A borderless market for digital data

Per Nymand-Andersen

With the digital transformation within economics and finance, digital data has become borderless. However, regulations, supervision and policy proposals seem to be greatly fragmented and unsynchronised along national boundaries as well as depending on who is collecting the data and/or where the data is stored. Our digital footprints are created instantly, shared and stored anywhere and everywhere (Figure 14.1), and such digital data has significant value for modernising our societies and generating economic growth.

The rapid advances in information technology and globalisation, in digital information creation and availability, have all significantly transformed the economic landscape. This presents decision makers and policymakers with both new opportunities and challenges in fostering the use of borderless digital data for enhancing the welfare of society. Data is the new gold, with the potential to elevate the welfare of nations.

The increased availability of micro and individual digital data has highlighted the increasingly complex challenges of data management and accessibility and their impacts on society. Information theory confirms that information overload can be

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