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t what can be, we understand that what39。s possible is not predestined. As with the advent of every worldaltering technology from the printing press, to nuclear energy, to television, the arrival of the worked world is raising serious public policy issues. Societies are going to have to establish predictable, trusted approaches to issues like Inter taxation, trade rules and protection of intellectual property. But I will tell you that paramount among all these policy issues is privacy. This one is not going away. And if we do not act responsibly, we run the risk of choking off this amazing but very young and very fragile economic engine. I go back to the outset of my remarks. One of the hard lessons we39。ve learned over the past year is that the Inter has not rewritten the laws of economics and petition. Well, it also hasn39。t rewritten the fundamental laws of consumer behavior either. We know that trust is a fundamental element of every positive brand experience. It39。s fundamental to all consumer behavior, to the willingness to buy and to brand loyalty. All of it is based on trust. Now, we also know what a lot of consumers do when they go to a Web site and are asked to fill in their name, address, age, ine levels and all that. They say they39。re Albert Einstein with an ine of $5 and an address of E=MC squared. Worthless data. What are customers really saying when they do that? They39。re saying they don39。t trust the security of the site, and they don39。t trust that the owner of the site is going to respect their privacy and not abuse or sell their personal data. So this is a confidence issue. It39。s not a technical issue. 7 And while serious very serious the privacy issues we39。re dealing with today are trivial pared to what39。s ahead. What are the implications for individual privacy in a world where millions of people are driving Interenabled cars that have their movements monitored at all times? What happens to privacy for millions of people with Interenabled pacemakers? And fet about the debate over who has access to medical records. Who has access to realtime data on your heartbeat, blood pressure and cholesterol levels? Your doctor? Your insurance pany? The answer here must begin with a responsible marketplace. Through our policies and our practices, industry has to send an unambiguous message that tells people: You can trust us. You have choices. They will be respected. And you39。ll know in advance how any information that you give us will be used. Getting a workable privacy framework in place is going to require leadership at all levels, including government. It will require thoughtful examination of what kind of public policies including legislation should be implemented. Let me ask you to do just one thing when you leave here. Go back to your anization and find out if you39。ve designated a privacy czar a senior executive with the clout to drive a real privacy policy through your anization. At IBM, we named ours a few weeks ago. We weren39。t the first, but we won39。t be the last. And I think that in itself is important. We all of us we39。ve all e a long way in the last four or five years. We39。ve lived through a wild ride of experimentation: meteoric ascents and spontaneous bustion。 new models tried, some validated, some tossed onto the slag heap of Inter Chapter 1. It39。s my hope that even in those things that didn39。t work we learned so that we proceed to the next phase of ebusiness with a level of maturity, reason and stability that was absent for much of the period we just passed through. And I hope one of the lessons that we take with us is that the world that we are building is far more important than one of the puter industry39。s longstanding obsessions. Simply put, what we39。re doing here is not about building some utopian world of personal convenience, of perpetual relaxation and leisure. That39。s not what39。s important. Carmakers aren39。t investing billions in telematics just so that you can talk to your steering wheel and ask your intelligent house to fill your intelligent bath all so you can have a hot soak four minutes earlier. Applications like that are fun, and I guess they39。ll improve modern life a little bit. But that39。s not the economic imperative for making this historic investment, this historical transition. There are far, far more meaningful, more profitable and more important aspects of ebusiness before us. In the mercial world for sure, and we39。ve talked about those, but also to deliver better education to more of the world39。s people。 to create opportunities to close the divide between rich and poor the information have39。s and have nots。 to decode the molecular mysteries of our bodies to develop better lifesaving drugs。 and, yes, very definitely yes, improve democratic institutions and processes for all people, in all states, for all nations. All of that is within our reach. When I look back on the past five years I think that, for a lot of people, the omnipresent e in ebusiness came to stand for easy more than anything else: easy life, easy money, easy business. But I think we all know better today. I, for one, have never been more excited, and more optimistic about ebusiness and that has everything to do with the wacky period we39。ve just e through, a necessary learning experience in hindsight. And looking forward, the opportunity is still there to improve business, to improve the lives of people, to make the world a more tolerant, prosperous and secure place and address the most intractable challenges we all care about as businesspeople, as parents and as citizens. These are the challenges worthy of our time, our investments and our best thinking.