In response to the country’s richest person Mukesh Ambani’s plan to store data inside the country, Facebook has said that data is not new oil. Countries like India should allow its free flow instead of depositing it within their borders. According to Facebook’s Vice President of Global Affairs and Communications, Nick Clegg, data sharing is extremely important for the country’s security as India is kept away from global data-sharing measures aimed at ending crime and terrorism.
Ambani compared data with oil
Recently Reliance Industries chairman Mukesh Ambani had said that data is the new oil. He proposed to store the data of Indian users within the country instead of taking possession of it by the Global Corporations. In response, Nick said that many people in India and the world feel that data is a new oil and as keeping the oil reserves within the national boundaries increases the economic prosperity in the country, in the same way, storing the data at home Will benefit But their thinking is wrong.
The value of the data will come from its free flow
Nick said that data is not oil. Data is not a limited commodity that can be monopolized, traded and removed from the ground and burned in cars and factories. If you have to compare the data with a liquid, then do it with water. The global internet is like a vast and borderless sea. The value of the data does not come from storing it or trading it like a limited commodity, but from the innovation that comes from its free flow. The algorithms and services and intelligence that will be created from this data will reveal the value of this data.
People get a chance to decide
He said that this innovation has the potential to bring great wealth to India. And this innovation will put India at the forefront of the global internet in the coming decades. He said that India should create a new template for the Internet that gives people the right to decide what will happen to their data. A template that promotes competition and innovation and is open to all and accessible to everyone.