Why consumers will be the big losers of GDPR￼
Like a very good video of the Financial Times told us (1), small US companies are exiting the European Market because of GDPR. 1’700 engineers are working at Microsoft for GDPR and only big companies can have their ass safe negotiating directly with the European Commission. Others companies will be at the mercy of any good lawyers to be pushed outside the market.
The first result for consumers of the introduction of GDPR will be the reduction of their consumer’s choice hidden behind big virtue and big traps. They will have only the choice to go with the big ones. The smallest companies, the startup can be killed at the first trial. It’s the first concrete consequence of the GDPR.
GDPR can be seen, then, as the tool for EU to declare a commercial war to US and all ASIAN’s based firms.
It’s also a tool to preserve big players from disruption because little companies won’t be able to more agressive then before then the big player will gain an unbeatable advantage.
As we have seen that with Financial Regulation, the only aim of a regulation is to close the market to new challengers and it’s what GDPR will do.
If you add, for FINTECH, GDPR and financial regulation, you have a body of constraints that are very hard to bypass by small companies.
Finally, the only losers will be consumers because behind the data transparency trojan horse, they will only lose their ability to make concurrence playing: the choice will be reduced to big ones.
(1) How GPDR kills the innovation economy: