2023
DOI: 10.1007/s11366-023-09855-1
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Data, Big Tech, and the New Concept of Sovereignty

Abstract: Despite the massive amount of data and sophisticated computing capacity, Big Tech has evolved into the new data sovereigns that governments must accept in the data era. Data mining and application determine the true value of data; in this regard, Big Tech is tough to replace. The so-called “Fourth Industrial Revolution” is reshaping the emerging global order, and at its core are Big Tech firms. They not only express their concerns and spread their values and ideologies but also make their strong presence felt … Show more

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Cited by 18 publications
(3 citation statements)
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“…In the digital economy, with relatively weak infrastructure, this problem may be further exacerbated, developing into a data asymmetry dilemma. Fintech firms may take a monopoly position by virtue of having data at their disposal [33], which is not conducive to creating a blueprint for a win-win situation for market traders, and in turn could inhibit the emergence of a new wave of technology-driven financial innovation. From the aspect of transaction costs, in the context of financial digital transformation, fintech will generate a large amount of information from the stage of delivery, through which fintech subjects will face two kinds of transaction costs: the cost of searching for information and the cost of identifying information, which is closely related to the degree of data circulation and sharing.…”
Section: Theoretical Analysismentioning
confidence: 99%
“…In the digital economy, with relatively weak infrastructure, this problem may be further exacerbated, developing into a data asymmetry dilemma. Fintech firms may take a monopoly position by virtue of having data at their disposal [33], which is not conducive to creating a blueprint for a win-win situation for market traders, and in turn could inhibit the emergence of a new wave of technology-driven financial innovation. From the aspect of transaction costs, in the context of financial digital transformation, fintech will generate a large amount of information from the stage of delivery, through which fintech subjects will face two kinds of transaction costs: the cost of searching for information and the cost of identifying information, which is closely related to the degree of data circulation and sharing.…”
Section: Theoretical Analysismentioning
confidence: 99%
“…Meta and Google are no longer ordinary digital companies but have turned into powerful actors capable of establishing international relations with sovereign states (Gu, 2023).Google's reaction to the regulation in Australia initially focused on a public scare campaign. This was evident where the platform threatened to remove Google Search functionality from Australia, arguing that Google would not be able to function under the proposed legislation.…”
Section: Google and Meta Reaction (Australia's Experience)mentioning
confidence: 99%
“…Following market uptake of ARPANET, other forms of data sharing and communication were created, including packet satellite networks and other networks (Clark, 2016). This shifted the Internet's foundation from its roots of military domination toward economic domination (Naughton, 2016;Gu, 2023), and the same follows with the telegraph cables that were predecessors to undersea cables that carry most of the global Internet (Sutherland, 2014;Russell, 1865). Submarine communication cables, also known as undersea cables -which are placed on the seabed for telecommunication purposes -played a key part in connecting nations and continents (Song, 2014).…”
Section: Introductionmentioning
confidence: 99%