The ocean is an incredibly vital part of global trade, so anything affecting it impacts industries worldwide. Since the concept of the blue economy relies on managing and developing something so broad, utilizing big data may be necessary.
What Is the Blue Economy?
The blue economy involves maintaining and protecting economic and environmental ocean resources. The concept partly emerged because over 80% of world trade utilizes oceans. A balance of sustainability and profit is necessary to ensure the stability of worldwide economies. In addition, the global ocean economy produces about $1.5 trillion in value annually, so it’s a critical part of society.
What Is the Importance of the Blue Economy?
The importance of the blue economy lies in ocean ecosystems and industries. The ocean is vital for international transportation, food production, tourism, aquaculture, and biodiversity. On top of that, the sea produces resources essential for marine and human life. The blue economy goes beyond economic gain and seeks to provide a sustainable, stable environment for the benefit of society.
In addition, ocean exploitation risks habitats that are essential for continued growth. Pollution is a primary concern because it’s rampant. For instance, the ocean received 17 million metric tons of plastic in 2021 and may get double or triple that amount by 2040. Without intervention, it threatens industries like aquaculture, tourism, and fishing.
What Is the Connection Between Big Data and the Economy?
Big data is connected to the blue economy because it can bring awareness to patterns and result in valuable models and strategies. The World Ocean Database is the oldest and largest global collection of publicly available information on the ocean, with over 20 years of research and 20,000 data sets. It provides crucial knowledge for all sorts of industries.
Even though there’s a massive amount of data on various aspects of the ocean and coast, much of it is stuck in silos for private use only. You can’t find many free or publicly available collections because people often view them as too valuable. Proprietary information can be profitable, so they’re not typically inclined to share.
What Are the Applications?
The applications are nearly limitless for all sorts of entities. For example, big data can predict weather patterns, making renewable power sources more efficient. Governments or energy companies can utilize such data sets for optimized hydropower installations. Information is simply a tool, so anyone can use it for whatever purpose is most relevant to their market.
Infrastructure and exploration can also benefit. Water-related research can utilize big data to conduct risk assessments in water systems, optimize wastewater treatment and predict the sources of pollutants. Such work can result in a healthier ocean and expanded opportunities.
There are also applications outside of increasing earning or production potential. For example, the ocean observation industry is adapting to data utilization due to a growing demand for maritime technologies. The benefits to ocean habitats and ecosystems shouldn’t go unnoticed.
What Is a Blue Economy Strategy?
A blue economy strategy involves collecting data to improve, expand or manage key components of the ocean economy or environment. It is a broad and complex process since many factors are present. Ultimately, however, it translates the importance of the ocean and coasts into an actionable plan.
Many industries can benefit from management or advancement, especially considering how they can harness modern technology to optimize earning potential and sustainability. The goal of a blue economy is to maintain and protect such things, so a strategy should contain developmental and expansion plans that align with sustainable practices.
How Does Big Data Tie Into a Blue Economy Strategy?
Big data emphasizes the importance of the blue economy strategy because it puts everything into perspective. For example, a collection of water temperature information can become a model with applications in the fishing industry. A large amount of general data can provide key insights for each sector, allowing them to coordinate, examine and adapt their interactions with ocean resources.
Although the information collection process is significant, the most important aspects of big data and the blue economy are storage, processing, and distribution. Making everything accessible and transparent is a substantial part of a proper strategy because it benefits the global ocean economy.
How Big Data Fits Into the Blue Economy
Big data benefits various aspects of the blue economy because it lets many entities coordinate their use of natural resources. It might prove invaluable as a tool since it can develop sustainable and functional strategies.