Powering the tremendous reshaping of the different sectors of the society brought upon by the Fourth Industrial Revolution is data.

Given access to a torrent of information, insights to further drive development can be attained. Used malevolently, this same torrent will propagate chaos.

Both government and corporate sectors are employing technologies such as blockchain, machine learning, and artificial intelligence to gather information. Because of data privacy and security concerns however, public-private data collaborations are severely limited.

Figure 1. The value and risk dimensions of data collaboration, Adapted from “Data Collaboration for the Common Good Enabling Trust and Innovation Through Public-Private Partnerships”, by World Economic Forum, April 2019, retrieved from www.weforum.org.

To maximize the potential of the data sets these sectors have in hand, collaborations are exactly what we need. In order to make such collaborations possible, trust must be established between the private and public sectors.

Figure 2. Six dimensions of a trustworthy system, Adapted from “Data Collaboration for the Common Good Enabling Trust and Innovation Through Public-Private Partnerships”, by World Economic Forum, April 2019, retrieved from www.weforum.org.

In their paper, the World Economic Forum identifies factors and priorities that will establish this trust.

Figure 3.  Key priorities across the public-private data collaboration lifecycle, Adapted from “Data Collaboration for the Common Good Enabling Trust and Innovation Through Public-Private Partnerships”, by World Economic Forum, April 2019, retrieved from www.weforum.org.

Ensuring privacy and security shouldn’t hinder us from innovations. We should take this as a challenge that when conquered, will allow us to further revolutionize our world for the better. With the cooperation of both public and private sectors, this is within our reach.

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