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Imagine that an asset that you own such as a car remains underutilized most of the time. In fact in the Indian scenario this not so hard to imagine – it has been reported that private car utilization percentages are as low as 5%. But now with the help of advanced big data analytics, an intermediary such as Zoomcar, Reva or Quickride is leveraging on data to provide you a platform on which you can share your assets or carpool with fellow travelers and earn some income from your assets and improve your assets‟ utilization and become a mobility service provider yourself. Now consider another scenario wherein you are driving a car provided to you by an intermediary or your own car which you have shared with others. Suddenly you lose control of both your phone and car with both the devices not responding to your attempts to wrest control. This nightmare scenario is not as far-fetched as it sounds because modern-day hackers are able to tap into data and meta-data between connected devices to hack almost anything and everything.
In both of the above potential scenarios, it is important to note that the manner in which data is collected, processed, stored, accessed and transferred plays a significant role in the type of outcomes that are realized. According to a report by business intelligence firm DOMO, over 2.5 quintillion bytes of data are created every single day, and it’s only going to grow from there. By 2020, it is estimated that 1.7 MB of data will be created every second for every person on earth.” These staggering numbers indeed give further credence to the new adage – “Data is the new oil”. The trend world over including India is that future socio-economic growth and governance will be driven by data generation and utilization by algorithmic-driven frontier technologies such as machine learning, AI, blockchain, and IoT. India‟s demographic profile with nearly 65% of its population below 35 years is conducive to the shared economy paradigm that is steadily driving growth and creating new opportunities worldwide.
This article first appeared on urbantransportnews.com
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