Data: The New Currency of The Digital World and the Race among Nations to Protect Data

Abstract

This article focuses on the significance of the data with the advancements in the technology and its consequent implications on various sectors. With nations around the world and especially India concentrating on digitalizing all the aspects of life, it is important to secure the data that will be created because of its digitalization. India's flagship program DIGITAL INDIA makes it evident how important is digitalizing for the welfare of the nation. The article has described the importance of data analyzing in maximizing the efficiency, profitability, the productivity of companies and also how it helps the Government with good Governance by reducing the leakages in subsidy transfer, identifying the beneficiaries of the welfare schemes, etc. Another aspect regarding climate modelling and weather prediction, which was made possible because of the availability of the data also has been described. Finally, how countries are trying to safeguard the domestically generated data in the form of regulations such as the General Data Protection Regime of the European Union are also discussed. Eventually, it also proposes how the various stakeholders should come in together and resolve the differences among them for the greater good of the people around the globe.