05 Nov 2019

THE IMPACT OF DIGITAL TECHNOLOGY ON SOCIETY AND ECONOMY

Digital innovations are used extensively and are commonly used in all environments by individuals. Digital technologies have an effect on what, when, where and how people learn and from whom they learn. Computers, laptops, computers, smartphones, mobile phones and so on are the common use of digital technologies. The main purpose of digital technologies is to easily, efficiently and cost-effectively create a link between individuals. With a vast array of online services and resources, individuals get linked to each other.

Training with digital technologies has a number of advantages, on the other hand, they are followed by some difficulties as well as threats for the students. Digital platforms renew partnerships between consumers, staff, and employers as the scope of the silicon chip permeate virtually everything we do— from buying online grocery stores to find a partner on a dating website. When computing power dramatically improves and more and more people around the world are taking part in the digital economy, we must think carefully about how to formulate policies that will allow us to take full advantage of the benefits of the digital revolution while reducing job dislocation. The result of this digital transformation is what economists who study scientific progress and technical change call a general-purpose technology — that is, one that has the power to continually transform itself, branching out and boosting productivity across all sectors and industries. Such changes are rare. Just three previous inventions gained this distinction: the steam engine, the generator of energy, and the media. These improvements bring huge long-term benefits. By applying mechanical power, the steam engine, originally designed to pump water from mines, gave rise to railroads and industry.

Benefits accrued as farmers and merchants delivered their goods to the coasts from within a country, making trade easier. An important component of disruptive technology is that, before society adapts to it, it must first be widely adopted. The supply of electricity relied on generators. The current technological development is based on computers, the Internet’s technical infrastructure, search engines, and digital platforms. It takes time to drive production growth due to the lags involved in adapting to new technologies, such as replacing conventional printing with digital publishing. During the early stages of these revolutions, more and more money is being spent on development and reorganization, the results of which can only be realized much later.
Meanwhile, encrypted cryptocurrencies like Bitcoin challenge efforts to fight money laundering and other illegal activities. But what makes these properties valuable often potentially makes them dangerous. Cryptocurrencies can be used for illegal drug trafficking, firearms, hacking tools, and toxic chemicals. On the other hand, the underlying technology behind these currencies (blockchain) is likely to revolutionize finance by making transactions faster and safer, while better information about potential customers may boost loan pricing by better evaluating the probability of repayment. Regulatory mechanisms are needed to ensure financial integrity and protect consumers while fostering productivity and innovation.

Looking ahead, we could see even more uncertainty from quantum computing breakthroughs that would allow calculations beyond conventional computing capabilities. Such computers can reverse even some new technologies while allowing exciting new goods. They can, for instance, make current cryptology standards obsolete, potentially affecting global communication and privacy. And this is just one aspect of cybersecurity threats, an issue that is becoming increasingly important as almost all essential public and private information services are now online. While the digital revolution is international, the pace of change and policy reactions will be largely national or local, rightly or wrongly, reflecting various economic and social preferences. It will also be important to change education and competition policy. Schools and universities should bring the skills they need to work in the emerging economy to future generations.

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