A global order as technology's much needed pole star
The fundamental notion of a territorial nation-state is undergoing a massive change because of technology.
A global order as technology's much needed pole star
The rapid scale and pace of development of technology have transformed our societies ans daily lives. Not taking away from all the accrued benefits from this, it has thrown up complex challenges for governance.
The fundamental notion of a territorial nation-state is undergoing a massive change because of technology. There are now several externalities occurring across borders of states like cyber-attacks which have a ripple effect on physical boundaries. The advent of Web3, peer-to-peer networks and blockchains have allowed actors, both state and non-state, to influence areas such as trade, commerce, health and education.
Moreover, geography-based rules are no longer easily enforceable simple because of the declining significance of conventional borders in the era of high technology. Now any form of "virtual activity" is not confined to a country; data travel on the world wide web across the world at speed hitherto unimaginable. Hence, it is extremely difficult in the absence of a globally-accepted norm, to enforce a law in case of an activity falling foul in one country.
The universal nature of technology is continously challenging sovereignty of countries. No longer is the nation-state the only conduit through which multinational corporations, non-governmental organisations and supranational organisations, both legitimate and illegitimate, state and non-state actors, need to operate. These entities have transcended physical boundaries to collaborate with the rest of the world, independent of transnational administrative and regulatory institutions. For example, topographical maps are now available by private actors like Google maps or Apple.
These platforms constantly use large amounts to data to influence our activities. What we need in this situation is a data-sharing ecosystem based on privacy and free flow of data, backed by a global regulatory system. India, as the president of the G20 for this year, can take the initiative in the developing world by etching a framework for data privacy and a law on virtual digital assets.
•Web3- it is a new, decentralised version of the world wide web. Since it will be run on blockchain technology, users will have ownership stakes in the platforms and applications.
•Blockchain- is a technology that leads to a chain of blocks, containing digital information stored in a public database.
•Virtual digital assets- mean any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means.