A man on twitter was disappointed over a claim which read, “Data is the new oil”. The man went on explaining that he has got over 10TB of data but he cannot use it to run his car.
While the world is fighting the CoVid crisis, the man has put business owners and programmers all over the world into deep trouble as they’re unable to find answers to his queries.
After Humby coined the phrase “Data is the new oil” back in 2006, this has become a very common phrase in the technology domain since then. While all of us believe this to be true based on actual research and trends, this is funny enough to believe that people actually think this is not true.
Real info part: Yes, Data is the new oil
In the new network empires, there’s only one commodity that counts and that is data. Their business models increasingly center around harvesting users’ data, and that in turn means maximizing user engagement.
Because the more time you spend on Facebook, the more ads you’re likely to see and the more lucrative data about your personal preferences you’re going to generate. That means, the social media companies and other network platforms will only survive and thrive if they can keep us hooked.
In 2009, Facebook came up with this brilliant way to captivate our helpless brain with hits of dopamine, the Like button.
You may not realize it, but every time you like or comment on a post, you’re giving the network platform some of your data.
A question was asked about the intention of these tech companies behind all this data collection and engagement thing,
Q– Do you think the people, engineers working at these big tech companies consciously knew that they were setting out to create addicts?
“Certainly in some cases, I think people were intentionally trying to drive up engagement. In some cases, people were just trying to build a product that people like. Until a couple years ago, there was very little idea of people could like our product too much”, the ex-Chief Security Officer of Facebook replied.
One way of thinking about data in the modern economy is to call it the new oil. These two modern commodities, one pumped out of the ground, one pumped out of us, have been the basis of economic revolutions and each one became the foundation of enormously profitable monopolies.
Enough of info part, let’s move to the bigger issue of car not running on data. So, when Humby quoted this data and oil phrase, Michael Palmer expanded on Humby’s quote by saying, “like oil, data is valuable, but if unrefined it cannot really be used”.
We talked to one of our chief tech memer at programming minds, and he said you need to refine data in order to use it as a fuel. Too much info, right?
To the curious disappointed man, who said, “I have over 10 TB of data but unfortunately my car won’t run on that!!!“, we’ll recommend you to refine your data in some way or other until it helps you in running your car or contact Elon Musk to do something with your car.
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