Apple CEO believes tech must be regulated, otherwise it'll cause more damage

28 Apr, 2019 | Updated: 28 Apr, 2019
by Fifi Arisandi
Apple CEO believes tech must be regulated, otherwise it'll cause more damage

Apple CEO, Tim Cook thinks that technology should be regulated as it has caused a great damage to the society.

Speaking at the TIME 100 Summit in New York, he said, “We all have to be intellectually honest, and we have to admit that what we’re doing isn’t working. Technology needs to be regulated. There are now too many examples where the no rails have resulted in a great damage to society.”

“I’m hopeful. We are advocating strongly for regulation — I do not see another path,” he added.

Some leaders in the cryptocurrency and blockchain industry seem to agree with Cook’s opinion, despite the decentralized concept of the industry.

On-chain financial products developer, Neutral’s CTO, Matt Branton said, “As Tim Cook correctly indicated at the TIME 100 Summit, a lack of clear regulation is a hindrance to the emerging tech space – affecting blockchain applications such as decentralized finance protocols. Cryptocurrencies have the power to bring new opportunities into the traditional financial sector, for example through the tokenization of assets.”

Branton believes that in order to get the most benefits, there needs to be a “combined effort” from all involving parties.

Quoting his statement, “Reaping these benefits will require a combined effort from government, industry bodies, and private enterprises. Enterprises within every jurisdiction have a responsibility to support their government, and vice versa, as each party strives to transform industries and facilitate responsible technological growth.”

Another affirmation came from the CEO of the Concordium Group, Lone Fønss Schrøder, who said, “We are happy to see Apple move towards the idea of need for better regulation of technology –– in a world increasingly fraught with fake news and illicit activities, consumer protection is becoming increasingly important. Regulation can provide a framework that helps build common standards for how we engage with each other across multiple platforms and channels.”

Not everyone, however, is on the same side with Cook, when it comes to “regulating technology”. NEM Ventures advisor, Iain Wilson criticized Apple’s monetization of their users’ data, which is in contrast with their core values. “Whilst privacy and security are core Apple values, on closer inspection we see that the Apple platform is a walled garden with a central actor that both holds and monetizes our data," Wilson said as quoted by Micky.

"We envisage a world where Blockchain allows a user to have real control over their own personal data, choosing when and who it’s shared with and ultimately accruing its real value. […] GDPR is a positive step for individuals but will rely greatly on business compliance. Overall, self-sovereign identity solutions put the consumer back in control, which is the ultimate goal,” he added further.

In the light of the Canadian-based crypto exchange, the QuadrigaCX’s debacle, regulation is said to be the one thing that would have prevented such thing from happening in the first place.

Thus, the more appropriate topic to be discussed is probably the degree and the scope of the regulation, given the monopolistic nature of various giant tech that make them the “ruler” over their customers.

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