News – News
26 October 2023
Run in partnership with the Department for Business & Trade, the Open Data Institute (ODI) and Smart Data Foundry, the Challenge is looking for the most promising cross-sector Smart Data use case ideas, with the aim of launching a Smart Data challenge prize in 2024.
A prize pot of up to £20,000, with individual prizes up to £5,000 each, will be allocated to the most promising pitches as judged by an independent expert panel. Participants will also join a vibrant community of innovators, thinkers, and doers, all working towards a common goal – using Smart Data to enrich business.
Smart Data is already helping consumers via Open Banking and I am excited to see what other game changing technology this challenge launching today will produce from our nations’ innovators and entrepreneurs, particularly in the energy, SME finance and home buying sectors.
Exploring the power of Smart Data
The UK’s existing data protection law gives individuals the “right to data portability” – the right to obtain and reuse their personal data for their own purposes across different services.
But in practice, this right is often difficult or impossible for consumers to exercise. Most consumer data is currently locked away and only accessible directly by the consumer or the original data holder (for example, the consumer’s bank).
Smart Data enables individual consumers and small businesses to access and share their data simply and securely with trusted, authorised third parties who can offer innovative services to them. For example, to help save them time and money, or find the services most suitable for their needs.
A Smart Data economy could unlock transformative innovations just as open banking did for fintech. It’s a new frontier and would represent a massive change to how individuals and small businesses take control of their data.
Submit your Smart Data use case today
The Smart Data Discovery Challenge’s Open Call for ideas runs from Thursday 26 October to Friday 8 December 2023. Individuals and organisations can propose as many cross-sector solutions that showcase the potential benefits of Smart Data for consumers, small businesses, and society at large as they wish.
