Investigating the Social, Political, Economic and Cultural Implications of Data Trading

Abstract

Data market initiatives have, by assigning monetary value to data, and connecting the various actors responsible for its efficient production and consumption, far reaching consequences for national economies. The Data Market Austria (DMA) project represents a unique opportunity for Austria to leverage the enormous potential socio-economic benefits accruing from increased trade of data. At the same time, however, a number of key challenges to the successful uptake of the project needs to be considered, and new problems emerging from this new form of digital commercial infrastructure need to be anticipated and addressed. This study aims to examine how the benefits accruing to increased participation in a data-driven ecosystem can be applied to tackle the long-standing socio-cultural challenges and the possible societal and cultural impediments to the successful unfolding out of a data market. Theoretical discussions framed from arguments obtained through a systematic review of academic and scholarly literature are juxtaposed with empirical data obtained from data science experts and DMA project personnel to test whether they stand up to real-world practicalities and to narrow the focus onto the Austria-specific context. Our findings reveal that data is a dual-purpose commodity that has both commercial value and social application. To amplify the benefits accruing from increased data trading, it is vital that a country establishes a sound open data strategy and a balanced regulatory framework for data trading.