Data permeate all aspects of modern economies and societies. As a result of decades of digitalization, data in digital form are constantly created, gathered and shared across the globe to support core societal functions. Digitalization brings together two interrelated processes: digitization, the transformation of analogue information into digital form, and datafication, the application of quantitative and other analytics to data.
The digitization of everything and the unprecedented expansion of datafication have led jurisdictions to produce and utilize ever expanding amounts of data, setting the stage for a new economy – a fourth industrial revolution. Through this revolution, data have transformed into a strategic asset interlocking individuals, private actors and public entities in global networks, supporting traditional economic activities and giving rise to a new economic ecosystem – the data economy – where digital information is sourced, analyzed, aggregated and exchanged.
Over the past three decades, transnational data governance has been dominated by a techno-libertarian ethos reflected in free movement of data across decentralized infrastructure – the internet. Without an international legal framework governing data, domestic policy-makers are developing different systems of rules and processes to extend their jurisdictional control over the digital world, domestically and transnationally. Legal and regulatory frameworks are being developed to define rights and obligations for data holders and consumers; competition policies have been triggered to curb data abuse by dominant incumbent firms; new rules to assert control over internal and external data flows and related infrastructure are being enacted.
Continue reading: https://www.omfif.org/2021/09/solving-the-transnational-data-governance-problem/
The digitization of everything and the unprecedented expansion of datafication have led jurisdictions to produce and utilize ever expanding amounts of data, setting the stage for a new economy – a fourth industrial revolution. Through this revolution, data have transformed into a strategic asset interlocking individuals, private actors and public entities in global networks, supporting traditional economic activities and giving rise to a new economic ecosystem – the data economy – where digital information is sourced, analyzed, aggregated and exchanged.
Over the past three decades, transnational data governance has been dominated by a techno-libertarian ethos reflected in free movement of data across decentralized infrastructure – the internet. Without an international legal framework governing data, domestic policy-makers are developing different systems of rules and processes to extend their jurisdictional control over the digital world, domestically and transnationally. Legal and regulatory frameworks are being developed to define rights and obligations for data holders and consumers; competition policies have been triggered to curb data abuse by dominant incumbent firms; new rules to assert control over internal and external data flows and related infrastructure are being enacted.
Continue reading: https://www.omfif.org/2021/09/solving-the-transnational-data-governance-problem/
