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Unsurprisingly , the next megacycle in tech is blossoming in Brazil . The fast - rising neighborhood ’s ecosystem has mature since 2012 , lead to unprecedented legislative reform , tech innovation , and a massive rise in global investments .
Like the classic advice “ follow the money , ” the last major tech shimmy from computing , telephony , net , and mobile advances have evolved in parallel to more advanced payment method that helped consumer and businesses capitalize on them . The world is shifting from package to data — the lifeblood of breeding AI .
The convergence of Big Tech , finance , and government has enabled a new data saving . While AI is considered the next big matter , it ’s only part of the story because data is the “ oil ” that fuel AI . The first movement in the megacycle was the General Data Protection Regulation ( GDPR ) when the EU defend data concealment in 2016 . Brazil stepped up and created comparative data privacy right field and is investing hard in data point infrastructure and ordinance to enable citizen to capitalise on their personal data .
Many of thebillions of dollar in AI investmentshave come from tech giants led by Amazon , Google , and Microsoft . Much of that money is return to those strategic embodied investors in the charge they bill back for entree to their expensive swarm platforms .
There ’s a brewing “ sprocket in the wheel ” for Big Tech companies and others — from biotech and healthcare innovator to large banks , gravid brand and their marketing agency , and even governments — as the mostly free access to our collective personal data will likely dry up by the late 2020s : The same data that power our AI systems that we conjointly get in swarm needs to be monetized , monitored , and curated .
Yet , a new data - deal organisation that disperse ownership and control of that mission - decisive data to unremarkable citizens could create novel models upon which inauguration can innovate . Our information could power an altogether unexampled information economy that could do good every someone who participates in it or not , based on their decisiveness - making .
In brief , the unrestricted use of personal data is ending . And it ’s leading to the next megacycle .
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Data privacy will evolve into data ownership rights in 2024
The next tech Mc — one in which everyday citizen worldwide own and insure their personal data that power AI — began about a year before the worldwide COVID pandemic . In early 2019 , Apple CEO Tim Cook’sessay in Time magazinecalling for a landmark package of reform to protect and empower consumer helped spark a cultural and legislative shimmy away from excited admittance and harvest home of our personal data point . Apple has committed to much more sustainable business performance moving into 2030 , so we see an attempt at well aligning one of the world ’s most worthful technical school steel with clear and compelling social duty .
Concerning these issue , Cook wrote : “ In 2019 , it ’s time to stand up for the right hand to secrecy — yours , mine , all of ours . consumer should n’t have to brook another twelvemonth of companies irresponsibly accumulate vast substance abuser profiles , datum rift that seem out of control , and the vanishing power to ascertain our own digital lives . ”
Since then , more data point - privacy regularisation have emerge , and the ability to track consumer ’ shopping habit and orientation has diminished . Some of the world ’s most progressive thinkers , such as California governorGavin Newsom , have call for various forms of a “ new data dividend ” that will allow for a fabric for everyday citizen to garner value or monetary compensation for their data they could trade with various organization .
On November 1 , 2023 , Brazil took this imaginativeness a step further by introducing the world ’s first “ General Data Empowerment Act ” bank bill to its congress that could be an add - on amendment of itsLGPD , Brazil ’s landmark data - privacy act , one of the most rigorous in the humanity alongside alike laws inCaliforniaand the EU . If enacted , as some learned person forebode in 2024 , new legislation will enter datum possession rights and provide a model for monetize this data for everyday citizens to benefit from .
Brazil ’s fintech innovation — led by its central bank ( Banco Central do Brasil ) — is pave the way for a new paradigm teddy where people have self-direction over their data point instead of corporate titan controlling it . This levels the acting line of business for data to be a new up-to-dateness of orientation traded over novel rails , making it more divisible , transportable , trusted , and resistant to counterfeiting and fraud . With arguments about IP infringements by big speech modeling ( LLMs ) touch actors ’ likenesses , artists ’ imagination , and the general role of personal data , advancing fresh regulations to describe for 21st - hundred constructs and the highly automated use of our corporate data is decisive .
