Knowledge is the new currency. About 10 years ago, while working on a startup with a few friends. I noticed major mobile phone corporations were investing billions of dollars in technology to build photo, messaging, application capabilities into mobile phones. I didn’t understand why.
Why build this technology into phones, so users could just upload photos of ‘Cats’? And text ‘LOL LOL LOL’ to their friends. It didn’t make much sense to me. I didn’t understand what was taking place, even though is watching it happen.
Mobile phones are information goldmines. The companies that own the applications, own the data. Again, the companies that own that applications, own the data.
In their applications, they encourage users to create content, which is used to create data, which is then analyzed and packaged for redistribution. This data is then sold to advertisers, used to increased valuations, and sold to governments.
What does the end user get? The enjoyment of communicating with friends, loved ones, and online community participants. What do the companies get? Profits, online usage patterns of their members, and demographic data.
Before the next time you text about last night’s party, think about the Power of Your Information and who is benefiting from it besides you and your friend.
