The Value Of Data

Nick Clegg said data-sharing across jurisdictions is more important than where that info is located physically.We touched on that," he said."There are many in India and around the world who think of data as the new oil - and that, like oil having a great reserve of it held within your national boundaries, will lead to surefire prosperity..New Delhi: Facebook global executive Nick Clegg on Thursday met IT Minister Ravi Shankar Prasad and discussed issues including cross-border data flows, data privacy, and sharing of data between the governments for citizen safety electromagnetic flowmeter Manufacturers.Speaking with PTI, after the 45-minute meeting with the minister, Clegg said, "One of the things that came up (during the meeting) was that one of the effective ways that governments can cooperate with each other to keep their citizens safe is to enter into new agreements with each other to share data for security purposes.

Mr Clegg said to contain data within geographical boundaries and restricting its flow outside the country would be to "turn this great ocean of innovation into a still lake.WhatsApp payment service, which will compete with the likes of Paytm, Google Pay and PhonePe, is awaiting regulatory clearance in India, and the company had earlier said it hopes to roll out full-fledged services later this year."Data isn't oil - a finite commodity to be owned and traded, pumped from the ground and burned in cars and factories.. As you may know, we have pilot of one million WhatsApp users in this country who are using WhatsApp Pay, we are keen to make a progress on that.Facebook Vice-President, Global Affairs and Communications, Nick Clegg said data sharing is crucial for national security as India right now finds itself "locked out" of major global data-sharing initiatives aimed to root-out serious crimes and terrorism.."end-ofTags: facebook, instagram, whatsapp, data flow, data privacy, data localisation, nick clegg, amit shah, ravi shankar prasadLocation: India, Delhi, New Delhi. If you want to use data particularly to make sure people are kept safe and, in our view, the fact that US Congress has allowed CLOUD (Clarifying Lawful Overseas Use of Data) Act which allows for agreements with Governments such as India for speedier and automatic data sharing.

 Of course, no analogy is perfect, but a better liquid to liken it to is water, with the global internet like a great border-less ocean of currents and tides," he said. He said the country's data must be controlled and owned by Indian people and not by corporates, especially global corporations.The value of data, he said, comes not from "hoarding it" or trading it like a finite commodity, but from allowing it to flow freely and encouraging the innovation that comes from that free flow of data - the algorithms and the services and the intelligence that can be built on top of it. While the home ministry's official Twitter handle posted a picture from the meeting, it did not give details."Terming India as a "huge market" for Facebook and its group companies, Clegg said the US tech giant is # "keen to make progress" on rolling out its payments services on WhatsApp.India should create a new template for the internet that "respects the rights of individuals to choose what happens to their data; one that encourages competition and innovation; and one that remains open and accessible for everyone," he said."It is that innovation that has the potential to bring much greater wealth to India - and it is that innovation that will place India, with its entrepreneurial society and its bedrock of engineering talent, at the forefront of the global internet for decades to come," he said.