Week 5 - MBA 6101 - Codifying the Right of Trustworthy Delegation

 
Hello,

The introduction of competition in any market provides benefits to the consumer. When competition is active in a market, there are more options at more price points for a consumer to choose. These options, presented to the consumer in the market, are what force companies to bring to market the best product for the lowest cost. All in pursuit of the mighty dollar. In the world of social media, dominated by a few titans, the ability to introduce competition into these markets would swing the pendulum of power from a few companies back to the consumer.

Implementation of third party data handlers would create a new business segment, combining the management of one’s data with the power of a competitive market. There should be some hesitancy on relying solely on any law which would require these third party handlers to work in good faith and towards the interests of the customer. Similar requirements are in place for financial advisors, yet time and time again people are remined that man is fallible. This is again where the self-regulating aspects of a competitive market shine. Simply put, bad and untrust worthy data handlers will not be able to generate enough new customers and will go out of business. Government will need to be careful not to implement too much regulation which would disincentive data handling companies, causing at first a desolate market, and then allow a single large firm to spring forth to dominate.

With any potential legislation, any act passed, even with the best intentions, must not form a bridge head for future acts or interpretations which could erode individual rights. Legislators must consider if already established laws will be able to extend to the realm of social media and electronic data, in which both social media oligopolies can be dismantled and private data guarded. Could laws already established be utilized to curtail forming social media monopolies? The control of data by the individual must be the focus. If these focus is lost, legislation could lead to undesirable ends.