Facebook will fork out billions of dollars to the Federal Trade Commission in the largest fine ever levied on a tech company is being negotiated. The fine is response to Facebook inappropriately sharing 87m users’ information, It will be a huge sum of money and is justice for the social network’s privacy failings. Except, let’s face it, when you look at Zuck’s bank balance, a few billion isn’t really going to do any damage, is it? So what will this fine really do for the tech giant's model?
It will be force Facebook to be more careful with users’ data, that’s a fact. Data collection will still continue at an industrial scale though, it's just that only Facebook will get to use said data and we will all be at its mercy as in a digital world data is currency—and that makes Facebook and Google the World Bank.
Mayer Amschel Rothschild, The godfather of the Rothschild Banking Cartel famously said: “Give me control of a nation's money and I care not who makes the laws.” It was true then and it’s true now. Lawmakers are not really the ones with the power, the people with the money are. Data is becoming a more influential currency every day and as we give it away for free we think the lawmakers have our backs with things like GDPR, but the reality means smaller companies are choked and the big guns get even more power.
This fine will enable Facebook to justify its monopoly on data. No matter what future laws and regulations are imposed on other data gathering companies, there will never be a law against storing customer data for in-company purposes, and with it Facebook will create a whole new market.
Recently, World Economic Forum released a concept to use people’s digital identity as a tool for “secure and seamless travel”. The document outlines the concept of using “traveler managed” digital identities as a vetting tool to better control the flow of travelers through borders. It doesn’t mention using the traveler’s social media data, so far this is just at concept stage, but what could be a better “traveler managed digital identity” than their Facebook page or Google data? Google has been saving every single search you’ve ever made. What a great way to put all that info to use! Merging traveling rights with your online life seems even more likely when you look at the recent US announcement that the country will soon request five years of social media history for all visa applicants.
And why stop at traveling? Our online data could be used in every aspect of life, from getting a mortgage to job applications. We could even end up with a worldwide adoption of China’s ‘social credit’ system. so we need to have all our data stored on a cloud somewhere—and so enter Facebook’s beautiful business model number two, data storage. Google et al already offer storage space at a price. The customer pays them, and they get paid over and over again by having all that information about the customer. Since Facebook has fields of big glowing servers, it is well equipped to offer data storage space too.
The only thing individuals who don’t like this system can do to take back any power is to protect their data, protect their privacy. Encryption is key. it keeps your data not just safe from tech giants but from cyber criminals too. Chat in a secure messenger, send and receive files with E2E encryption and encrypt your cloud. Basically, download get2Clouds.