The WAX Advisory Council: Bringing together the greatest minds in tech, video gaming, and entertainment

WAX ON: How can Blockchain technology prevent companies like Google from ruling the world?

Aug 11, 2020
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Video Transcript:

Most people today believe that if a company controls the Internet search market, it controls the Internet and all the financial rewards that come, with that valuable market position. And it makes sense that we think this way because look at Google. A trillion dollar market cap company...That dominates Internet search.

But here’s the thing, Google’s ability to extract so much value from the Internet economy wasn’t inevitable. Google wasn’t DESTINED to capture a trillion dollars of value just because it controlled the Internet search market.

So why did it happen? Because Google leveraged its dominant position in the search business to create a vast network of other very attractive consumer services with a MASTER PLAN.

See it all started with Google building, or buying, a large number of very attractive consumer Internet service companies and subsidizing them. You want to get on the Internet? They give you Google Chrome. You want access to a great library of online content? They give you YouTube. You want communication and productivity tools? They give you GMAIL, Google Cloud, Google Docs, Google Sheets. How about mobile devices? They give you the Android Operating System.

And what makes these services so compelling is that Google provides them very cheaply, or even free. And here’s the thing… Google can afford to give so much away to consumers because all of these services are linked to your individual Google identity.

And why does that matter? Because all the data that Google can extract from you by tracing your online footsteps, is channeled into a personalized algorithm. An algorithm, that is constantly learning how to better monetize your existence on this earth.

If this seems inevitable, Google’s dominance, I can tell you, it wasn’t. And the reason we know this is because there’s another giant search engine company in the world that didn’t achieve Google-like dominance in its home market. That company is Baidu. China’s version of Google.

So what happened differently with Baidu? Pretty simple actually. In China, two other companies, Tencent and Alibaba, wound up offering a lot of the cheap services that Google offers to its customers. And Tencent and Alibaba don’t share a lot of their customer’s data with Baidu. Which means Baidu can’t snoop around, and track everything its customers do online. So Baidu doesn’t have the equivalent of a unified customer identity, like Google.

Baidu, “the giant search engine of China”, doesn’t come close to capturing the same economic value as Google. The result? Tencent and Alibaba have became bigger companies, and no one company in China has as much control over the Internet economy as Google’s been able to achieve. Because that control has been distributed, decentralized, across multiple companies.

That is really good news because it shows us the path we can take with Blockchain.

The path that I call the Satoshi Future. A path that involves decentralizing the critical digital services we all use to prevent another Internet giant, like Google, from ever forming again.

The Satoshi Future is about decentralization. No one entity is all powerful. And the key to neutralizing a company’s power is to ensure that individuals retain control of their digital identity, and all their personal data, tied to it. With Blockchain, you control your digital identity and all of their personal data tied to it. With blockchain, you control your digital identity. ANONYMITY, is the default option. So no corporation can track you, and use what they learn, to censor you, or entirely lock you out of critical online services.

So if some part of your blockchain behavior is being tracked, say your purchases, that’s because you signed up for a service like Lolli because you would like to monetize the value of your data. Decentralization is the way we fight the tyranny of a few giant corporations owning so much of the Internet economy, they’re so rich and powerful, that we either play by THEIR rules, or become de-platformed digital lepers.

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