This article reminded me of that story about the three blind men and the elephant, wherein each feels a different part of the elephant and comes to a different conclusion as to what it is.
The thing is, at the end of the day despite what each wise man said, it’s still an elephant.
And a point of the article, that the elements of technology in business do not exist in isolation, must be given similar thought when it comes to regulation. We see many articles that focus singularly on blockchain or data or AI. Much of what is said is not wrong and conclusions are appropriately drawn. But considering each of these in isolation, when it comes to regulation, will be problematic. In practice these elements will come together and accordingly regulation will have to follow suit on a holistic basis.
That doesn’t mean that we can’t also follow the other pachydermic parable in crafting regulations–how do you eat an elephant? One bite at a time.
It just means that we can’t lose sight of the whole picture.
Viene la tormenta! 