United States Republican Politician and Congress Minority leader Kevin McCarthy on July 16 said that with the current trend of regulators not nimble enough to adapt to the ever-changing world of the technology industry, those concerned about maintaining their online presence should think about turning to blockchain technology.
Protection of the Citizens
The experienced lawmaker during a recent chat with media outlet New York Times stressed that it is now evident that the government and the authorized regulators are incapable of protecting the citizens from big technology firms like Facebook and Google, who constantly
‘’exploit and sell our data.’’
He maintained that the United States has placed a law punishing those that read others’ post or healthcare records, so he sees no reason why online presence should be treated differently. Although, he warned that the citizens should not expect the government alone to do the job for them.
The tech enthusiasts frown against the suggestions made by some politicians who are of the opinion that the big tech firms should be broken into pieces, stating categorically that it won’t solve any problem, but advised that invasive regulation may meanwhile protect the bigger incumbents and greatly affect the start-ups in the industry.
Radical Change in the Tech Industry
McCarthy was quoted, saying:
‘’ Unsurprisingly, theses remedies lean on the premise that only government can solve market inefficiencies that lead to irresponsible corporate behaviour. I strongly believe that we should not feel too confident that the bureaucratic leviathan has what it takes to develop or enforce nimble responses to rapid change in the technology industry.’’
As opposed to other suggestions by his colleagues, McCarthy believed that a solution might lie in the free market, and decentralized
McCarthy’s argument is hinged on the fact that with the current situation, individuals have no power over their privacy, as the user data is totally controlled by the platform, but with the decentralized networks, the user data is encrypted on blockchain, giving the users the privilege to determine who they share their private information with, and who they block off.
He also stressed that with the use of the blockchain technology, data security will be secured, portability assured and user privacy is totally insured with no issue whatsoever.
Furthermore, he argued that the open-source nature of many blockchains makes it very easy for communities to create new networks if they feel that the current one is not living up to standards, thereby boosting healthy competition, scrap monopoly and create a healthy market for all.
Congress and the world, in general, are skeptical about the potential of the new Facebook crypto project called Libra. Bitcoin Exchange Guide last year reported that the social media giant after creating its blockchain platform wants to go into the cryptocurrency sector.
At inception, the market was excited that a big player is interesting in the industry, but the excitement has transformed into fear, as financial experts have warned that the Libra coin project might disrupt the world financial-economic order.