List the benefits and challenges of big data in the 21st-century globalized economy.

1. List the benefits and challenges of big data in the 21st-century globalized economy.

The benefits of big data in the 21st century include: To Generate Commercial Intelligence in that the big data is used to excerpt the business intelligence by analyzing better decision making to boost business progress. It assists in understanding the purchaser’s needs and greatest demanded goods and improved business choices. Another benefit is that it has the capability to strengthen data analysis practices against being swindled. In addition, big data allows assessors to gather and analyze information outside of financial reports like online reviews.

The challenges affecting the big data include: Encryption of data in Transit and Rest as there is the necessity to use improved encryption and decryption method to provide data in transit and at rest protection but still it has not been implemented yet. Another challenge is about access Control whereby there are difficulties in implementation of the Role-Based Access Control as well as the Attribute-Based Access Control, which help in running the business.

2. What are some of the risks and how the risk can be mitigated?

Inequality is one of the risks as though the power of Big Data is utilized by many economically developed states, and the same cannot certainly be said for most developing nations due to poor infrastructure and lack of skills and properly trained personnel. Therefore, there is a risk to those who lack access to the resources of producing data, and so they will be no equal resource distribution and soon be disenfranchised. The risk can be mitigated if the capacity at which individuals generate quantities of data, could potentially not impact upon the extent to which they provide inputs into the policy-making process and thereby if resources are not enough, they could be offered support by the developed countries.

Another risk is brought about by lack of Algorithmic Transparency as it is said that, there presently exists a chronic absence of accountability and transparency in terms of by what means are Big Data algorithms programmed and what criteria are applied to determine consequences. (Pasquale, 2015). This risk can be mitigated through applying legal disputes, providing leaks hence promoting automated judgements.