ANNOUNCEMENTS
The world is becoming digital at a faster rate. This has changed the patterns of trade and reshaped globalization. Technology has also restructured value chains in three ways: by reducing transaction costs, changing production processes and development of new goods and products. All of this has paved to a digital economy all over the world. Businesses and customers now have access to a wider array of goods and services with the help of internet. This has helped small business units such as Amazon and Facebook in turning into big multinationals. No country can isolate itself from this process of digitization instead they need to embrace it and be prepared for it. Governments and businesses will have a major role to play in this. In the center of this digital economy is data flow. Data flow facilitates the movement of information from a provider to a user. The main concern is, whether an individual’s data is protected or not and how to differentiate between a personal and non-personal data. While, there are a few regulations that have been implemented such as the GDPR that foresees that there is no breach of data, there is till no framework that provides absolute surety of protection in customer’s data and privacy. This project is an attempt in developing a data exchange framework for cross-border trade. The report will also try to create a common data dictionary for data exchange and it will also try to evaluate the possibility of leveraging the Harmonized System (HS) code as a reference system for the proposed Data Exchange Framework. Especial emphasis is laid on Bitcoin and AI Annotation.
Keywords: Digital Economy, Data Flows, Fourth Industrial Revolution, Data Exchange Framework, HS Codes