A recent S&P Global Market Intelligencereportbased on Brazil Central Bank presidentRoberto Campos Neto‘s recent comment “ tie in the dots ” to a phased introduction roadmap that begin with the first appearance ofPix , Brazil ’s instant - payment system that boomed quicker than anything before it , to a novel CBDC ( central bank digital currency ) to help monetize our data .
A gathering storm: Big finance vs. Big Tech
During the last few years , there has been more rubbing between traditional bank contend directly with technical school innovators . From crypto exchanges attempting to disrupt the monetary arrangement to new payment rails , digital wallets , and even novel neobanks or rival banks that have transformed day - to - daylight fiscal services .
During the summertime of 2022 , the crypto house of cards burst after a astounding amount of human and financial capital had teem into web3 clientele and engineering . One technical school futures ’ pundit , NYU professorScott Galloway , declared the sphere dead in a post titled “ Trustless ” after “ Luna went from a marketplace cap of $ 34 billion to worthless in a matter of twenty-four hours ” and crypto lending program Celsius announced it waspausingall withdrawal and transfers between accounts . This is the same Celsius that promoted advertised savings rates of 18.63 % versus traditional banks .
The largest bank building in Latin America today , turn out out of Brazil , is the Warren Buffet – backedNubank , with over 90 million customers and an extremely profitable occupation model . It is the quickest - growing bank in Brazil despite being one of the largest . Nubank has perfect the process of digital skill and referral mechanisms to dominate the digital banking landscape painting . At the same time , Brazil has the fastest - growing defrayal web in the world with Pix . More than 70 % of Brazil ’s population has started using this Mobile River - base defrayment organization in just two days since its intro .
We see extensive central bank investment in CBDCs , particularly for cross - border swop mechanisms regarding smart contracts .
Yet , unless traditional banking institutions continue to evolve and innovate , they could become obsolete , especially in a human race that ’s been moving to one where banking is an engraft function . Our bank news report are becoming a note value fund on smartphones for most of the world ’s consumer . Smart , progressive banks such as those in Brazil have been reinventing themselves — and instead of bankers , they ’re hiring more data scientist , AI specialists , and behavioral psychologists .
Emerging markets are rising to lead the way
Unless the U.S. and other matured markets , such as Europe , speed their pace of innovation and legislative reform , they will accrue behind in this raw information economy boom . The committal to writing is on the wall . In the “ Blueprint for an AI Bill of Rights , ” the Biden judicature frame the function of technology , data point , and automatize systems “ as among the great challenges posed to democracy today ” due to AI ’s bias and discrimination and the “ unchecked social media data collection that threaten people ’s chance , undermine their privateness , or pervasively track their activity — often without their knowledge or consent . ”
The word is get out , including at the meat of technocapitalism in the U.S. On November 3 , 2023 , during an event in Silicon Valley , Gustavo Franco , a Brazilian economist and former governor of Brazil ’s Central Bank , explain that datum ownership rights face a challenge similar to money back in the 1980s . Franco nominate a structure of supervision and regulation around datum right that is correspondent to the1988 Bank of International Settlements Basel Accords , which manages system endangerment around bank operations .
During the same conference , Campos Neto discussed the in vogue innovations in the market , which will blend Pix , open finance ( banking and fiscal ware integration ) , internationalization of currency , andDrex(Brazil ’s emerging CBDC ) for a “ novel dimension of fiscal mediation ” by adding AI so people can eat up financial products in a safe , effective way . ”
The time is close for the U.S. and other mature market place to get in the biz before falling behind in a brave newfangled humans of data ownership right wing . Without express consent , it wo n’t allow data agent , Big Tech companies , or brass to scrape , package , and sell our datum .
Importantly , the next megacycle in which AI is powered by personal data that we jointly control will promptly create a much handsome Proto-Indo European for everyone to profit from and flourish together . That ’s how we accelerate into the next enceinte thing that lie ahead and a world where data pay with consent ensures trust and participation in our instauration .
