“Power, today, comes from sharing information, not with holding it.”
This quote by Keith Ferrazzi effectively sums up where we are headed with data.
The value of data increases when it is shared. But, till a few years ago, people were skeptical about uploading any type of data to the cloud. Now, cloud is integral for business and is being leveraged for not just data storage but driving business intelligence. Thanks to advancements in digital security and privacy-preserving technologies, the trust in the cloud has only grown. We are now seeing an increasing trend in data-sharing for common benefits. 70% of data and analytics decision makers are actively working on capabilities to use external data, according to Forrester Research.
Data is now a strategic asset, and we will see it being traded between entities to drive new capabilities and create opportunities. Data Collaboration will be on the rise as organizations try to address common challenges for their industry with shared knowledge. This will also open new operational and, revenue and research opportunities that will help in the overall benefit of the industry and all the stakeholders within it.
Technologies like fully-homomorphic encryption, differential privacy and federated analysis are being used to ensure privacy while sharing data. These technologies, collectively known as privacy-preserving computing or confidential computing, will make it possible for companies to gain from data collaboration without compromising on privacy.