News Round – Will Privacy Concerns Bring Down the Online Economy?
The internet has created more millionaires and some billionaires in the last decade more than any other industry. There are concerns that the internet bubble will be burst soon by increasing public awareness on how the internet works.
See, a huge majority of the internet companies are structured around giving a free service in return for private information about the site visitor. These companies then use this information to sell products, sell it to data mining companies or use it for targeted adverts.
This model has worked like a charm over time, but now it is shaky. People have become aware that the services online are not free; in fact, these ‘free’ services are expensive in terms of the information one has to give out. Many people are feeling abused and violated that their private details are being sold to companies by internet marketers.
A recent study across countries concluded that people are reluctant, sometimes totally opposed to sharing private info in return for a free service. While there are not many companies that are prepared to charge for site visitors, there are some entrepreneurs who see the innate flaw in the current business model. These people form the small part of internet companies which actually charge money for services.
The fear among industry insiders is that people will stop giving free info for services and they will have nothing to support their revenues. There are also concerns that with the growing number of start-ups following the free services model growing, there will soon be an information glut and no one will want the info they offer. Companies will collapse.
From the perspective of a typical internet user, the Holy Grail is being able to use these free services without having to offer private information in return. The good thing is, there are tools which people can use to protect your online privacy, making it hard for marketers and big businesses online to collect their private data. One of the most effective and affordable tools is VPN. With a proper VPN connection from a trusted providers like HMA (HideMyAss) or ExpressVPN, users can keep a majority of the information hunters at bay.