Matthew Boyle
The UK government has issued a call for” smart data” concepts based on available banking to assist consumers and small businesses.
The Department for Business and Trade, Challenge Works, the Open Data Institute ( ODI), and Smart Data Foundry have all announced the start of a smart data discovery challenge. It urges people, innovators, business owners, academia, and civil society to submit cross-sector ideas that could help people and small businesses use bright data.
Personal consumers and small businesses are said to be able to access and firmly share their data with authorized third parties thanks to smart data. Open banking, which shares specific financial details with different financial service providers or providers, is an example of intelligent data. The goal is to make it simpler for various businesses to use data to suggest or personalize products.
According to Kevin Hollinrake, minister for enterprise, markets, and little business,” Smart data has the ability to help create solutions to real-life problems that consumers face on a daily basis, as well as supporting small businesses across the country and helping to grow the economy.”
” Smart data is currently assisting consumers through empty banking,” and I’m looking forward to seeing what other ground-breaking technology our country’s innovators and entrepreneurs, especially in the energy, SME finance, and home buying sectors, this challenge will produce. ”
According to the launch parties, the Smart Data Discovery Challenge aims to support cross-sector initiatives in the areas of financial services, energy, financial, transportation, and home purchases in order to address issues like the cost of living, net zero transition, as well as the support of susceptible people. The challenge’s stated objective is to encourage individual innovators and partnerships to turn their original concepts into workable concepts with the ability to advance into development.
From October 26 to December 8, 2023, submissions will be accepted, and Challenge Works and the ODI will host webinars to offer advice and support. With a share of up to £750,000 accessible to participating innovators, the Smart Data Prize will be launched in 2024 with the help of this process.
After that, a long list of concepts will be chosen, and in March 2024, the Smart Data Discovery Challenge will host showcasing of original concepts. The top candidates will receive cash prizes following evaluation.
According to Louise Burke, CEO of the ODI,” Innovators who participate in the Smart Data Discovery Challenge will join a community of cutting-edge and innovative thinkers to help us shape the direction of an upcoming intelligent data prize in 2024.”
In order to improve people’s lives and enhance our national data infrastructure, we are inviting artistic individuals from across business, academia, and civil society to participate in the discussion about opening up services using bright data. “”
