Announcing the Open Data Marketplace
Reinventure portfolio company Data Republic has today announced the launch of the Open Data Marketplace, a world-first governed marketplace for organisations to list, exchange and collaborate on data exchange projects in a secure environment to boost social and commercial productivity outcomes.
The Open Data Marketplace, housed on Data Republic’s technology, is a central governance platform and secure marketplace for Data Republic’s Contributors and Users to discover, request and effectively govern data exchange projects with authorized parties.
The marketplace features a rich library of exclusive proprietary data from major service providers and brands, as well as open government datasets. Data can be discovered and accessed via ‘Data Listings’ which provide summaries of dataset attributes as well the permitted use or application of the datasets listed on the platform.
Paul McCarney, co-founder and CEO of Data Republic, said the Open Data Marketplace would help solve the challenges organisations face when trying to negotiate access to proprietary data.
“The lure of significant productivity and social benefits has driven an increase in government open data policies and data sharing among corporates. This trend does not come without risk. The Open Data Marketplace redefines the way data is exchanged by removing the existing risks associated with commercialising and exchanging data by putting privacy, security and the rights of the consumer first.
“The technology that powers the Open Data Marketplace is best practice and is governed by robust structural, technical and legal frameworks,” McCarney said.
Data Republic’s technology provides organisations with complete oversight and control around who can access its data as well governing the permitted application or use of the data once exchanged. This means that organisations can confidently exchange and analyse data in a secure and privacy compliant environment, fuelling data-driven innovation and productivity in sectors where valuable data has traditionally been locked away in siloes or not analysed at all.
“Importantly, our technology was built with consumer advocacy in mind and is also governed by consumer privacy law. Only anonymous de-identified data is available on the marketplace, with personal information encrypted and separated from Data Listings and stored in Databank, a bank-grade security service we developed with Westpac,” he continued.
With Westpac and Qantas Loyalty confirmed to be contributing anonymous, segment-level insights data on the Open Data Marketplace, McCarney again emphasised that fostering the underlying industry of data exchange would unlock value in the Australian economy.
“There are significant productivity and social benefits that are already being unlocked as the open data trend continues however in order to remove risks and respect the expectations of consumers, the market needs to adopt best practice and be sensitive to regulations around data exchange. In doing so, organisations can improve decision-making, solve business challenges and develop customer-led innovation.
“Whether its personalizing rewards for loyal customers, informing urban planning with up-to-date data, identifying fraudulent activity to lower premiums or just ensuring that a local retailer has enough umbrellas on a rainy day — the applications of secure, privacy compliant data exchanges are endless. The data exists. With Data Republic’s technology, organisations and governments now have the secure infrastructure to leverage it without risking the privacy of consumers or the security of the data.”
The Open Data Marketplace is currently available in Australia and will soon be launched in the United States. For more information visit Data Republic.