Lets assume that it is possible to have instant knowledge about anything or anybody. Lets also assume that it's impossible for someone to hide. Then, the society would be very, very, different. We would behave differently, we would avoid doing stuff that we don't want others to know, some things we do right now in privacy would become normal and public.
In this situation, no one would have a special power over the other due to information. People with power would become a focus of attention and would need to be more careful, people without power would need to be careful as they could be watched by anyone...
Our lives would be very different. Could it be better? Maybe, who knows how well we would adapt.
But, BTW, why do we need to have secrets? Why?