FinTech Future by Phadke Sanjay;

Author:Phadke, Sanjay; [Phadke, Sanjay]
Language: eng
Format: epub
Publisher: SAGE Publications
Published: 2020-02-18T16:00:00+00:00

THE NETWORK EFFECT

So why is all this important to talk about here? It is all about the ‘network effect’, a magic term that drives the value of large technology projects. The network effect is a phenomenon, whereby increased numbers of people or participants improve the value of a good or service. The Internet is an example. Initially, there were few users of the Internet. It was of relatively less value to anyone outside of the military and some research scientists. As more users gained access to it, they produced more content, information and services. More websites were developed, and more users connected to communicate with each other. These developments made the Internet increasingly valuable to its users. It is perhaps the most notable facilitator of the network effect; the escalation of users on the Internet networking platforms has been exponential, and companies leverage these platforms to access wider target markets. The rise of social media can be directly correlated with the network effect. In today’s world of big data and analysis, producing more digital data is the key to unlock value that can be generated by predictive techniques for ML and AI. Imagine if the whole country could be available as a network, a size far beyond anything the West has ever seen, except only China to some extent.

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