Opening data means making it accessible for any person to view, use, and share. While seemingly daunting, opening data helps researchers, scientists, governments, and companies better provide for the greater good of society.
The McKinsey Global Insitute predicted that open data could unlock USD 5 trillion per year in economic value globally. However, opening data can’t happen without privacy protection.
Data marketplaces have begun popping up to make data more accessible and, in some cases monetizing it. These marketplaces are collections of data, with a degree of privacy protection, organized for buying and selling between companies for analytic purposes.
After ensuring your company’s user data is privacy-protected properly, marketplaces are an excellent way to generate additional revenue sources, open up partnerships, and expand the value of your data.
Healthcare data marketplace.
Healthcare is an industry that has a lot to benefit from opening data. Making more data available can help find cures for rare diseases, monetizing data can provide much needed financial resources to hospitals, and letting external experts analyze data can lead to discoveries.
To take advantage of this opportunity, Mayo Clinic, a not-for-profit, academic medical center committed to clinical practice, education, and research, announced the launch of a healthcare data platform. The medical center is looking to digitize 25 million pathology slides in the next two years, creating the largest source of labeled medical data in the world that is easily accessible for doctors and other researchers to find the information necessary to diagnose or educate.
Mayo Clinic is emphasizing the importance of eliminating the risk of re-identification of Personal Health Information (PHI) while maintaining the value of the data.
Marketplaces in other industries
Data marketplaces have appeared in other industries, from finance to marketing, and government. The available information is beneficial to everyone involved.
Governments have been leading in the open data movement; for example, The United States Census Bureau created the leading source of statistical information of US citizens. Through their website, researchers can find data on employment, population, and other statistics relevant to American people. This data is collected, and de-identified such that any American person can be re-identified, while the information remains valuable.
On the marketing side, there are a couple of examples. Salesforce launched Data Studio, and Oracle created the Oracle Data Marketplace. These projects allow companies to buy and sell their data, to better understand their customers and marketing activities.
How is CryptoNumeric’s contributing to open data?
Recently, we partnered with Clearsense, a healthcare data analytics company that is reimagining how healthcare organizations manage and utilize their data.
Clearsense helps healthcare organizations unlock the power of their disparate data sources to lower cost, increase revenue, and improve outcomes.
- Anonymize their data so that it can be shared. Following HIPAA standards and using state-of-the-art privacy protection techniques, the original datasets are transformed, resulting in a privacy protected dataset that preserved its analytical value.
- Perform privacy-protected analytics. There are cases in which there is a need to combine various datasets; however, for regulatory restrictions, these datasets can not be moved, limiting its usefulness. With the help of CN-Insight, Clearsense was able to overcome this challenge and perform analytics on datasets as if they were combined, without the need of relocating them.
Clearsense now can offer its customers an opportunity to open up their data in a way that is compliant with regulations and cost-effective.
By protecting data privacy while maintaining its value, opening up collected information is helping move toward a privacy-safe future that benefits from the enormous amounts of data generated every second.
To learn more about our partnership with Clearsense watch our webinar Facilitating Multi-Site Research: Privacy, HIPAA and Data Residency.
To learn more about how the Mayo Clinic project, read our blog Two Paths of Data Monetization: Exploitation or Protection.