They don't have any incentive and I suspect they will hold onto that data until it's "pried from their cold dead hands".
I think that companies like LinkedIn and other massive data silos are going to atrophy and die as users migrate to new platforms that treat them better and give them more control over their data and experience. I'd like to point out that while there is little incentive for current companies to adopt this architecture, it doesn't mean that new companies won't be successful implementing their business under this architecture. Admittedly, almost all of this is utterly unproven given the newness of blockchain based application platforms.
One way to look at this is that the current model of internet companies is highly anti-competitive. The data they "own" is really the data of all of their users who can freely give it to any other source they choose. The fact that they have control over the database is what gives them the competitive advantage. These new application platforms which have open public databases can change the game such that the previous closed-data model can no longer compete.
What do you view is the meaningful reason for users to switch to these other platforms with some kind of better underlying data model? In addition, what's the meaningful reason for a company to adopt such a better underlying data model instead of keeping a data silo and just making better features on top of such a silo?
I completely agree that people don't currently care about their data in the sense that people are complacent about their privacy and aren't likely to change very much in that regard.
I think people care about UX but to what level?? Might be minimal.
There are a few compelling reasons why I think these new open platforms are likely to succeed and I'll try to capture them succinctly.
1. Data Economy: People choose options that save them money or make them more money. While people don't care about owning their own data, they will care about a new platform that lets them earn money for passive things like keeping their smart phone location services turned on, or allowing access to their browsing habits.
2. Account Portability: Currently if you transition from selling on Ebay to Amazon, or from driving for Uber to Lyft you have to start back over from zero. If you own your data then you just bring it with you over to the new platform and all of your reputation and whatnot can come with you.
3. Network Effect: These types of open platforms are capable of robust cross-platform integration. Right now we see the power of this in things like the suite of products that Google provides. We can have these types deep inter-connectivity without needing the applications to be from the same source.
I also want to acknowledge that this isn't going to be a smooth ride and there are big challenges to overcome, but the potential exists and it won't happen if we don't try.
> what's the meaningful reason for a company to adopt such a better underlying data model instead of keeping a data silo and just making better features on top of such a silo?
I believe that the article linked below titled "The Golden Age of Open Protocols" is the most compelling argument I've seen.
