For this reason, Sean Howell, an associate at Covington and Burling LLP, classifies raw data a “competitive asset” meaning that some companies have greater advantages over others. Also, in 2017, John Thornhill, the Innovation Editor for the Financial Times, made a claim that “the most valuable asset that possess is the data that its users, often unwittingly, hand over for free before sold to advertisers” and understandably so, with nearly 50 billion devices connected to the internet (including the Internet of Things, or IoT), it is this information brokering that drives bottom lines. In 2011, the World Economic Forum declared raw data an asset and in 2017, the Economist published an article that claimed, “the world’s most valuable resource is no longer oil, but data”. To be competitive, data use practices are evolving, leaving users with little control over their own information. Data monopolization is creating barriers to entry and,
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