This week, blockchain, finance, and technology industries were all connected with the Facebook stable coin project- Libra. The leader David Marcus accepted a hearing from a US Congress. In contrast to the questions of the congress who were powerful and what the American media called On-pointed, it was Marcus’s unclear answer. Although this may be a way of coping with Facebook’s public relations, such a disparity in the show really makes the audience feel Libra’s embarrassment.
In an era of increasing power of data, in an era when the data economy is becoming irreversible, Facebook has launched Libra, which is built on a licensing environment, and to some extent, does not meet traditionally regulated banking services. The organization does not really show the huge innovation value behind the blockchain technology, so that the ownership of data belongs to the users themselves.
Value of data
The value of the data is from Facebook’s famous data breach scandal, which leaked 50 million user data to Cambridge Data Analytics. Facebook, which has got the benefit from data transactions, this time has to refer to the money transaction data of more than 2.7 billion users, which is the primary factor that makes the congressional hearing chairman feel extremely uneasy, as can be seen from her opening .
Not only a technology giant like Facebook works on the value of mining data. In the past, technology giants such as Facebook, Google, and Amazon were closely integrated with precision marketing based on user postings, likes, comments, etc., and vice versa. The marketing of data enables users to use the platform more and further feed back the data of the platform, so that the exploration space of data value grows indefinitely, and the marginal benefit is getting bigger and bigger. At present, 7 of the 10 companies with the highest market capitalization in the world are Internet technology companies, and they all operate this data more or less. Even the typical 20th century industrial giants such as GE and Siemens are trying to transform technology. The company collects data through specific products.
In China, Xiaomi Group has been claiming that it sells “services” instead of mobile phones. Its main source of income is not hardware, but network services built on top of data. News aggregation APIs today’s headlines rely on database 220 only. The accurate user push of 10,000 keywords has become the APP leader who stays second only to WeChat. At the same time as technology companies expand their territories, all walks of life follow closely, embracing the data age with unprecedented enthusiasm.
“Without crude oil extracts, whether it’s cars, plastics or multiple drugs, many modern household items will not exist. Correspondingly, data extracted from data centers supports a variety of network services, and with more and more devices Connections have a growing impact on the real world.” The Economist magazine compares data to the key raw materials of world production like oil, and further mentions that the future economy will be the data economy.
The arrival of 5G and artificial intelligence will make the volume of the data economy more difficult to estimate – there will be more data from the “human-to-human” to “object-to-material” and “human-to-material” communication needs. And it is a valuable data generation, bringing huge opportunities for the data economy. However, the way in which data is collected, owned, and used with enormous potential and driving force is related to the execution of power, changes in life, and the direction of economic value change.
Who owns the value of the data?
Who owns such a huge data value now?
It is truth that the value of data at this stage is mainly owned by super technology giants.Internet companies control their data to give them tremendous power. By collecting more data and improving product space, they attract more users and generate more data. This cycle, massive data becomes the armor of the company’s business. Unfortunately, the recognition and use of data is limited to advertising pushes, business updates, stifling competition, etc., which greatly limits the data value potential and blurs the imagination of people with more possible data values.
Today, when people use the Internet platform, they are always handing over data related to privacy. Even after the EU GDPR has been in force for a long time, people still have different opinions on how to treat and identify data. It is difficult to have consensus. Data producers have become the lambs of the Internet giant. The exposure of Facebook’s data to the scandal is probably the first time that many ordinary people realize that their data is valuable and can be traded.
Why does the data need to be privatized?
The privatization of data carries both humanitarian and economic implications. As mentioned above, the real data producers have become the lambs to be slaughtered under the centralized network structure. Instead of sharing any dividends generated by their own data, they sacrifice their privacy and even dignity for the benefit of a few people. Even in a democratic United States, the issue of data rights is entirely a pattern of “tyrant autocracy.” The brutal violence in the digital world is, to a certain extent, highly mismatched with modern human civilization.
From the perspective of economics, “privatization” is an important economic force, from China’s own planned economy from command economy to the later household contract responsibility system, to the rise of the private economy after the reform and opening up, to today’s Public entrepreneurship and innovation can be seen that “privatization” is an important mechanism for stimulating individual labor and maximizing economic potential. Du Yuejin, chief security expert of Alibaba Group, has the most typical view: if the traditional ideas of protecting the oil rights of the last century are used to protect data resources, the future of the digital economy is in danger of being ruined.
Returning the data and its value to the individuals generated by the data itself will be a“privatization of the data economy”campaign that will inspire innovation, encourage competition and generate significant economic potential in the digital economy.
How can the data be privatized?
How is the data privatized?
Glen Weyl, an economist at the Soft Institute, believes that if the data has no price, valuable data will never be produced.
As mentioned in the Economist article on data economy, data is like the future of oil, but the different with oil:
1. Data flow is time-sensitive, time is part of its value, how to mark and solidify this part of the value?
2.How is the data traded?
Big data scientist Victor Mehr Schonberg once predicted that the big data market will rise in the book 《Big Data Times》, but the predictions have not yet come true. Nowadays, the user data that has the global flow and configuration exchange of the Internet economy is not safe. The ambiguous problem of data asset identification is the curse that they need to get rid of. There has always been a lack of “advanced” tools to record, confirm and analyze such massive and volatile data. However, with the advancement of science and technology, long-term expectations have become possible, especially blockchain technology as a “middleware” with features such as encryption, trust, peer-to-peer, difficult to tamper, etc., data economy or find exports and Welcomed a “value revolution.”
Blockchain is the most important development of value transfer in the past few years, and it has the potential to change the way the world approaches data, enhancing security and data quality. “Blockchain technology” realizes the sharing and monetization of data and analysis by eliminating the intermediary to promote transactions. Through it, the control of personal data is transferred from the Internet company to the users themselves, making it possible for everyone to control their personal data. . With a distributed database accounting system, individuals can manage and control their personal data without the need for third-party intermediaries or centralized repositories. It allows for the packaging of entities and digital assets and sends them to anyone else, and the application of blockchain technology and decentralized trust are more powerful than people currently know. It allows direct interconnection, sharing and trading between individuals, and the blockchain is a true peer-to-peer and “shared economy” platform for exploiting data potential.
In addition to “privatizing” data rights, the blockchain has not yet provided a good “valuation” tool that allows individuals to trade non-traditional assets such as reputation, data and attention. Blockchain technology makes all activities easy to monetize, which will greatly increase the potential data economy and create new transaction value. And for the fragmented data of hundreds of millions of people scattered around the world, it is of great significance. Blockchain can be a key driver of data monetization. By creating new markets, companies and individuals can share, sell and deliver their data and analytical insights directly. Although the Internet-based information network facilitates the sharing of data, it cannot realize the identification of data and the recording and circulation of data values, so Internet-based data cannot be an asset. With the intensification of this contradiction, the birth of blockchain technology effectively solves the problem of data determination. Each piece of data generated on the blockchain network can be defined as a vesting relationship, and the data is confirmed. Real value, and the flow and trading of data assets can be realized on the blockchain network.
Everything has positive and negative parts, blockchain technology is undoubtedly revolutionary in terms of digital asset identification and value transmission. However, as the underlying technology, the chain resource status of the blockchain, the massive data processing capability and the system stability performance are still not satisfactory. To truly make the blockchain play the role of global value interconnection, it is necessary to make efforts in the underlying technology construction
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