Data Exchange Framework: EU Data Act
The EU Commission has set the standard for data policy with a landmark decision by introducing the Data Act. To create a more just and forward-thinking data economy, the Data Act establishes fundamental principles for data sharing rights and obligations.
If one buys a "conventional" product, one gets the whole thing, including the extras. However, when purchasing a data-generating linked product, it is not always apparent who has rights to the data and how it might be used.
The European Commission (EC) adopted a Proposal for a Regulation on the Fair Access to and Use of Data on February 23, 2022 (hereafter referred to as "The Data Act").
The proposed legislation mandates data sharing requirements among businesses, public authorities to make better use of the 80 percent of industrial data that is now being wasted. This will result in an extra €270 billion to the EU's GDP by 2028. The new regulation will support data sharing, provide governments access to sensitive data and discourage data monopolies.
Although there is still much to be worked out, this plan defines the guidelines framework for the forming data economy and allows data businesses to explore more opportunities.