Larry Fink, Chairman of BlackRock has based on the Western response to Russia and the rapid termination of business with the country, declared that globalization is over. These events highlight the existing global interdependencies and vulnerabilities, prompting calls for reevaluation and redesign of global financial infrastructure. And ultimately a shift towards self-reliance.
Francis Fukuyama coined the term “vetocracy” to describe a gridlocked decision-making system where individuals can prevent policy implementation through vetoes. But while the physical world may suffer from excessive vetocracy, the digital sphere often leans towards autocracy. We need a balance between these two extremes and that is even more important in the context of India’s digital infrastructure. Vetocratic processes can be used to protect core principles, while maintaining flexibility to foster innovation.
The design of digital data sharing infrastructure must be federated. Where there is a need for data availability beyond the duration that data fiduciaries will retain it we need to build data storage alternatives that data principals can use. We should resist the temptation of getting the government to build these data stores as a public good because the role of the government is to govern - and it should not get into the business of data storage and data management. Instead we should take a market approach and encourage private data storage providers to offer federated, inter-operable solutions.
The reason why email is the most widely used messaging protocol is because it uses an open interoperable protocol that allows messages to be exchanged freely regardless of the underlying operating system. If we are to take advantage of the benefits of data we need to enable open interoperable protocols that will break down the silos of our digital infrastructure.
A number of countries have realised that they need to extend their data protection frameworks through new measures that will unlock data silos in order to make it easier for data to flow from one entity to another with the permission of the data subject. However, if these measures are adopted solely through legislation they will fail. Technology businesses must be regulated through a mixture of law and technology - strong principle based laws and protocol based technology guardrails to ensure compliance.
