In fact, recent research has shown that the value of your car is comparable to the price of the data inside of it.
What Is Data?
According to the lead of the Intelligent Transporation System, Jim Barbaresso, “data is the currency of the digital age.” Come to find out, Barbaresso is right. Cars now come equipped with sensors that are constantly collecting data, and that data can be used to earn a profit.
What Data Does My Car Collect?
Cars all collect data using different technologies. For instance, a car that has a back-up camera can measure how many pedestrians or cars are on the block you’re on. Eran Shit, CEO of Nexar, touched in the importance of cars collecting data stating “By collecting data from vehicles, you effectively digitalize the public space, unlocking potential safety issues, security, and municipal and commercial benefits.
How Does Data Make Money?
Data, in recent years, has earned large companies such as Google and Facebook a large amount of money. They can collect data for businesses, through their websites, and sell the results of that data to that business so they can use the results to make changes or improvements. The more data a car can collect, the more that car is worth. For example, according to Tom Coughlin, founder of Coughlin Associates, a self-driving car collects 1 gigabyte of data per second. These cars, in particular, could produce a lot of business opportunities involving data.
What Is Data Being Used For?
Currently, data is being used to create and perfect self-driving cars. Collecting data will help car companies build a self-driving car that operates safely and correctly in all situations. Automakers are, and will likely continue, to sell the data within the cars to make large profits. The industry is doing whatever it can to get data from cars and use it to their advantage. Car companies are eager to purchase data in order to improve and perfect their own models. Many people in the car industry are eager to purchase data and discovering how they can use it to their advantage to produce the next best thing.