Understanding Big Tech
Big Tech refers to the top companies in the information technology (IT) industry, which typically include Facebook, Apple, and Google.
Microsoft is occasionally included in this list based on certain criteria such as market capitalization, profits, revenues, employee count, or desirability as an employer.
These companies have become some of the most valuable publicly listed companies globally.
They operate across various sectors and significantly impact consumers through multiple platforms.
These major technology firms are hubs for high-tech internet services and activities.
Rise of Big Tech
Given the immense power and global impact of Big Tech, concerns have been raised about their authoritarian business practices, which are seen as excessively focused on disproportionate profit, mass surveillance, inadequate security and privacy, intrusive advertising, and widespread data breaches.
However, their growth seems unstoppable, driven by the availability of free internet services, enhanced smartphone capabilities, and widespread access to e-commerce.
While many of these big digital corporations have managed to evade significant competition inquiries by offering consumers cheaper services than ever before, monopolistic practices are increasingly coming under scrutiny.
Challenging Big Tech Monopolies and Decentralization Trend.
However, blockchain technology presents an opportunity for companies seeking to challenge the monopoly of Big Tech.
Many tech companies are exploring leveraging blockchain and related technologies to create social media networks, store online information, and host websites without a central authority.
If implemented, it would be more challenging for governments or corporations to block accounts or remove content.
These experiments have gained renewed attention as Big Tech companies have wielded their power in ways that have raised concerns about their authority.
Tech companies also invest in cryptocurrencies because they are built on a decentralized internet technology independent of any single person or entity’s control or influence.
This aligns with the original vision of the internet and is expected to gain further prominence over time.