Data Sovereignty & Technology Regulation
There has been significant attention given to GDPR and the regulation of technology companies in 2018 following the Facebook/Cambridge Analytica debacle.
The spotlight returned to large-cap technology companies last week when Facebook’s stock dropped roughly 20% after warning about revenue growth.
For those of you who read our Blockchain Capital Markets Report in November 2017, these themes would not have been a surprise to you.
Prescient Insight from Celent Blockchain Report
Here are some excerpts from that report, many of which have been coming true this year:
- A key principle of the blockchain ecosystem is sovereignty of one’s data whereby an individual opts in to their data being shared or used.
- This reflects the spirit of GDPR, which is fundamentally rebalancing the power between the data subject and the data holder/processor in favour of the former.
- This is particularly important as regulators are orienting their focus on the position of the large technology companies .
- A key trend will be broader recognition by the public and policy makers of the benefits provided by blockchains and their supportive role in data regulation.
GDPR, data proprietors, and regulatory fines, are all various manifestations of peak Web 2.0.
Tokenization and ICOs are early manifestations of Web 3.0.
Data Proprietors
We coined the term "data proprietors" as those incumbent technology companies which have leveraged data to create enormous value for themselves.
The table below was used to highlight the dominance of these technology companies amongst the world's elite corporations.
Asset-Backed Tokens & Enterprise Tokens
There is much more to come from blockchains in terms of regulation, data sovereignty, counterparty-risk, and enterprise involvement.
We explore the topics of asset-backed tokens, security tokens, and how corporations/enterprises can respond in our new series of reports.
You can read all about these critical topics here:
