Datareum: An Excellent Marketplace for High quality Data

We all generate absurd amounts of data in the course of our daily lives. Every (electronic) purchase we make, every Google search we make, every website we look at, where our pointer hovers on each of the websites, every social media post we see, comment on, share, like, skip, pause and look at for more than half a second — all of this is logged in exponentially growing global databases

The rate of production of data is increasing such that, according to an IBM Marketing Cloud study, 90% of the data currently on the Internet has been created since only 2016. And as more and more devices — like the sensors in your Fibit, your smart refrigerator, and your countertop Alexis — are connected to Internet, the production of data is only going to accelerate.

All of this data has value. It’s currently used mostly for marketing and academic research but increasingly, it is being used to make useful suggestions for and predictions about ourselves and to feed the artificial intelligences that will eventually be the most valuable things ever created.

But that’s all in a still fairly distant future. For now, data’s true value is mostly out of our reach — none of us have been able to retire off the profits generated by it after all. IDC research shows that 90% of the data produced so far is still unstructured, meaning that it is hard to extract any tangible meaning from it.

What structured data we do have is mostly not in our personal control. “Data Custodians” like Facebook, Google, and Amazon use it for massive profit. Then there are “Data Brokers” who scrape together whatever they can and sell it to the highest bidder.

Data is the new gold

In the digital age of information exchange, data is gold. Corporations are all about collecting data, analyzing it and profiteering from the results or by selling to other parties for a hefty profit. Operating at the corporate B2B level, data collectors and buyers work without any form of advertisement, preferring to remain in the shadows. Consequently, most of the public is unaware of their data being collected and sold. Hundreds and thousands of people’s personal information such as name, age, sex, location, personal preferences and search engine habits are obtained, without their consent.

The data collected is utilized by many different corporations and organizations for their own benefit. A marketing company, for example, will be better able to advertise products to us by knowing what we search for on Amazon or Ebay, while a food service might give us deals on burgers and chips if we frequent fast food establishments a lot. This may seem harmless on one hand, but given the latest Facebook scandal, where the social media sold data of more than 50 million users to a third party that processed data, the stakes are high.

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