Open Source Data:The Last Frontier of the Fintech Revolution – Crowdfund Insider

Open Source Initiative

In the early days of computing, programmers and software developers shared their creations learned from each other and therefore advanced computing and software engineering to new heights.

Eric Raymond, a pioneer in open source initiative, detailed his thoughts in “The Cathedral and the Bazaar” popularized the open source movement and eventually co-founded the Open Source Initiative.

Eric Raymond famously coined an aphorism he dubbed “Linus’ Law.” Inspired by the father of the Linux operating system Linus Torvalds. As we speak, I am writing this article on a device made by Apple which runs on a variation of the Unix/Linux operating system. The foundation of this operation system is based on its origins in the open source movement in the 1980s and 1990s.

Back to Eric Raymond and his Linus’ Law.  It states;

“Given enough eyeballs, all bugs are shallow”; or more formally: “Given a large enough beta-tester and co-developer base, almost every problem will be characterized quickly and the fix obvious to someone.”

In today’s Fintech ecosystem and the larger consumer privacy concerns, there are questions regarding the regulatory oversight looming over issues like the United States’ Office of Currency and Comptroller’s newly proposed Fintech charter.

Should we take a lesson from the open source movement of the 1980’s and 1990’s and rise to the occasion as an industry to embrace the ability to make our data and information transparent? To enable the inner workings of how we approve transactions, issue credit and making investments available for consumers, regulators, and competitors?

Is it not the time to consider how to apply Eric Raymond’s quote, “Given enough eyeballs, all bugs are shallow” to the larger Fintech ecosystem?

A Microsoft executive argued that “open source is an intellectual property destroyer, I can’t imagine something that could be worse than this for the software business and…

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