Medical Apps and Regulatory Challenges

The growth of the internet has provided us with unparalleled access to information. Technology has enabled us to distribute this information on a scale that has never previously been possible and for a fraction of the cost.

However, as the barriers come down, we’re still learning how society reacts when individuals act upon such new and increasingly accessible sources of information. Healthcare apps are an obvious example. The growth of fitness tracking obviously has legal implications but some medical professionals argue that they also run the risk of being detrimental to your health in certain situations as well.

It seems to me that innovation will always present challenges. The question is whether finding a route around existing hurdles (such as regulations put in place to protect the public) provides a result for the world that is genuinely net positive or negative – or whether we still need protection as such innovations are trialled. The risks of making the wrong choices are clearly much greater when dealing with health matters than with other sectors but the principle, in my mind at least, remains the same. If forced to choose a ‘side’, technology itself must always be viewed as neutral and the overall effects of open innovation viewed as being more beneficial than harmful.

That’s a tougher argument to make if an app on your phone incorrectly informs you that your blood pressure is fine and you delay potentially life-saving medical check-ups as a result. But there doesn’t appear to be another route forwards if you truly want to evolve.

A Decade Of Blogging

I’ve always been fascinated by blogging, certainly since it really broke into the consciousness of the general public around a decade ago. Regardless of the quality of the content, the ability to actively share content directly with an audience, no matter how niche it might be, immediately hit me as being incredibly powerful.

No gatekeepers.

I’ve learned a huge amount over the last decade or so from simply reading blogs. I remember once asking work colleagues how many blogs they read regularly. Or even irregularly. The answer, it transpired, was that there wasn’t a single person who was. That still amazes me. Needless to say, I also understood that I was in the wrong job.

Of course the landscape has shifted hugely over the last decade. Some bloggers, real and anonymous, have moved on of course but many stalwarts remain (for example, Fred Wilson started blogging back in September 2003). Larger numbers of people are now producing content which, thanks to technology that’s freely available, has at least the potential of reaching a global audience. And of course the emergence of micro-blogging platforms such as Twitter really helped to tap into that pent-up desire that so many had to share something (with 288 million active monthly users generating 500 million Tweets per day currently).

However, a huge factor in the growth of blogging was the emergence of WordPress. Whilst investigating why Wordpress have withdrawn support for Bitcoin payments this week, I came across this article from October 2004 talking about the early days when Matt Mullenwegg developed WordPress, the juggernaut that is currently the most popular blogging system in use on the web, powering more than 60 million websites.

The philosophy’s really interesting here and really validates the open source model. Almost everything on WordPress.com is free. They charge for upgrades (whether it’s spam filters or custom domains) but the core proposition is – and always will be – free. If you’re worried about giving something away for free, I suggest you go and have a chat with Matt. I’m sure giving stuff away has done him much harm over the last decade or so.

Going back to the article, there seem to be some parallels between WordPress in 2004 and the state of Bitcoin in 2015. You can sense a seismic change coming. It’s impossible to say when or where the ultimate winners will be so far.  But it’s certain that there will be winners. As Scott Maxwell mentioned in the Q&A after the Bitcoin talk we gave up to Dundee Tech Meetup yesterday, there’s probably 5 or 6 places lying vacant at the moment just waiting for people to carve themselves a place in the history books. With every day, we get a little closer to the time when we find out who it’s going to be.

The VC Blogging Elite

Today is Ruckusmaker Day. Seth Godin’s trying to encourage people to commit to speaking (or writing) their opinion daily on a topic of their choosing, picking what would have been Steve Jobs’ 60th birthday as being a good a day to start as any.

I’ve just returned from the Dundee Tech Meetup after giving another ‘intro to Bitcoin’ talk which was brilliant fun. So whilst I agree with the concept, the only contribution my tired brain can make tonight is to simply highlight a valuable summary of corners of the web where – if entrepreneurship is your thing – people are doing precisely that.

Periodic Table of VC Blogs
Periodic Table of VC Blogs

Morgan Spurlock and Bitcoin

It’s interesting to see CNN continuing to actively pursue its investigation into Bitcoin’s potential. Amongst other things, they’ve just added a new Bitcoin Ticker to their CNN Money page and at the end of last year, I was kindly asked to join one of their panels for a live Twitter debate on the future of Bitcoin.

Anyway, I don’t usually just post an episode of something on the blog post but I figured this might be of interest to a few readers who are still getting to grips with Bitcoin.

I suspect most people know who Morgan Spurlock is. I like the fact that he didn’t even attempt to pretend he knew what was going on at the start. There’s a lot to be said for going down that route – especially if you’re planning to live on nothing but Bitcoin for a week.

https://www.youtube.com/watch?v=uTxEo1CkPFw

The Evolution of Spending in the Sharing Economy

Change is a constant and it’s clear that the growth in the collaborative economy is going to reshape current spending patterns throughout many economies.

The actual impact is still hard to ascertain. But the evidence is stacking up that there are going to be significant changes in the near future. As Larry Fink pointed out in a recent article, the impact of technology can profoundly affect an entire industry, even if it only directly impacts initially on a small subsection.

Fink uses the example of hydraulic fracturing in oil production to make his point. As the demand for the supply of oil has continued to rise by around 600,000 barrels a day over the past year, the actual supply – in part due to new technologies such as fracking (putting to one side for this article the immense damage that fracking causes) – has increased by around 2 million barrels a day.

His argument here is that (as damaging as fracking is) the technology has affected the overall price per barrel in despite the fact that the majority of barrels are not produced using this method.

So when it comes to the sharing economy, what sort of changes are we likely to see as a result of the stellar growth of such businesses as Uber and Airbnb? For most younger people in the Western Economy, there are two common twin goals when it comes to acquiring significant items of property: the car and the home. Not surprisingly, these are in the crosshairs of both growing businesses.

So whilst both assets are fundamentally different (one being an investment, the other a depreciating asset), the question still remains. If significant sums of money are less likely in the future to be tied up by these big capital outlays at the start of young people’s lives, where will they be directed instead? Any ideas?

Hacking The Car Wash

As the Internet of Things develops, we’re going to see more and more security issues present themselves whilst more items move online. We’ve heard recently about an (unnamed) German steel mill being hacked. Next up, renowned security researcher Billy Rios (known for hacking X-ray systems and airport baggage scanning systems) has now flagged up the potential vulnerabilities presented by car washes.

The car wash isn’t necessarily something that jumps to the top of the list when considering the varied security threats that are out there in the big bad world. After all, it’s a large, stationery piece of heavy equipment that only ever gets installed in certain controlled locations (namely petrol stations). But after showing that he could guess a default password on the machine’s web interface to take over control of the system controlling the car wash from afar, Rios points out:-

“[If] a hacker shuts off a heater, it’s not so bad. But if there are moving parts, they’re totally going to hurt [someone] and do damage…I think there should be some distinction between those sort of devices. Turning on and off the lights is cool, but if you create something that causes something to move, you can’t allow them [the manufacturers] to voluntarily opt into security.”

“…These machines are very dangerous, and typically, when you have these machines installed someplace, they are only able to be operated by qualified technicians. They could hurt someone. So when you start putting these things online, it changes the threat model dramatically”.

Sounds just like a scene at the start of a sci-fi film, doesn’t it?