Is Data More Valuable Than Gold?

Why data is the new gold?

Prime Minister Narendra Modi on Sunday described data as the “new oil” and the “new gold” and said India had the potential to lead the world in the industrial revolution, which relied on big data analytics and digital technology to improve manufacturing.

I will also add that data is the new gold..

Is data the new gold?

You’ve no doubt heard the cry many times already – “Data is the new gold!” And it’s true. … But, like gold, data isn’t valuable in its raw state. To obtain value from gold, it first needs to be processed – fashioned into jewelry or minted into coins.

Why data is the new oil?

The concept behind “data is the new oil” is that just like oil, raw data isn’t valuable in and of itself, but, rather, the value is created when it is gathered completely and accurately, connected to other relevant data, and done so in a timely manner.

Who said that data is the new oil?

Clive HumbyThe phrase “data is the new oil” was apparently coined in 2006 by Clive Humby, the British mathematician and architect of the Tesco Clubcard, a supermarket reward program. Since then, it has been repeated and amplified, first by marketers, then by entrepreneurs, and ultimately by business leaders and policy makers.

How much money does Google make selling data?

That’s about $400 million every day. Profit margins are currently at around 23 percent, so that’s $92 million every 24 hours in profit. While the company earns its cash in many different ways, it primarily earns its revenue on the back of your Google data.

What is gold data?

This refers to data of very high quality, which is more or less as close as you can get to the ground truth. … Gold standard data is great for machine learning tasks, since it is known to be of high quality, and avoids the “garbage in, garbage out” problem.

What is the most expensive asset in the world?

The Economist – The world’s most valuable resource is no longer oil, but data. A NEW commodity spawns a lucrative, fast-growing industry, prompting antitrust regulators to step in to restrain those who control its flow. A century ago, the resource in question was oil.

What is the most traded good in the world?

Most Actively Traded CommoditiesWTI Crude Oil.Brent Crude Oil.Natural Gas.Soybeans.Corn.Gold.Copper.Silver.

How much money do companies make selling data?

A recent report estimated the collective revenue of digital advertising companies in the US, it found out that the data generated from an adult is worth about $35 per month.

Can I sell my data for money?

There are several ways you can sell your data, including selling it to another company directly or joining a marketplace. You can sell your data itself or sell the insights you gain from it. … Join a private marketplace: You can also join a private data marketplace where companies exchange data.

Which is more valuable data or money?

Businesses, both small and large, may not realize that the data they have and compile about their customers is even more important than money. … As data becomes more valuable, people are trying to get more of it.”

What kind of data is most valuable?

Here are the nine things that determine how valuable your data is – or isn’t – ranked from lowest in value to highest.The source of your data. … Cleanliness. … Size. … Age. … Insights. … Actionable. … Timeliness. … Predictive. Once your data has passed the timeliness benchmark, the final value layer is its ability to be predictive.More items…

How much is your data worth?

Estimates on what user data is worth vary widely. They include evaluations of less than a dollar for an average person’s data to a slightly more generous US$100 for a Facebook user. One user sold his data for $2,733 on Kickstarter.

What is the world’s most valuable commodity?

1. Crude oil: Brent crude. Crude oil is one the world’s most in-demand commodities as it can be refined into products including petrol, diesel and lubricants, along with many petrochemicals that are used to make plastics.

What is the most traded item in the world?

carsPerhaps unsurprisingly, cars were the most traded item worldwide in 2016, accounting for 4.9 percent of global trade with a market value of $1.35 trillion, according to data published by Teletrac Navman.