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Data sharing isn’t just about sending links. Rather, it is about giving the right people (and machines) access to the right information at the right time. It’s about keeping an eye on what you’ve shared, and ceasing to share when necessary. Increasingly, data sharing is also about feeding new innovations, such as AI apps, high-quality data that will fuel transformative ways of living and working.
Here are some of this year’s top trends in data sharing. Some build on last year’s trends, others are new. All represent an acceleration down the road of data centricity.
For about two decades, companies have profited by collecting, using and selling user data. Collected anonymously, this data has long been dismissed by users as the price of keeping things like Google and social media free.
Where there is treasure, however, there are pirates. If moral objections to the monetization of user data weren’t threatening enough, data theft certainly is. Every year, the Verizon Data Breach Investigations report comes out with new and terrifying figures. 2022 saw a 13% increase in ransomware, 80% of data breaches coming from external actors, and a slew of supply chain problems that were also hacker opportunities.
Increasingly smart applications like facial recognition, combined with rising tensions between the world powers of the U.S, China, Russia, and Europe, mean that state actors also pose threats. Information warfare is, after all, an act of warfare, and it is in every country’s interest to protect user data. Europe’s GDPR is an early example of policy reacting to threats.
Our societal focus on data privacy and security is only heightening. How do you know if you’re sharing your personal data with that cloud app and not some guy on the dark web as well? Is a website’s encryption enough to really protect your data, or is it, like the secure socket layer (SSL) on almost every website, prone to attacks? In 2023 more than ever, the focus will be on access controls, advanced encryption, and transparency in where your data is going, when, and to whom.
On one hand, decentralization is a response to the security and privacy threats floating around the internet. Decentralized systems are less vulnerable to cyberattacks and data breaches because the data is distributed across multiple nodes, making it harder for hackers to access all the data at once. Users also have more control over their data, deciding who can access which data and when, and tracing data provenance (where data goes, to whom and when). The combination of control and transparency makes decentralization a natural protection against privacy- and security threats.
On the other hand, data is becoming more decentralized as more organizations participate in cross-border data sharing ecosystems. Whether mandated by law, or to gain a competitive advantage, organizations are now having to work more efficiently with third parties, integrating shared, distributed data assets.
These systems often use peer-to-peer architecture, where each node in the system can act as both a client and a server. Systems can handle a large amount of data and concurrent connections without becoming overwhelmed, and scale up or down without significant changes to their infrastructure.
The ability to handle a lot of users and data without becoming overwhelmed makes decentralized systems eminently compatible with the challenges and opportunities of 2023. How do you become data-driven and secure? How do you use AI without bottlenecking your systems? How do you give users more control over their own data? Decentralization has technological answers to all of those modern quandaries.
Verifiable Credentials can potentially make credential data sharing ecosystems more trusted, secure, and efficient.
Just as the Apple- and Google wallets killed–or significantly slimmed down–the folding wallet, verifiable credentials are poised to significantly reduce dependencies on paper and plastic documents for identity or credential verification.
From the standpoint of government agencies, title companies and anyone else who produces paper or plastic documents, verifiable credentials are inexpensive to produce and distribute. From the point of view of anyone who has ever had to send over a copy of their driver’s license, digitally sign a mortgage document, or otherwise replicate personal information for the sake of getting ahead in life, verifiable credentials offer a lot more privacy and autonomy, while also reducing costs on verifiers for automated review and approval.
Data interoperability enables different systems to share and exchange information seamlessly. Think of your ability to control your home’s lights, garage door, TV and so on through an app like Apple Home. Even though each object has its own sensors, Apple Home makes it easy to see and control them from one place. You can almost feel the convenience.
The same is true of any interoperable system. Right now, it’s hard to see doctors in different healthcare systems because you need to make specific requests to begin the transfer of electronic healthcare records (EHR). If all of your EHR sat on an Apple Home-like app, and you had complete control over how much of each record to share, with whom and when, a big chunk of friction would be removed from life.
Interoperability makes apps smarter and more convenient—the long-awaited realization of the internet being more like a virtual assistant than a cesspool of information.
Interoperability requires different engineering under the hood. For now, most data is siloed in separate systems, essentially growing stale with time. Interoperability requires teams to extract, transform and load (ETL) data from various siloed systems into a data warehouse before it can be investigated for insights and shared.
Semantic Interoperability that uses global standards cuts out the ETL process, enabling “zero-copy-integration,” a nirvana for data sharing that reduces duplication and instead focuses on opening up “golden records” to permissioned parties. Different systems, applications and data sources can be integrated without data engineering plumbing, leading to more opportunities for innovation and less opportunities for bottlenecks or attack surfaces. Moreover, interoperable data is more easily auditable and traceable, which makes it easier to ensure that data is accurate, complete, and compliant with regulations.
