Monetizing the value of data is one of the key challenges facing organizations in today’s fast-moving world. This chapter explains how the International Data Spaces Association used an open innovation-based standardization approach to create an international standard for sovereign sharing of data.
This standard enables partners in a data space to share their data without losing the freedom to define how the data is used by adding usage conditions to the data. A data space supports value creation and data monetization opportunities for all partners in a trusted data-sharing environment. This is in keeping with the principles of open innovation.
