DATA Monetization, Interoperability, Trading & Exchange
In the research project 'DATAMITE', 27 partners from 13 countries are working on a modular, open-source and cross-domain framework for data use. It aims to improve data usage in all areas: Exchange, Interoperability, Monetization and Commerce. To this end, 'DATAMITE' brings together the key players in the data value chain.
The era of data accumulation is no longer profitable. The paradigm has now shifted to the ability of companies to monetize data. This is related to the trust and quality characteristics of the data they use, either self-generated or acquired.
The research project 'DATAMITE' understands the existing obstacles and develops a simple but effective technical framework that enables European companies and public administrations to overcome existing challenges and facilitate the monetization of their data. The main goal is to help user:s better monetize, manage and trust their data through the development of a set of key modules. The key modules are data governance, quality, security, sharing and supporting tools.
'DATAMITE' delivers a modular, open-source and cross-cutting framework to improve data monetization, interoperability, trading and exchange in the form of software modules, training and business materials for European companies, enabling them to become new relevant players in the data economy.
Benefits for the target group
DATAMITE' unlocks the monetization potential on two levels: internal and external. At the internal level, user:s are provided with tools to improve the quality management of their data and compliance with 'FAIR' (Findable, Accessible, Interoperable, Reusable) principles, and are able to educate themselves on technical and business issues. This makes the data trustworthy, which reduces the data-decision gap, and also makes it more reliable in other paradigms - such as AI.
On an external level, the fact that user:ins retain control over their data offers new revenue streams and interactions with other actors, e.g. in ecosystems such as the 'International Data Spaces' (IDS), data markets or the 'European Open Science Cloud' (EOSC). In addition, the architecture envisioned for 'DATAMITE' enables sandboxing of DIHs and thus becomes a potential trainer in engaging SMEs.