Enterprises are already doing the heavy lifting to transform years of legacy data into interoperable data. Startups are focusing on interoperability while developing new products. 2023 will only see an acceleration of that trend.
Multi-party computation (MPC) is a cryptographic technique that allows multiple parties to jointly compute a function over their private inputs without revealing those inputs to one another. This makes it a promising solution for secure data sharing, as it enables
parties to collaborate on data analysis and processing while maintaining the privacy and confidentiality of their data.
MPC has gained a lot of attention in recent years, as organizations increasingly seek to share data with partners or third parties in a secure manner. For instance, in the healthcare sector, hospitals may want to collaborate on medical research while keeping patient data private. In the finance sector, multiple banks may want to share data to detect fraudulent transactions while maintaining the confidentiality of customer data.
MPC can also be used to enable secure voting and auctions, and it has applications in areas such as machine learning and blockchain technology.
One of the benefits of MPC is that it does not rely on a trusted third party to coordinate the computation. Instead, it uses cryptographic protocols to ensure that each party’s private input remains hidden from the others, while allowing them to collectively compute a result. This makes it a highly secure way of sharing data, as there is no central point of vulnerability that can be exploited.
However, MPC is not without its challenges. It can be computationally intensive and may require a significant amount of communication between the parties. In addition, the complexity of the protocols involved can make it difficult to implement correctly and securely.
Despite these challenges, the trend of MPC for secure data sharing is likely to continue. As more organizations seek to share data in a secure manner, MPC offers a highly promising solution that allows them to collaborate without compromising the privacy of their data. As the field of cryptography continues to advance, it is likely that MPC will become even more efficient and practical, making it an increasingly attractive option for secure data sharing.
To sum it all up, 2023 is the year where organizations can no longer ignore data. Whether building new lines of business, making legacy systems interoperable, or exploring the exponentially growing world of AI, it’s time to place data – and data sharing architectures –at the center of your strategy.
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Partner, Analytic Strategy Partners; Frederick H. Rawson Professor in Medicine and Computer Science, University of Chicago and Chief of the Section of Biomedical Data Science in the Department of Medicine
Robert Grossman has been working in the field of data science, machine learning, big data, and distributed computing for over 25 years. He is a faculty member at the University of Chicago, where he is the Jim and Karen Frank Director of the Center for Translational Data Science. He is the Principal Investigator for the Genomic Data Commons, one of the largest collections of harmonized cancer genomics data in the world.
He founded Analytic Strategy Partners in 2016, which helps companies develop analytic strategies, improve their analytic operations, and evaluate potential analytic acquisitions and opportunities. From 2002-2015, he was the Founder and Managing Partner of Open Data Group (now ModelOp), which was one of the pioneers scaling predictive analytics to large datasets and helping companies develop and deploy innovative analytic solutions. From 1996 to 2001, he was the Founder and CEO of Magnify, which is now part of Lexis-Nexis (RELX Group) and provides predictive analytics solutions to the insurance industry.
Robert is also the Chair of the Open Commons Consortium (OCC), which is a not-for-profit that manages and operates cloud computing infrastructure to support scientific, medical, health care and environmental research.
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Founder, DataStraits Inc., Chief Revenue Officer, 3i Infotech Ltd
Sudeep Nadkarni has decades of experience in scaling managed services and hi-tech product firms. He has driven several new ventures and corporate turnarounds resulting in one IPO and three $1B+ exits. VC/PE firms have entrusted Sudeep with key executive roles that include entering new opportunity areas, leading global sales, scaling operations & post-merger integrations.
Sudeep has broad international experience having worked, lived, and led firms operating in US, UK, Middle East, Asia & Africa. He is passionate about bringing innovative business products to market that leverage web 3.0 technologies and have embedded governance risk and compliance.
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CEO, Data4Real LLC
Julia Bardmesser is a technology, architecture and data strategy executive, board member and advisor. In addition to her role as CEO of Data4Real LLC, she currently serves as Chair of Technology Advisory Council, Women Leaders In Data & AI (WLDA). She is a recognized thought leader in data driven digital transformation with over 30 years of experience in building technology and business capabilities that enable business growth, innovation, and agility. Julia has led transformational initiatives in many financial services companies such as Voya Financial, Deutsche Bank Citi, FINRA, Freddie Mac, and others.
Julia is a much sought-after speaker and mentor in the industry, and she has received recognition across the industry for her significant contributions. She has been named to engatica 2023 list of World’s Top 200 Business and Technology Innovators; received 2022 WLDA Changemaker in AI award; has been named to CDO Magazine’s List of Global Data Power Wdomen three years in the row (2020-2022); named Top 150 Business Transformation Leader by Constellation Research in 2019; and recognized as the Best Data Management Practitioner by A-Team Data Management Insight in 2017.
