Future Regulation of the Future Internet | Internet Lawyers

In a recent article by Jeremy Barnett and James Ross, barristers of Gough Square Chambers, London. advances in Internet Technology including the emerging Internet of Things [IoT] the use of Cryptocurrencies including Bitcoin and Crowdfunding are considered, together with observations about the increasing dangers resulting from advances in Artifiicial Intelligence, known as AI.

In the article, Jeremy and James cover a number of emerging technologies which are starting to affect the way in which many ordinary business transactions are conducted. Download the full article by clicking here.

 The Internet of Things/Big Data and the Energy Internet

The fastest development is the Internet of Things [IoT] otherwise known as Big Data with numerous initiatives connecting neighbourhoods, cities, regions and continents in what is becoming known as a ‘neural network’. The number of gadgets being connected to the internet has reached 3.5 billion today, with estimates of 100 trillion sensors being connected by 2030.

Producer Consumers  called Prosumers now produce and share their own information, entertainment, 3D printed goods resulting in a proliferation of new sites offering sharing of music, hotel rooms, energy clothing etc. This growth of ‘Peer to Peer’ computing is now being enhanced by ‘Docker Containers’ – lightweight virtualisation that sits on cloud services.

Cryptocurrencies.

The growth of Cryptocurrencies has been noticed since 2008 Banking crissis as people began to realise that governments might not stand behind the banks who held their deposits. The genius of a cryptocurrency is that it cuts away the middleman by taking the all important role of ledger keeping away from centralised financial insitutitons, creating a decentralised, Peer to Peer network. 

Data Protection Issues.

In 2012, following an intensive consultation, the EU recognised the challenge of fostering a dynamic development of the IoT in a single digital marketplace, and established principles and mechanisms to be put in place,  Established Data protection principles do not sit kindly with much of the current IoT development, causing challenges for companies who strive to stay competitive in a fast moving area of business.

Funding

Peer to Peer lending has recently demonstrated the potential for funding new ventures with the growth of crowdfunding evident in solar and other microgeneration projects.

As the first driverless cars are piloted on UK streets for the first time, this article recognises that current regulation often struggles to adapt to the fast moving digital economy, and points to areas where more work is clearly needed if the Law is to keep up with the rest of the world.