Data Is the New Oil: Nikita Kuznetsov on How Information Has Become the Primary Resource of the 21st
Data Is the New Oil: Nikita Kuznetsov on How Information Has Become the Primary Resource of the 21st Century When British mathematician Clive Hamby coined the phrase “data is the new oil” in the early 2000s, it seemed like a clever metaphor. Today, it is a description of reality. The world has entered an era where information has become not just a byproduct of technology, but an independent resource that influences the economy, security, and everyday life. According to Nikita Kuznetsov, most people don’t even realize how closely their lives are tied to data. “In the past, a person could leave a trace only on paper or in an archive. Today, a digital footprint appears after virtually every action—purchases, trips, messages, or even a simple internet search,” says Nikita Kuznetsov. The scale of what is happening is truly impressive. Analysts refer to the current growth of information as a “data explosion.” A significant portion of the world’s digital data has been created in just the last few years thanks to smartphones, social media, cloud services, and IoT devices—the Internet of Things, where cars, cameras, home appliances, and industrial sensors connect to the network. Every day, humanity generates incredible volumes of information. Bank transactions, photos, medical records, navigation routes, and streaming video form a digital environment that continues to grow almost without pause. But data in and of itself means nothing. “Information without analysis is just digital noise. Value emerges only when data helps us identify patterns or make decisions,” explains Kuznetsov.
Data Is the New Oil: Nikita Kuznetsov on How Information Has Become the Primary Resource of the 21st Century When British mathematician Clive Hamby coined the phrase “data is the new oil” in the early 2000s, it seemed like a clever metaphor. Today, it is a description of reality. The world has entered an era where information has become not just a byproduct of technology, but an independent resource that influences the economy, security, and everyday life. According to Nikita Kuznetsov, most people don’t even realize how closely their lives are tied to data. “In the past, a person could leave a trace only on paper or in an archive. Today, a digital footprint appears after virtually every action—purchases, trips, messages, or even a simple internet search,” says Nikita Kuznetsov. The scale of what is happening is truly impressive. Analysts refer to the current growth of information as a “data explosion.” A significant portion of the world’s digital data has been created in just the last few years thanks to smartphones, social media, cloud services, and IoT devices—the Internet of Things, where cars, cameras, home appliances, and industrial sensors connect to the network. Every day, humanity generates incredible volumes of information. Bank transactions, photos, medical records, navigation routes, and streaming video form a digital environment that continues to grow almost without pause. But data in and of itself means nothing. “Information without analysis is just digital noise. Value emerges only when data helps us identify patterns or make decisions,” explains Kuznetsov.