Chris Speed, the Chair of Design Informatics at the University of Edinburgh and is also Co-Director of the Design Informatics Research Centre, recently wrote a blog in which he looked at the future of trading data as currency. UCX believes that Big Data, not only will be used as currency, but will be one of the biggest commoditized markets in the world in a few short years.
Speed talks of the ‘third’ industrial revolution, something which is a social self-examination. History gave way to the industrial revolution with the invention of the steam engine; Efficiencies and mass production became available with the invention and proliferation of electricity. The third revolution is the invention of the microprocessor which gave way to the digital age and the advent of the cloud allowing mass processing of big data, IoT along with everything else in the future…UCX understands this as a fact of the economic condition. Every part of Big Data will eventually be commoditized, no different than corn, gold or even oil. Compute processing, Big Data, and other ‘smart commodities’ are the needs of the digital age for risk management purposes. UCX will be there with the solutions!