Europe's fighting back. It's sinking up to €6 billion to create a single data market that would pool large sets of industrial data to be shared between European businesses and sectors. So they can take on the US and China's domination of the world's tech.
But not with just any old data. The EU wants high-quality data for AI that meets European values ie. non-discrimination, transparency, right to privacy. And it's dead serious about achieving this level of ethical data. Any tech not meeting these standards, like facial recognition, may be retrained with European data sets.
As EU tech chief Margrethe Vestager puts it: "If you eat crappy stuff, you’re not likely to be a fit for purpose algorithm either." Ouch…
Europe's already known for its tough stance on data protection regulation (read: GDPR). Let's see if it can morph from 'regulatory superpower' into 'innovation powerhouse' to beat the Americans and the Chinese at their own game. The EU's data strategy (released on Wed) is ambitious: its share of the data economy, along with data stored and processed in the EU, must 'at least correspond to its economic weight' by 2030.
Sounds very much like reclaiming data sovereignty (as I discussed last week). Then again, the EU's pursuit of its purpose—to build a trustworthy ecosystem—may well reverberate beyond Europe's borders. Just like how the GDPR has now become the global standard for data protection.
A world where ethical tech is the norm may come sooner than we think. As Dataswift CFO Jason Shong blogged this week, a world dominated by the next economic tsunami that is ethical personal data management.
Are you ready for it?
Yours in HAT,