Data Economy-Need to Safeguard The Economy By Implementing Strong Data Protection Laws

Data Economy is an evolving market and, collaborated with considerable advances in technology, is resulting in the generation of even more data. The never-ending quest of humanity to change the way it leads its life and the need to reform itself with the modern standards has invariably led to the creation and growth of the data economy. It has potential to change every sphere of our life and, if properly regulated, can have efforts huge magnitude if it is looked upon from the perspective of the European Union where data economy has resulted in generating growth in the economy and the creation of quality Jobs..1 The most important thing of all is that it enables an organization or an individual working across all sectors to expand, collaborate and provide adequate services to their customers by providing a platform. These are the least if the things which can be achieved from the data economy If utilized and developed in a positive way, but the competition in the market can be cut-throat, and competitive practices can even be unethical on certain occasions and can put the customer at a disadvantageous position. Since the data economy thrives upon information generated by the consumers, it is imperative that it becomes very important that for the interest of the consumers and for the promotion of the market, it is vital to strike a right balance between the free flow of information and that of informational privacy. This brings us again to the importance of having a robust data protection law to achieve the dual-factors, as mentioned above