Yes, technology has surpassed people’s expectations in terms of how much it’s changed – and continues to change people’s lives. But as some of the most brilliant minds predicted since the beginning of human history, not all that glitters is gold. And in terms of technology, especially the digital landscape, there is a lot of potential for both good and bad types of evolution.
Yes, technology has eased everyone’s lives and has raised living standards around the world. But, at the same time, it requires people to pay certain costs. And this is true even though most people who use digital technology may not be aware of it. But if people aren’t directly spending any money, how can they believe that they are paying the cost? This is because today’s leading digital currency is data. In this article, we will take a closer look at some of the issues with the presence of a digital monopoly created by some of the tech megacorps.
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In no particular order, here are six problems with modern tech megacorps.
1) Bigger Risks of Data Breaches
Although most tech giants claim to put their customer needs first, there have been several cases of breaches and lapses. The biggest tech companies usually store their data on cloud-based systems or server farms. Over the years, there have been several incidents of data breaches. Some examples are Wikileaks, Jennifer Lawrence’s leaked photos from her cloud, and the famous Sony pictures case.
While tech companies take a lot of care when it comes to protecting their customers’ data, there are still several threats of hackers and other forms of data breaches. This is a big problem when centralizing huge amounts of data in one place. If a service like Gmail is targeted, one can extract all types of personal information and misuse it.
2) Censorship of Data & Information
The problem with any type of monopoly in any market is that those who control most of it can dictate the terms for everyone. And as people already know, the technological age is the information age. And the most significant currency in this day and age is data. Therefore, the biggest tech companies, which are already monopolizing the market, control most of the data that people view on the internet.
For example, Facebook and Twitter can instantly flag and ban particular words from their overall directories. This means that when people use those words in anything they share, their posts will get flagged, and this could cause problems to their accounts. And, when people aren’t allowed to use certain words or phrases, well, they are quite literally censored.
3) They Can Have Huge Political Influences & Sway Campaigns
Although many claim innocence to this, the big tech players already knew how deep the influence of their platforms would go. When it comes to the world of politics, candidates need to spread their message, connect with audiences, and win at all costs. Even for a simple person, there couldn’t be a more obvious answer than leveraging social media to drive their political campaigns.
Politicians were always going to use social media once they realized its power and reach. This much has been obvious. But what most didn’t see coming was the side-picking, favouritism, and biased influences. This means that social media companies, managed and owned by most big tech firms, also pick sides during political campaigns. And because of the massive power of their platforms, they can cause fluctuations in political campaigns.
4) Reduced Levels of Data Privacy & Safety
Some of the big tech companies are so huge that their login credential details can be used to sign up on other platforms, too. For example, one can sign up to just about any third-party platform using their Gmail or Facebook login information. While this makes customers’ lives easier, it further contributes to centralizing data.
Just like it is easier to steal a lot of money from a big bank, it is also easier to steal a lot of data from a big data bank. Furthermore, most tech companies have also been found guilty of selling their customer data to third-party platforms. And even though they have claimed that it is necessary for purposes like advertising or marketing, the truth is that they are merely earning more profits.
5) Lack of & Openness & Transparency
Most people who sign up for the platform or online services do not read more than a few lines about using their data. While many didn’t bother about this, huge plans were being set up by those receiving heaps of customer data – the tech megacorps. This means that tech companies have been planning on using customer data to monetize their processes for a long time.
Over and above the unscrupulous use of data, tech companies also create hard-to-surpass rules to protect their overall ventures. This makes it a lot harder for the governing authorities to investigate and filter out the looming problems. Mark Zuckerberg has issued more than ten public apologies over the past decade because of the misuse of private data.
6) Increased Chances for Mass Manipulation & Misinformation
Although this digital age of information has helped people learn and understand various subject matters, there have also been problems created because of it. One thing about the information on the internet is that one story is and can be covered by several different sources. Invariably, this means that there will also be more sides to a story, along with more eyes and opinions from their audiences.
It is good that more audiences engage with all those who honestly share good and helpful information. However, this nature of the internet can also be thoroughly misused by those with hidden agendas or ignorance of the consequences of their (digital) actions.
As good as the internet can be, it also harbours a semi-hostile environment where people are looking for quick money and fame. And over the years, many have been caught with deceit and lies about their originality and integrity.
The Bottom Line
Yes, monopolies in any market tend to create difficulties for various groups of people and entities around the world. But they have also brought about a lot of changes in the overall functionality of the world. The best thing for everyone would be to bring in more awareness and regulations on how deeply monopolies can infiltrate various systems. With the right balance, the digital world would not only be a safer space but will also be a lot more helpful to people in the right sense.