The analogy of data and oil stems from the British mathematician Clive Humby and is based on the fact that both data and oil need a certain amount of effort before their full potential can be leveraged. Oil needs to be refined and data needs to be processed to gain maximum value. Besides this, data and oil do not have much in common. Indeed, data is the basis for the technologies that are increasingly disrupting the ways we work, commute and communicate. However, in multiple aspects data, in particular open data, wins over oil.
Nine benefits of open data compared to oil:
It is a question for society, politics and businesses how we shape our future data economy and its actors. Open Knowledge Belgium describes the open data utopia as: “A world where knowledge creates power for the many, not the few.” Everyone can contribute to this world, for example following Bernard Marr’s proclamation not to hide (open) data in silos and sell it but share it within the freedom of our data regulations to create impact.