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Are they doing with it there s not much straight out the moment it. needs to be extracted and collected and it s an opportunity and right and i think data and infrastructure should be treated as electricity roads and health care like high priority strategy strategic infrastructure for the government so the potential is there that is locked up there s not much of it and that s the huge upside and there s also the downside risk and if we don t do it small medium enterprises won t be able to keep up. you know almost i m jumping in. our green totally with the idea that data don t play right now is locked up it s in storage it s not it hasn t been built to be used by data 1st is right it s been built for complaints perspective right. so it s to say the insurance industry as a insurance company i need to report to some governing body as to my life but ....
A little bit wider than just the narrow compliance questions you need to answer so that that brings me back to more at and this idea that you have having a central place where people can band one trade data. so our case is that if you treat data as a commodity much like oil and allow for people to share their data ourselves our data the question is how do you value the thing because it doesn t have built in value so we said what if we again taking off from what i am spying research how do we create value assigned value to data when it doesn t have it. intrinsic value so we said how do you value coffee or oil or tea or any minerals that there s a system called commodity exchanges so we said what if we trade data but you cannot trade data because of privacy and volume so we said can we create an alternative kind of a reference and here technology is like block chain come in handy we can create a token exchange so the idea is let me give an example and south africa an african ....
That it is the oxygen on the 40 duster of what you said but how do you make something valuable that everyone has access. thank you so currently as we look at it from there have turned electrics perspective is in the african continent and most particularly african governments we have a lot of legacy technologies that do not have the potential to harness the data that is required for them to make valuable and quality decisions so currently we advice anybody who wants to get into that space to to the point where they are going to analyze that data is do you want to have the infrastructure that is going to one is this data so we have to start with the infrastructure that is going to enable you to acquire the kind of detail you re going to analyze at the end of the ....
The 4th industrial revolution. i think facebook just had to pay a $200000000.00 fine for allowing players bad players to sort of violate child privacy laws so the intrusion of data data is borderless and some of our laws are within countries and there s 54 countries here and in africa and as i looked at the figures in 2019 of the 54 countries only 24 had any form of formal data legislation in terms of frameworks for how to how to create collect and protect it and the rest either have draft legislation no legislation or no data so that s it s not skepticism it s sort of we have to get our act together as a continent in the context of the free trade agreement and the spirit of collaboration to be able to enable this cross border vision intra regional bloc that everyone wants to create the jobs and the like all right so we i want to come to you because we re saying the data is that we ve actually gone as far as saying ....
A challenge we have so the idea is to really create the infrastructure to generate data and this is where technologies like 5 g. and internet of things come into play but i think it needs to be a national strategy not left to individual companies because it s too big and if you can instrument the fields if we can instrument the oceans we can collect a lot of data and improve our great culture as i mentioned oceans and health and in terms of who owns the data who makes money out of it if you look at some of the platform companies their market valuations are bigger than the g.d.p. s of all african countries so there s value in the data the question is how to turn that into value for the owners of the data who gets decided so we have a theory it was actually inspired by rely on musician oh and his and i have been here yes so we work with people on the panel and he said their outlook any ....