Data is defined as the quantities, characters, or symbols on which operations are performed by a computer, being stored and transmitted in the form of electrical signals and recorded on magnetic, optical or mechanical recording media. In theory, this is all well and good, but in reality, what is data? In the past it was thought of as facts and statistics collected together for reference or analysis floating somewhere in the ethos. In fact, the American Society of Accountants using Generally Accepted Accounting Principals (GAAP) hasn’t progressed to the point of even including data as part of a companies assets on its balance sheet. Most courts of law in the US do not consider data to be of any more value than the magnetic disks on which it is stored.
Acquire X believes that data is more than even an asset, but rather a commodity. In fact we propose that data will eventually, over time, be the largest commodity in the world. Why is that? Other commodities are limited by natural resources contained in and on the earth. For example, agricultural crops (I.e. corn, wheat, sugar, etc.) there is only X amount of land available to grow these crops. There are only so many precious minerals (diamonds, gold, etc.) in the earth’s crust. Carbon based energy products such as natural gas and oil exist in finite amounts, are being consumed daily and will eventually run out. Data however, is a completely different animal. It is reusable, non-consumable and re-sellable. In fact, adding a new data set to an existing data set creates a new data set in and of itself. The unique non-consumable nature of data and the fact that it is being created at both the enterprise and individual level at exponential rates leads to its upcoming omnipotent nature. The International Data Corporation (IDC) which is the premier provider of global market intelligence predicts that by 2025, worldwide data will grow by a whopping 61% consisting of 175 zettabytes, with much of that data residing in the cloud.
Acquire X is a world wide leader in the data space and has been out in front, leading the way in the push to monetize data. To that end, Acquire X has created a unique “Data Auction Marketplace”. This data marketplace allows both individuals and enterprises to come together via an auction like process to buy and sell data. Unlike other data exchanges that exist, Acquire X has simplified the entire transactional process by developing a mathematical, algorithmic and standardized methodology. This methodology encompasses taking traditional data sets and categorizing them into a standard unit of measure that is repeatable and orderly. Once standardized, the data is run through a mathematical algorithm and an “Acquire X suggested retail price” is generated. The beauty behind the “Acquire X suggested retail price” is that it provides a scientific and mathematical process in which to benchmark the price of data sets. One of the most difficult obstacles to overcome when buying and selling data (because the process is in its nascent phase) is determining how to price data. Once the “suggested retail price” is determined it ultimately sets the floor for buyers to begin bidding for a particular data set. The seller (very similar to an E-Bay model) has the option of setting the “buy now price”. This gives the buyer the option of buying the data set immediately at the “buy now price”, or bidding for the data set in an effort to gain the data at a lower price. This is revolutionary game changer when it comes to buying and selling data because it allows the market to ultimately set the price and value the data.
Once the data set has been purchased it is then transferred to the buyer via an API key. It should be noted that all data sets on the Acquire X Data Marketplace are de-identified, anonymized and compliant with jurisdictional regulatory authorities. Acquire X is a world-wide marketplace open 24/7, 365 days a year and has the ability to accept many different currencies. The US dollar is the standard unit of measure within the marketplace, however, many other currencies can be converted to allow access for data transactions. Security is of the utmost importance to Acquire X and the latest security features are present on the platform as well as those used by our cloud hosting provider AWS.
For sellers who need assistance in cleansing, transforming and normalizing their raw data to achieve a higher price, Acquire X offers their “concierge service” which can assist in the process. For buyers who require assistance in analyzing the data sets that they have purchased, Acquire X’s concierge service can also provide data scientists proficient in deriving data insights to drive improved decision making.
As you can clearly see, Acquire X is the pace setter for monetizing data. Come and view our web site for more information at https://xchange.acqrx.com/dataXchange