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Senior Advisor, Board Member, Strategic Investor
After nine years leading the rescue and turnaround of Banco del Progreso in the Dominican Republic culminating with its acquisition by Scotiabank (for a 2.7x book value multiple), Mark focuses on advisory relationships and Boards of Directors where he brings the breadth of his prior consulting and banking/payments experience.
In 2018, Mark founded Alberdi Advisory Corporation where he is engaged in advisory services for the biotechnology, technology, distribution, and financial services industries. Mark enjoys working with founders of successful businesses as well as start-ups and VC; he serves on several Boards of Directors and Advisory Boards including MPX – Marco Polo Exchange – providing world-class systems and support to interconnect Broker-Dealers and Family Offices around the world and Fluree – focusing on web3 and blockchain. He is actively engaged in strategic advisory with the founder and Executive Committee of the Biotechnology Institute of Spain with over 50 patents and sales of its world-class regenerative therapies in more than 30 countries.
Prior work experience includes leadership positions with MasterCard, IBM/PwC, Kearney, BBVA and Citibank. Mark has worked in over 30 countries – extensively across Europe and the Americas as well as occasional experiences in Asia.
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Chair of the Board, Enterprise Data Management Council
Peter Serenita was one of the first Chief Data Officers (CDOs) in financial services. He was a 28-year veteran of JPMorgan having held several key positions in business and information technology including the role of Chief Data Officer of the Worldwide Securities division. Subsequently, Peter became HSBC’s first Group Chief Data Officer, focusing on establishing a global data organization and capability to improve data consistency across the firm. More recently, Peter was the Enterprise Chief Data Officer for Scotiabank focused on defining and implementing a data management capability to improve data quality.
Peter is currently the Chairman of the Enterprise Data Management Council, a trade organization advancing data management globally across industries. Peter was a member of the inaugural Financial Research Advisory Committee (under the U.S. Department of Treasury) tasked with improving data quality in regulatory submissions to identify systemic risk.
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Pawan came to Fluree via its acquisition of ZettaLabs, an AI based data cleansing and mastering company.His previous experiences include IBM where he was part of the Strategy, Business Development and Operations team at IBM Watson Health’s Provider business. Prior to that Pawan spent 10 years with Thomson Reuters in the UK, US, and the Middle East. During his tenure he held executive positions in Finance, Sales and Corporate Development and Strategy. He is an alumnus of The Georgia Institute of Technology and Georgia State University.
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Andrew “Flip” Filipowski is one of the world’s most successful high-tech entrepreneurs, philanthropists and industry visionaries. Mr. Filipowski serves as Co-founder and Co-CEO of Fluree, where he seeks to bring trust, security, and versatility to data.
Mr. Filipowski also serves as co-founder, chairman and chief executive officer of SilkRoad Equity, a global private investment firm, as well as the co-founder, of Tally Capital.
Mr. Filipowski was the former COO of Cullinet, the largest software company of the 1980’s. Mr. Filipowski founded and served as Chairman and CEO of PLATINUM technology, where he grew PLATINUM into the 8th largest software company in the world at the time of its sale to Computer Associates for $4 billion – the largest such transaction for a software company at the time. Upside Magazine named Mr. Filipowski one of the Top 100 Most Influential People in Information Technology. A recipient of Entrepreneur of the Year Awards from both Ernst & Young and Merrill Lynch, Mr. Filipowski has also been awarded the Young President’s Organization Legacy Award and the Anti-Defamation League’s Torch of Liberty award for his work fighting hate on the Internet.
Mr. Filipowski is or has been a founder, director or executive of various companies, including: Fuel 50, Veriblock, MissionMode, Onramp Branding, House of Blues, Blue Rhino Littermaid and dozens of other recognized enterprises.
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Brian is the Co-founder and Co-CEO of Fluree, PBC, a North Carolina-based Public Benefit Corporation.
Platz was an entrepreneur and executive throughout the early internet days and SaaS boom, having founded the popular A-list apart web development community, along with a host of successful SaaS companies. He is now helping companies navigate the complexity of the enterprise data transformation movement.
Previous to establishing Fluree, Brian co-founded SilkRoad Technology which grew to over 2,000 customers and 500 employees in 12 global offices. Brian sits on the board of Fuel50 and Odigia, and is an advisor to Fabric Inc.
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Eliud Polanco is a seasoned data executive with extensive experience in leading global enterprise data transformation and management initiatives. Previous to his current role as President of Fluree, a data collaboration and transformation company, Eliud was formerly the Head of Analytics at Scotiabank, Global Head of Analytics and Big Data at HSBC, head of Anti-Financial Crime Technology Architecture for U.S.DeutscheBank, and Head of Data Innovation at Citi.
In his most recent role as Head of Analytics and Data Standards at Scotiabank, Eliud led a full-spectrum data transformation initiative to implement new tools and technology architecture strategies, both on-premises as well as on Cloud, for ingesting, analyzing, cleansing, and creating consumption ready data assets.
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