Different ways to make data work for us

Extracting the oil of the future should not be based on a single model. We must keep innovating so that we may reap most economic benefits

Whether you are an expert or a complete layman on the subject, I am sure you have heard the word 'data' frequently over the past few years. We each have our own definition of the word, one that is associated with our jobs and our life experiences. But the most attractive description I've heard is that it is the 'oil of the future.' Such a definition attracts immediate attention because of its economic and financial reference.
At this point in time, most data is still in its raw form, yet to be transformed into the so-called 'future oil'. But the good news is that the oil of the future (data), unlike fossil fuels, will not need millions of years to form.
There are several trends and schools of thought when it comes to extracting the economic value of data. At Smart Dubai and the Dubai Data Establishment, we wanted to explore the opportunities data will have in tomorrow's world and to invest in the technologies of the Fourth Industrial Revolution. For this reason, we have issued a first-of-its-kind international report on "Decentralized Data", a topic that many of the most advanced cities in the world are closely monitoring. In this report, we have shown that achieving decentralisation would enable the world to benefit from technologies such as artificial intelligence and blockchain, and will help create new economic opportunities across the globe.
Before discussing the details of Data Decentralization, I would like us to agree that centralisation and decentralisation are processes as old as humanity itself, that have evolved alongside scientific advancement and can be found in different aspects of our lives. An example would be a family where the husband is in full charge of all familial responsibilities (centralisation) or, on the contrary, delegates some of his responsibilities to his wife or children (decentralisation). These concepts also extend to the way government and private sector entities function. We are not suggesting one should abide exclusively by either process. Instead, there should be an ongoing practice whereby the efficiency of both models is applied and is constantly evaluated.
A Decentralized Data platform will be a digital network that links data owners and providers with consumers. We are not talking about any type of data here. We are rather referring to data of monetary value, as the decentralised platform will allow programmers and developers to access data to develop services powered by the data they access. The network will have many distinguishing features, which include secure and effective transfer and exchange of data, monetisation of data (giving data financial value), and creating a data business model that suits the needs of both sectors, government and private alike, as well as individuals.
The platform also balances between the need of entities for centralised control of their data, and facilitating secure data exchange. And because the success of decentralisation depends on data owners feeling safe about sharing their data, the platform gives data owners control over the volume of data that will be shared, and with whom it will be shared.
The key players in the data sector are those who sell their data, those who buy it (governments), and developers. A seller provides data, while a buyer consumes data and its analysis for a fair price. On the other hand, governments have the role of creating a data ecosystem, regulating it, and developing regulatory policies and standards, while developers and programmers provide analysis of the exchanged data.
In conclusion, I say once again that extracting the oil of the future should not be based on a single model. We must keep innovating so that we may reap most economic benefits and achieve efficiency and effectiveness in the sector.  
The writer is Assistant Director General of Smart Dubai, CEO of the Dubai Data Establishment