In this Information Age, data powers growth and change and offers new opportunities for fairer and more efficient societies – if only data can be wisely accessed, shared and used. AMDEX talks with businesses that are helping unlock the potential of the data economy.
Find out what’s in your waste, share the information with potential buyers and sell it at its highest value to stimulate the circular economy, reduce carbon and greenhouse gas emissions, and help create a more inclusive and inter-generational agreement for a cleaner and a better world. That’s quite a result from merely knowing what you’re throwing away and Vikas Pandey and his colleagues at the Excess Materials Exchange are making it possible.
Know your waste
The Excess Materials Exchange (EME) is, simply put, a dating site for waste. Pandey: “We use exponential technology to connect suppliers and buyers of excess materials so that waste can become the valuable resource it actually is.” All too often, businesses aren’t aware of how valuable their excess resources are – or even what their excess resources are. It’s the same problem AMDEX sees in so many businesses and organisations: data is difficult to access and there’s no clear way of sharing the data confidentially and securely. “The first task for EME is to create a resource passport, a standardized data format that gives an overview of resources and their characteristics in a product.” Once you know what your waste is, it can become a resource for someone else.
Re-shape company policy
The next step is to bring the suppliers and buyers together. “We use blockchain technology so that data can be exchanged securely and automatically,” says Pandey. “But this still requires a shift in how organizations work. A shift in regulatory policy, accountancy standards and digitization.” This is where AMDEX comes in, drawing on the skills of legal and accountancy experts and policy makers to actively help re-shape policy and create new business models.
“Working with municipalities, businesses and law and policy makers, we see challenges in in terms of where and what data is stored, and what can be shared and with who. AMDEX is strategically positioned to not only provide technical know-how but also work as a facilitator between these parties. As independent partner, AMDEX can help bring together multiple partners so as to facilitate the consensual use of business data and intellectual property. This means that together we can develop a data sharing market place that is secure, approved and includes good practices.”