The European Union has introduced a new set of rules giving companies and organisations the means to exchange data with each other. This includes both personal and public data.
The model is based on neutrality and transparency, Reuters writes. It makes use of so-called “data intermediaries”, which are would organize sharing and pooling the data. This should increase overall trust.
The EU hopes that the system can lead to a wide range of improvements, such as personalised health treatments, improved management of climate change or the development of more precise farming techniques.
With the new regulations, the EU wants to give more room for all kinds of technical expertise to come together. This should lead to a stronger line-up of tech companies within the EU, to counterbalance the many giants from Silicon Valley and the state-supported companies from China.
Billions of value
The legislation includes a strict requirement that authorities within the EU cannot simply sell the data to other companies or base their own products on it. According to the EU, the new legislation could lead to €7 billion in extra value from data sharing, rising to €11 billion in 2028.