The raw materials driving today’s digital economy are data, leading many, including industrial tycoon Mukesh Ambani, to say that data is the new oil. For example, social media companies gather and analyse huge amounts of data related to customer behaviour and preferences. Algorithms rely on statistics to make decisions, and it is the people who feed companies the data. For this to happen, we need to conceptualise an approach that can remunerate people for their contributions in this digital economy. As the primary step, we have to educate our population about the value of the data they generate.

Source: The Hindu February 18, 2019 18:45 UTC