The foundation of any artificial intelligence is data and those who have their own data can achieve an enormous competitive advantage. However, this is where the different national data protection laws come in. The fear of the regulation paralyzes whole industries.
The following contains excerpts from Forbes.com on The Artificial Intelligence Industry and Global Challenges
Data is a competitive advantage
The foundation of any artificial intelligence is data. We therefore need data on several points.
First of all, we need data for the research and training of narrow artificial intelligences. The more digital your business model is, the more data you have. For this reason, marketing leaders (Google, Facebook), software companies (Salesforce, Microsoft) and e-commerce retailers (Zalando, Amazon) have been heavily involved in AI for years.
Some banks also recognized the trend early on. Therefore Goldman Sachs and J.P. Morgan have already recruited thousands of employees with a focus on machine learning and data science.
Those who have their own data can achieve an enormous competitive advantage. Those who have no data will have to collect, store and evaluate data. However, this is where the different national data protection laws come in, which is why Europe is at a disadvantage.
GDPR/DSVGO may indeed have the good intention to create a European data internal market, but currently form an enormous location disadvantage for Europe. The fear of the regulation paralyzes whole industries. Personal discussions with clinics and doctors showed me that the health industry no longer shares any data. This literally costs human lives, because this obstacle is detrimental to health research and life-prolonging algorithms.
This is just one example among many. Uncertainty about data is paralyzing the entire European industry. For fear of penalties, data is not collected at all. We are creating a culture of data anxiety at a time when data is actually our strength.
China, on the other hand, is the extreme opposite. The state helps with a lively exchange and centralization of data (more on this in the chapter on China). In addition, the population has fewer concerns about the free handling of data.
De facto, privacy no longer exists in the 21st century. Every digital action is measured and stored.