Event: The Federation of Data Markets and the Importance of Data Sharing in the EU
At the last TRUSTS event on March 1, 2022, partners of the TRUSTS consortium presented relevant aspects of the business, legal, ethical, and data protection perspectives related to data markets and data sharing and how the TRUSTS project contributes to the development of a data economy.
Data platforms and so-called data marketplaces are increasingly emerging so that data can be exchanged easily and without complications. The idea is that data should become a tradable commodity, similar to capital or other resources. But so far there has been very little success, but a lack of knowledge and many challenges such as data protection, security, regulation, competitiveness or business interests.
Existing approaches are diverse but highly fragmented: there are marketplaces at national or city level, some are sector-specific (e.g. mobility, industry) or data type-specific (e.g. IoT, personal, business). Therefore, TRUSTS addresses the question “How can platforms collaborate?” and aims to support the creation of a federated data marketplace. For this purpose, a systematic overview of archetypal data marketplace business models as well as an exemplary business model for a data marketplace federation is created. To bridge the gap between theory and practical implementation, TRUSTS also works with three use cases from the financial and telecommunications industries. These use cases demonstrate the added value of the TRUSTS platform in sharing, trading and using data, services and applications.