Tim O' Reilly On The Darker Sides Of Web 2.0

Courtesy of Nick Carr saw this address by Tim O’Reilly on the darker sides of Web 2.0. Tim O’Reilly who had earlier came up with a set of business models for Web 2.0 (almost the magnum opus for Web 2.0) makes an insightful commencement address for the UC Berkeley School of Information - quite a significant speech – rolling back the hype element of Web 2.0. and its future.
Amongst the dark side of Web 2.0 is the concern of concentration of power. While it's easy to see the user empowerment and democratization implicit in web 2.0, it's also easy to overlook the enormous power that is being accrued by those who've successfully become the repository for our collective intelligence. Who owns that data? Is it ours, or does it belong to the vendor? If history is any guide, the democratization promised by Web 2.0 will eventually be succeeded by new monopolies, just as the democratization promised by the personal computer led to an industry dominated by only a few companies. Those companies will have enormous power over our lives -- and may use it for good or ill. Already we're seeing companies claiming that Google has the ability to make or break their business by how it adjusts its search rankings. That's just a small taste of what is to come as new power brokers rule the information pathways that will shape our future world. As a result, I urge you to think hard about the consequences of new technology. Don't just take for granted that technology will bring us a better world. We must engage strenuously with the future, thinking through the dark side of each opportunity, and working to maximize the good that we create while minimizing the harm.
Next concern : Greed. Web 2.0 has ignited a new feeding frenzy among venture capitalists and entrepreneurs. It's perhaps too early to call it a bubble, but once again, enormous fortunes are being created by people with little more than a bright idea and an instinct for how to harness the power of new technology. You are among those who have a place at the starting gate of the new race for wealth.
So, seemingly different ages have alarmingly similar set of concerens!!