New Data Exchange fueling Chinas 4th Industrial Revolution
Data is the new oil and it is now being traded in China like any other raw material, commodity or stocks.
A newly announced data exchange is set to up the game in Chinas attempt to utilize data in various industries and it has the potential to transform the global economy. If artificial intelligence is the engine of the future, data is its fuel.
The Shanghai Data Exchange started trading of data on November 26th offering companies access to market data from other companies, including 20 products from China Eastern Airlines, Cosco Shipping, China Mobile Insight and other Chinese firms.
The goal is to create new dynamics in the already vibrant digital economy by being able to sell and buy data on the exchange.
A quantum leap
Data is monetized in an open market and can been seen as digital infrastructure and fuel for the Fourth Industrial Revolution. By making collection, selling, and buying of data transparent, the Shanghai Exchange will allow companies to maximize the values of their businesses, while permitting purchasers to use the data to boost productivity of their business.
The 4th Industrial Revolution is driven by data and there is good reason to believe that China with this new initiative is once again taking a quantum leap in terms of adding a new layer to the digital infrastructure, enabling companies to advance further.
But data doesn’t do the job alone. It applies to an already strong cocktail of world class digital infrastructure, including the worlds most comprehensive 5G network and widespread use of artificial intelligence. Both areas are the backbone of China digital advance as described in our earlier blogs: 5G & China AI Champions.
Powered by 5G
China is already far ahead of the West in practical implementation of artificial intelligence (AI) in business and when it comes to nations 5G rollout the latest number show that China has installed 80% of all 5G base stations in the world.
These two factors combined with the new and transparent commercialization of the world’s largest pool of data will for sure be an even stronger cocktail.
We expect to see huge growth in data + AI driven services within logistics, healthcare, smart manufacturing, smart city, and many other areas in the coming years.
The big question is how big tech in China will engage with the new exchange as more data have to be exchanged to create value and success for the new exchange. Giants like Alibaba, Tenent, JD, Meituan and Baidu are likely to join as it will make them less susceptible to claims of monopolizing data
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