Data is something that underpins every process or action in the digital world that we are living in. Take farming, for example. It is arguably the world’s oldest industry, and it is now going through a digital revolution where drones, sensors, artificial intelligence, and most importantly, blockchain technology is promising to improve its efficiency. The trend is such that even the market price of an apple will reflect the farming inputs, soil acidity levels, weather patterns, and Agri-supply chain information. According to IDC, more than 60% of the global GDP will get digitized by the end of 2022. So, what do all this have to do with information sharing and trusted data
Safe data sharing is the need of the hour
Governments are now focusing on improving digital economies, but the backbone to this structure is encouraging safe data sharing, which is achievable when you introduce blockchain between organizations. The key to enabling the entire digital economy ecosystem to grow is by sharing data across various organizations so that they can communicate quickly without any transparency issues. Singapore is an excellent example of implementing this concept when its senior minister of communications and information launched the Trusted Data Sharing Framework back in June 2019.
It was an attempt to start a data sharing language among relevant stakeholders so that everyone is on the same page. Since blockchain is the foundation of this technology, it addresses four categories that heavily linked with blockchain and cryptocurrency: legal and regulatory considerations, operationalizing data sharing, organizational and technical considerations, and overall data-sharing strategy. Investors who are also stakeholders of the company are now in a better position to judge the market, thanks to trading software applications. The Crypto CFD Trader Test is a classic example of how investors are planning their investments way ahead so that they can become team players playing for the welfare of the organization.
AI is helping in trusted data
One of the critical factors that will regulate the future of trusted data and information sharing is artificial intelligence. AI is accelerating the development of blockchain that heavily relies on trusted data. With improved AI services, the security framework will ensure the protection of personal data. Singapore’s approach to governing artificial intelligence involves the inclusive terms and conditions of collating feedback from all the market participants. This is a step forward to updating all the documents and living framework that is still working on analogous operations in the EU.
The indications are pretty clear; we are moving towards a future where promoting innovation in different sectors will involve protecting the rights of organizations and citizens when it comes to information sharing. Over the years, you may have read about numerous cases of information misuse, and creating a framework supported by blockchain is the way forward to a more transparent structure. Although a single global framework will not be able to govern both trusted data and AI, if governments employ different jurisdictions on the same, it will achieve interoperability of different frameworks successfully.