engines, social networking websites, online sellers, brick and mortar vendors, payment gateways, software as a service (SaaS) providers, and companies that are deploying connected devices on the Internet of Things (IoT). The information acquired is passed to business for a fee. The Consumer Financial Protection Bureau in the United States have created early models to control the Data Economy.

Benefit

Individuals have control over the data that is related to themselves and could adjust how their personal information is used by service providers

Concern

Concerns regarding regulatory uncertainty, privacy, ethics, data loss control, and data ownership and related rights arise as a result of the Data Economy. Some people also concern that internet business will be able to control the data flow and abuse it.