May 15th, 2013 Filed under: News — Contributing Writer
Considering the positive steps that Obama has taken, open data is one of the major. As per the open data executive order, federal data would be made available to software developers. This is going to have a huge impact on agendas related to personal finance as well as software development for public welfare.
The open data policy which was passed on May 9th is part of the US Digital Government Policy. The idea is ‘making open and machine readable the new default for government information’.
Under this policy, a resource by the name of Project Open Data would be made which is an online repository. This online repository would have tools and various schematics to help different agencies ranging from health care to the IT sector.
The importance of this data to be made public can be understood from different applications that can benefit the masses.
For instance, there’s the Simple Energy mobile app. This application has been made using the data from San Diego’s ‘smart’ grid.
The benefit of this app is that it is possible for electricity users to compare their consumption of electricity with others and also opt for cost saving plans.
Apps like these are not only going to reduce the carbon footprint, but also add cost effectiveness to the notion of energy savings plans, like those from Commerce Energy and other similar energy ventures.
With more federal data being made available, the scope of these applications can be enhanced at a magnitude where their positive impact extends further.
Back in 2009, president Obama launched a similar directive, Open Government Directive, but it lacked political will. However, the latest proposition looks more promising and is expected to have a bigger impact.
The idea of federal data and personal finance is linked in so many ways.
Many apps can use this data to make customized budgeting based upon location. The concept of economical living also becomes more real.
The San Diego smart grid project that has been described earlier was successful in saving about 11 percent of the total energy use in the area.
More data means more reach, and better functionality.
The current model of an economical living is based more on smart spending rather than a lot of saving.
By spending your money in worthwhile investments or on items that are efficient, you would be able to save money in the long run.
The digitalization of the data allows usage on a mass scale, rather than at micro-level.
With federal data on health care made available, the San Ramon Valley Fire Department had taken a wonderful initiative in the form of an iPhone app that gave a CPR specialist an alert when a heart attack emergency took place in their vicinity.
In addition, the pharma sector can have a larger dataset to work on and can potentially reduce side effects of their drugs.
The recession hit economy needs a number of smart solutions to keep up with bad credits and other aspects related to personal finance.
With the mass dataset available, financial solutions workable at individual levels can be made.
The kind of software development talent that is available means this could be done in no time at all.
Innovative apps related to smart buying choices, a good insurance, cost effective stocks etc are also expected in the near future.