The Banking Executive, Issue 155, November 2021

Who Will Govern Global Data? ties. Global data infrastructure for business and finance is intended to facilitate cross border trade and pay- ment and fund transfer. Other eco- nomic sectors also benefit from global data infrastructure and in par- ticular the healthcare sector where cross border flow of sensitive health- care data is an important concern for the welfare of nation. A recent exam- ple include the need of global data infrastructure for covid-19 vaccine digital certificate. BUILDING DATA INFRASTRUCTURE Data Infrastructure can be seen as a complete technology, process, or a whole set up to store, maintain, or- ganize, and distribute data in the form of insightful information. Data Infrastructure involves properties, the entities responsible for its operation and maintenance, and policies and guides that describe how to manage and make the most use of the data. It is formed through the systematic structuring of data that drives valu- able and high-quality insights to reach accurate decisions. Steps for building data infrastructures Alcor Fund, supporting innovation and start-ups worldwide, suggests the following steps to build data infra- structure. • Collection of Clean Data: To get the maximum benefits we need to collect clean, good, and right data. to make correct and in- formed decisions. Therefore, hav- ing a streamlined system for collecting clean data mitigates the risks of skewed or duplicated sta- tistics. • Define Goals: Data are in various forms collected through manual or automated inte- gration and we have to define busi- ness goals for its use. • Leveraging SQL & BI Tools: Structured Query Language SQL and Business Intelligence tools makes data easy to understand and analyse. • Build ETL Pipeline: “Extract, Transform, and Load” ETL pipeline is used to turn data into valuable information. This involves extraction from sources, transfor- mation into standardized formats, and loading data into SQL query table stores. • Utilizing Power Warehouse: The setting up of Data Warehouse involves cleaning and processing data and storing data in tables. • Security and Auditing: Data has to be regularly audited to strike out the ambiguities. We need to build a strong authentication and authorization process. The Row-level security lets the owner restrict access within datasets. Data Infrastructure Building Blocks Data infrastructure is composed of various building blocks as detailed below: • Data Ingestion: It is an infrastructure to transport data from one or many sources to a destination where it can be stored correctly for further data analysis. • Data Access: It is an interface to retrieve, modify, copy, or move data from IT systems to the requested access query. • API Integration: Application Programming Interface API is an interface that processes requests and looks after the seam- less distribution of information through systems. Additionally, it in- teracts and communicates with backend systems along with vari- ous applications, devices, and pro- grams. • Data Storage: It refers to the physical retention and storage of data through various equipment and software. • Data Processing: It is an interface to control the data for effective collection and to drive meaningful information. • Databases: Databases are the organized and systematic collection of data that can be accessed electronically through computer systems. • Networks: It is an interface of connections be- tween computers, servers, main- frames, network devices, peripherals, etc to share data. • Data Security: It includes all systems, applica- tions, hardware and software for protecting data from unauthorized access. Thus, reducing the risk of data corruption throughout the data lifecycle. It includes encryp- tion, hashing, tokenization, and the BANKING EXECUTIVE 10 ISSUE 155 NOVEMBER 2021 Figure1: Steps to build a data infrastructure (source: ALCOR FUND WORLDWIDE)