New regulations To conduct transparent Data Economy

CIO Review Europe | Thursday, March 11, 2021

New regulations are been implemented on those who are given access to data generated in the EU across all economic sectors were proposed by the European Commission

FREMONT, CA: The European Commission has proposed new regulations for who can use and access data generated in the EU across all economic sectors. The Data Act would safeguard digital fairness, foster a competitive data market, create opportunities for data-driven innovation, and make data more available to everyone. It will result in new, creative services and lower pricing for aftermarket services and connected item repairs. This final horizontal building component of the Commission's data strategy will be critical in achieving the digital transformation goals set out in the Digital Agenda for 2030.

Margrethe Vestager, Executive Vice-President for a Europe fit for the Digital Age stated how they want to give consumers and businesses even more control over what may be done with their data, defining who can access it and on what terms. This is a crucial Digital Principle that will lead the Digital revolution by 2030 and contribute to the creation of a solid and equitable data-driven economy.  A crucial step in accessing a treasure of industrial data in Europe, benefiting firms, consumers, public services, and society as a whole. Only a small portion of industrial data has been utilized thus far, despite the huge potential for growth and innovation. The Data Act ensures that industry data is exchanged, stored, and handled in accordance with European regulations. It will serve as the foundation for a vibrant, inventive, and self-sufficient digital economy in Europe.

Data, like a streetlight or a picturesque view, is a non-rival good in that it can be accessed by many people at the same time and consumed repeatedly without compromising quality or risking depletion of supply. The amount of data produced is growing, from 33 zettabytes in 2018 to 175 zettabytes in 2025. 80 percent of industrial data is never exploited, therefore it’s an untapped resource. Data Act addresses the legal, economic, and technical concerns that contribute to data underutilization. The new laws are likely to make more data available for reuse, resulting in an additional €270 billion in GDP by 2028.

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