What does technological development mean to our lives?
How is technological development changing our lives? While there is so much implication, I would like to focus on one benefit of technology that has improved our lives: decentralization giving us opportunity to make money.
- Decentralization of media
In the past, broadcasting companies had absolute control over the media platform, effectively monopolizing what programs and content get aired via their cable networks.
However, the advent of YouTube and personal media platforms has given rise to star individuals airing their specialized content. While all advertisement money went to broadcasting companies only a decade ago, now this massive amount of money is redistributed to individuals who broadcast their content.
Decentralization of media platform is giving opportunities for man on the street to make money.
- Decentralization of knowledge
In the past, publishing companies had absolute control over the book publication platform, effectively monopolizing what content gets published via their sales channel.
However, the advent of electronic books (ebooks) has given rise to ebook market, in which anyone can easily access and buy books online at much affordable price. While all money went to publishing companies only a decade ago, now individuals who otherwise would not even attempt to publish physical books can now publish their knowledge very easily and earn money.
- Decentralization of trading platform
In the past, a few trading companies had absolute control over the trading platform, effectively monopolizing trading platforms for access to financial markets.
However, the advent of trading applications, such as Robinhood, has given rise to a commission free trading platform for anyone. With their improved services, such as fractional shares purchase and cash management, traditional trading platforms, such as Vanguard, also have removed commission fees for trade and started to offer similar services. Individual investors are, therefore, enjoying more benefits and services at a lower cost for stock trading.
- Decentralization of finance, next?
Cryptocurrency backed by block chain technology may be the next candidate driving another decentralization. Still, central banks have absolute control over money market, effectively monopolizing supply of money by setting monetary policy.
While it is not easy to foresee cryptocurrency perfectly replacing banks any time soon due to regulatory concerns, decentralization of traditional power and monopoly has been inevitable with development of technology.
Who benefits in this process? As we have seen in the case of media, book markets and trading platforms, individuals who did not have access to these resources in the past benefit and while monopolizing entities suffer.
This is one way technology is improving our lives.
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