Will technology be regulated like the financial markets in the future?

June 6th, 2018

As the new frontier of data advances, will the most highly regulated markets; The US Financial System, become the normal course of operations in all industry?

TABB

'Data'is'the'new'money,'and'if'regulators'haven’t'recognized'this,'then'they’re'sleeping'on'the'job.

I just listened to a presentation by Nick Thompson, editor-in-chief at Wired, about all things in the future of tech. A lot of it was focused upon Artificial Intelligence and Machine Learning toward the end, but the first half was interesting, as it focused upon why there is a backlash against Silicon Valley right now.

He put this down to four factors.

First, we have become addicted to technology. We live our lives staring at our devices rather than talking to each other or watching where we are going.

It’s not good for us and, according to Pew Research, is responsible for more and more suicides, particularly amongst the young. Pew analysis found that the generation of teens they call the “iGen” – those born after 1995 – is much more likely to experience mental health issues than their millennial predecessors.

Second is privacy. Facebook and other internet giants are abusing our privacy rights in order to generate ad revenues, as demonstrated by Cambridge Analytica; but they’re not the only one.

Google, Alibaba, Tencent, Amazon and more are all making bucks from analyzing our digital footprints and we let them because we’re enjoying it, as I blogged about recently.

[Related: “Will Zuckerberg’s Debate on Data Regulation Impact the Future of AI?”]

Third is that the power of these firms is too much. When six firms – Google (Alphabet), Amazon, Facebook, Tencent, Alibaba and Baidu – have almost all the information on all the citizens of the world held digitally, it creates a backlash and a fear. I’ve thought about this much and believe that it will drive a new decentralized internet, which is something that Tim Berners-Lee and other internet founders are working actively to create right now.

Finally, there is the influence that these internet giants have over news and beliefs. How do you know the truth anymore?

In fact, technology is now so good that almost any dead person can come back to life. This was illustrated for me by the advert for Galaxy Chocolate with Audrey Hepburn.

Tech to be regulated like banking in the future