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Data Is the New Oil–Sort of: A View on Why This Comparison Is Misleading and Its Implications for Modern Data Administration

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  • Christoph Stach

    (Institute for Parallel and Distributed Systems, University of Stuttgart, Universitätsstraße 38, 70569 Stuttgart, Germany)

Abstract

Currently, data are often referred to as the oil of the 21st century. This comparison is not only used to express that the resource data are just as important for the fourth industrial revolution as oil was for the technological revolution in the late 19th century. There are also further similarities between these two valuable resources in terms of their handling. Both must first be discovered and extracted from their sources. Then, the raw materials must be cleaned, preprocessed, and stored before they can finally be delivered to consumers. Despite these undeniable similarities, however, there are significant differences between oil and data in all of these processing steps, making data a resource that is considerably more challenging to handle. For instance, data sources, as well as the data themselves, are heterogeneous, which means there is no one-size-fits-all data acquisition solution. Furthermore, data can be distorted by the source or by third parties without being noticed, which affects both quality and usability. Unlike oil, there is also no uniform refinement process for data, as data preparation should be tailored to the subsequent consumers and their intended use cases. With regard to storage, it has to be taken into account that data are not consumed when they are processed or delivered to consumers, which means that the data volume that has to be managed is constantly growing. Finally, data may be subject to special constraints in terms of distribution, which may entail individual delivery plans depending on the customer and their intended purposes. Overall, it can be concluded that innovative approaches are needed for handling the resource data that address these inherent challenges. In this paper, we therefore study and discuss the relevant characteristics of data making them such a challenging resource to handle. In order to enable appropriate data provisioning, we introduce a holistic research concept from data source to data sink that respects the processing requirements of data producers as well as the quality requirements of data consumers and, moreover, ensures a trustworthy data administration.

Suggested Citation

  • Christoph Stach, 2023. "Data Is the New Oil–Sort of: A View on Why This Comparison Is Misleading and Its Implications for Modern Data Administration," Future Internet, MDPI, vol. 15(2), pages 1-49, February.
  • Handle: RePEc:gam:jftint:v:15:y:2023:i:2:p:71-:d:1065981
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    References listed on IDEAS

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    1. Roxana Maria ROBA, 2009. "The Legal Protection Of The Secrecy Of Correspondence," Curentul Juridic, The Juridical Current, Le Courant Juridique, Petru Maior University, Faculty of Economics Law and Administrative Sciences and Pro Iure Foundation, vol. 36, pages 135-154, March.
    2. Claudia Diamantini & Paolo Lo Giudice & Domenico Potena & Emanuele Storti & Domenico Ursino, 2021. "An Approach to Extracting Topic-guided Views from the Sources of a Data Lake," Information Systems Frontiers, Springer, vol. 23(1), pages 243-262, February.
    3. Julio Moreno & Manuel A. Serrano & Eduardo Fernández-Medina, 2016. "Main Issues in Big Data Security," Future Internet, MDPI, vol. 8(3), pages 1-16, September.
    4. Christoph Stach & Clémentine Gritti & Julia Bräcker & Michael Behringer & Bernhard Mitschang, 2022. "Protecting Sensitive Data in the Information Age: State of the Art and Future Prospects," Future Internet, MDPI, vol. 14(11), pages 1-43, October.
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    Cited by:

    1. Christoph Stach & Clémentine Gritti, 2023. "Special Issue on Security and Privacy in Blockchains and the IoT Volume II," Future Internet, MDPI, vol. 15(8), pages 1-7, August.

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