Asia’s Richest Man Warns Of Data Colonization In Hottest Market Of Amazon
by John Bary on December 22, 2018
India should impose strict rules on how digital information is stored and shared to end all fears of data colonization, billionaire Mukesh Ambani has said. Ambani remarked Indians should control and own their own data.
Ambani, the chairman of Reliance Industries Ltd. and Asia’s richest man, went on to comment that the colonization of data is bad as any other previous forms of colonization. Ambani, while speaking at any event in Mumbai, said the data of India must be owned and controlled by the people of India and not by some corporate.
The comments of Ambani feed into a never-ending debate on how data privacy and user protection should be supporting in an economy as big and lucrative as India. Amid a dearth of regulation, thousands of home-grown startups and foreign companies have flourished. Ambani himself has plans of creating online-to-offline platform to take on the likes of Walmart Inc. and Amazon that have huge growth expectations from the world’s fastest-growing major internet market.
In today's tech-savvy world, it is no surprise that our lives are equally about our physical being as they are about our data. However, the huge and underlying difference is that while each one of us is always conscious of how our physical lives evolve and happen, we are seldom conscious and aware of how our data is being used (sometimes, even against us) by the data custodians.
This critical data may not be always and necessarily be with a government but also with a multinational company from a different country. However, who can guarantee when our lives and the data are just not restricted to the world's geographical boundaries? What if they co-exist at different virtual locations in the 'connected world' of today? Most importantly, how much is the extent of control these multinational companies based in developed countries have over our data and identity? We all know that the strength and potential of the "colonizer" will eventually be judged by the quantum and vastness of the data "colonized". How safe we really are?
It is no wonder that Ambani has echoed the views of Infosys Co-Founder Nandan Nilekani who had previously remarked that time is running out. Nilekani, the former Unique Identification Authority of India (UIDAI) Chairman, had also commented that India, as a country, must take a strategic view on data dominance, privacy, and data colonization.
The Infosys Co-Founder had also remarked that this is not at all a technology issue, but a policy issue and it must be addressed immediately. Nilekani had also remarked that data, unlike oil, is unlimited. He had asserted that platforms that accumulate data of users rapidly disrupt industries and have the ability to outgrow competition and create silos. The former UIDAI Chairman also said data in the recent times had become more powerful ever since the concept of Artificial Intelligence (AI) came into prominence. Nilekani said artificial intelligence along with data disrupt adjacencies with extreme velocity as it helps organizations with core competencies to enter adjacent markets. He also commented that this may actually be disruptive and threatening to incumbents in that space.
NetObjex CEO Raghu Bala had expressed the same fears long back. The visionary CEO of a prominent IoT-AI-Blockchain enterprise decided to find a platform that protects data throughout its life cycle. For this, Bala emphasized on a blockchain interoperability network that could possibly link digital assets across different platforms such as IOTA, Ethereum, NEM, Stellar, Hyperledger, and more for the purpose of discovering and authenticating of transactions.
How NetObjex Is Making Data Transparent?
The state-of-the-art NetObjex Digital Twin Platform empowers users with a system that is characterized by unprecedented coordination, connectivity, and collaboration for each component of the system, and throughout the system as a whole.
All components are integrated with other devices and work in synchronized ways to interact and communicate seamlessly with connected infrastructures and systems in a safe and secure way. This prevents incidents of data tampering at source, spoofing, and data theft.
The pioneer NetObjex Digital Twin Platform supports three fundamental functions:
- Distributed file sharing
- Peer-to-peer messaging
- Autonomous device coordination
Furthermore, the NetObjex Digital Twin Platform is powered by robust technologies that provide a way to record any digital interaction or transaction in a way that is designed to be transparent, secure, auditable, efficient, and highly resistant to outages. In other words, the NetObjex platform enables new business models facilitates disrupting industries in more than just a way.
The platform is secured by characteristics such as private keys and decentralized data storage. There is no single authority that can set specific rules or approve the transactions when it comes to accepting the transactions. The platform also supports the possibility of the blockchain network nodes verifying the validity of transactions, without relying on a centralized authority.
This means there is a significantly high level of trust involved as all the network participants have to reach a consensus to accept transactions. The IoT-AI-Blockchain powered networks of NetObjex can be used for keeping secured immutable records of the history of a wide range of smart devices or smart things. As a result, there is enough scope for a series of IoT scenarios to happen that were previously either impossible to implement or were remarkably difficult, without it.
The NetObjex Digital Twin Platform also eliminates the possibilities of single points of failure to create a more resilient and reliable ecosystem for devices to run on. It also settles the concerns associated with privacy, scalability, and reliability to guide organizations into this revolution ahead of us, called the Fourth Industrial Revolution or Industry 4.0.
Find out more about how the NetObjex Digital Twin Platform can assist your organization to stay ahead of the competition and remove all fears of data colonization. Email or call NetObjex now!
By John Bary on December 22, 2018