Is data the new oil ? Is it the world's most valuable resource now?

"In olden times battles were fought and won by muscle power by now they are fought and won with data."

Data in this century is what oil was in the last century: data is a big driver of growth and change now a days. Data has been successful in creating a new world with new economics, new business practices and new politics. The recent data scandal around Facebook reveals everything. In this digital age, information is unlike any other previous ­resource; data is mined, extracted, filtered and refined, processed, bought and sold in various ways by corporations and political parities. Data has changed the rules of a free economy and same way oil did in the last century, therefore, the need of the hour now is to have new regulations that adapt to this new digital world.

My point here is that the present policies and models seem inefficient and unsustainable for personal data. With time, as data will become more and more valuable - the digital and data economy will become more important and thrive. People will be provided more free services to generate data and this will be a big potential threat to the current world economy and personal privacy.

What are your thoughts on this issue ? I encourage a healthy discussion.