In an article in the Guardian last week, Professor Alex 'Sandy' Pentland mooted the potential for Google to cleave in two, with one part dedicated to providing a regulated bank-like service for data. Pentland directs the MIT Human Dynamics Lab and co-leads both the Big Data and the Personal Data and Privacy initiatives of the World Economic Forum, and I'm surprised how often his name crops up in my hi:project related research, yet I find it difficult to reconcile his observation here with his fluency in the power of decentralized networks:
Social physics strongly suggest that the [Adam Smith’s] invisible hand is more due to trust, cooperation and robustness properties of the person-to-person network of exchanges than it is due to any magic in the workings of the market. If we want to have a fair, stable society, we need to look to the network of exchanges between people, and not to market competition.
Pentland continues under the heading: How can we move from a market-centric to a human-centric society? Read more