There is a saying that scientists would rather share their toothbrushes than their data. But we will all have to imagine more open and hygienic forms of data sharing if we are to make the most of this revolution.
Data are emerging among the most important assets of the 21st century economy. Vast quantities of human- and machine-generated data, combined with ever more powerful computers and clever algorithms, are providing the feedstock for artificial intelligence systems and promising striking improvements in productivity. A country’s ability to exploit data in safe and creative ways will increasingly determine its success. It is high time for institutional innovation to encourage the process.
For now, Pacific Rim companies, from the west coast of the US and the east coast of China, outstrip the rest of the tech industry. The likes of Google, Amazon, Alibaba, and Tencent are vacuuming up data and using them in inventive ways — to the delight of most consumers and the concern of some citizens worried about the concentration of corporate power and the erosion of privacy.