Few people have yet to hear about the privacy issues plaguing social media. Facebook, Twitter, Apple, and Google have all come under media scrutiny. Shervin Pishevar recognized these issues early in 2018. He discussed how global markets are affected when private information is misused. With the developments that have occurred following Shervin Pishevar’s statements, it becomes clear that the situation is getting worse.
Facebook looks really guilty in terms of unjustly using private information for its own gain. It was at least irresponsible in how it managed user created content. Shervin Pishevar warned against this type of technological monopoly. Twitter would soon follow in the wake of a government crackdown and the public outcry seeking answers. More recently, Google has come into the media spotlight. Change is coming and users seem willing to settle for nothing less than some form of direct ownership of their own online content.
User content exists in the same environment as the small business innovation that Shervin Pishevar explained was so very important to global economic health. Both can be considered aspects of intellectual property. Looking a bit deeper, and blogs like reddit make the importance of user created content profoundly clear. User content is both a driver and sustainer of small market innovation. It is how cryptocurrencies managed to become so popular. Sites like reddit, Steemit, Medium, and Telegram are the first place Initial Coin Offerings (ICO) turn to for online marketing. While established corporations like Coca Cola and Pepsi might compete on twitter, for small enterprises, as well as new cryptocurrencies, user created content is their life-blood.
Clearly, user created content is valuable. It is why several ICOs are seeking to monetize the current environment of social media. Blogging sites like Steemit, Whaleshares, and Minds are taking a different approach. They are developing a platform where people with meaningful projects can showcase, interact, and store their content. In the end, history will not likely be written as a bunch of irresponsible or malicious corporations harvesting private information. But rather, an economic and technological infrastructure unprepared to handle the advent of social media.