Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
introduction of a cashless society
introduction of a cashless society
introduction of a cashless society
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: introduction of a cashless society
E-Money: Affecting Canadian Commerce
The text "Out of Control", by Kevin Kelly, is an exciting description of the future as seen by the author, a journalist and optimistic technologist. The predictions presented must certainly be taken as entertaining reading that are intended to inspire visions of the future. The predictions of Kelly have already proven to be inaccurate in the four years since publication. The most glaring example of this is electronic commerce. Canada is quickly becoming a leader in electronic commerce, through online banking and direct payment purchases. The coming cashless society presents several opportunities and problems that were not previously available in the paper money world.
Canada is now foremost in the world of electronic commerce. The Interac Network is the busiest per capita on Earth. Interac, backed by the Inter-Members Association, is a conglomerate of financial companies who, 14 years ago, agreed to share technology and a national computer network in order to facilitate the introduction of ATM machines. The astounding success of automated banking and "shared cash distribution" inspired direct payment. According to Interac's web site, in 1998 over 1 billion direct payment purchases were made in Canada. That's 32 purchases a second, 24 hours a day, for the entire year!
In Kevin Kelly's Out Of Control, Kelly's flair for dramatic exaggeration is accompanied by unrealistic predictions that I find amazing when considering they were made only four years ago. Kelly predicts that the use of bank issued debit cards will "die on the drawing board" because of lack of privacy, cost of cards, and fees for use. The Interac network, caught in what Kelly refers to as the "fax mach...
... middle of paper ...
...e resulting answers will change how our society operates on its most basic economic level. As we approach a Canada ruled by e-money, it will become increasingly interesting to study the changing issues in privacy, encryption technology, banking ethics, and government control.
Works Cited
Electronic Frontier Canada: http://insight.mcmaster.ca/org/efc/efc.html
Kelly, Kevin. Out of Control: The New Biology of Machines, Social Systems, and the Economic World.
Don Mills: Addison-Wesley Publishing Company, 1994.
The Mondex Scenario: Transcript.
Toronto: CBC Television, March 27, 1997.
Rowan, Geoffery. Encryption issue hoists Ottawa onto a tightrope.
Toronto: The Globe & Mail, April 22, 1998.
RSA Data Security, Inc. Web Page: http://www.rsa.com
Tanaka, Tatuso. Possible Economic Consequences of Digital Cash.
First Monday, 1996 (2).
Sickle cell disease is a group of disorders that affects the blood, specifically, a molecule called hemoglobin in red blood cells (“sickle cell disease”, 2016). Hemoglobin is a molecule that facilitates the delivery of oxygen throughout the body (“sickle cell disease”, 2016). A mutant form of the hemoglobin molecule causes red blood cells to become crescent shaped or “sickled shaped” (Lonergan et. al. 2001). This distorted shape of red blood cells causes rigidity of the blood cells and vaso-occulusion (or the blood vessels to become clogged) (Rees et.al., 2010). This often leads to a low number of red blood cells (anemia), repeated infections and episodes of pain that are periodic (“Sickle cell disease”, 2016). Although sickle cell disease
Thalassemia is an inherited blood disorder characterized by low amounts of hemoglobin and a low count of erythrocytes in the body. Thalassemia is caused by mutations in the deoxyribonucleic acid of cells, which makes hemoglobin. The mutations are passed from parent to child. The mutations vary depending on the type of Thalassemia inherited. The variation in the mutation occurs from the number of gene mutations, which are inherited, as well as mutation within the hemoglobin molecule. Clinical manifestations are diverse ranging from asymptomatic, to those who are carriers of the thalassemia, which may have mild symptoms, there also people who posses the trait, who may have severe symptoms which lead to death.
This case discusses a crisis at the Royal Bank of Canada (RBC) that occurred on May 31, 2004. The crises involved a programming change to a vital piece of banking software. An incorrect change to the code led to the failure of the bank’s programs which in turn led to customers that could not check account balances, customers (and non-customers) that did not receive paychecks, automatic payments and bank transfers that were delayed, and duplicate transactions.
In the past 100 years, the world has completely turned around. The technological and computer revolutions have completely changed the way the world works. Henry Ford revolutionized factorial production through the creation of the assembly line. It increased efficiency and a basic standard of conformity among products, therefore making the company a lot more successful. The rest of the industry creating a nation-wide revolution based on efficiency adopted this new innovation. Following the innovation of the assembly line, a new era of development came into existence. In the 1970’s, computers were first introduced. Although they were as large as a room and could only play tic tac toe, they were the start of the technological revolution that made our society what it is today. Hundreds, if not thousands, of new inventions were thought of each year, creating new jobs and a new way of life. Records and files previously kept in file cabinets are now all computerized. Every person’s life is computerized: identification, police reports, one’s house and work. Almost every person has a computer, whether it is used for fun, school, Internet connection, graphic arts, or music. Computers have revolutionized our lives, whether that is a good or bad thing is the question. Do we create and control the computers, or have our own inventions taken such a hold on our lives, that they now control us? Aldous Huxley uses Henry Ford as the basis for an omni powerful leader who enforces the new values of efficiency through a totalitarian and mind-controlling government; subsequently, Huxley creates Brave New World to warn us of the effect that technology will have on our lives in the future.
eMARKTER INC. (2006, July 6). E-commerce thrives in Canada. Retrieved March 25, 2011, from http://www.ebusinessforum.com/index.asp?layout=rich_story&doc_id=8809&categoryid=&channelid=&search=canada
Furthermore, companies, institutions and private lives, especially in western countries, are prevalent by computers, Internet and other relevant technologies. Business operations without the support of digital technology do not exist. For instance, banks distribute funds through computer networks. Banks and credit card companies are quickly adopting automated payment systems. The computers are the essential basis of this cashless society. Millions of computers are needed to operate these automated paymen...
Electronic progress has been miraculous, even exciting, but with it problems evolve. One of the greatest is the threat to people's personal privacy. The Automatic Teller Machine (ATM) was developed in the 1980's to give people an easier way to de posit and withdraw cash that they had in the bank. Everyone who has an account is assigned a secret PIN number, but someone in the bank has access to clients' financial records in the electronic database. Another type of new technology is the ele ctronic tolls used on the nation's highways. Drivers can pay tolls...
How much do trust your bank or other institutions that have access to your financial and personal information? It may be time that all Canadians ask themselves this important question. This is a major issue in today’s world. We are living in the Information Age, and with all the technological advances we experience daily, having access to any kind of information is literally at yours and everybody else’s fingertips. This paper will focus on one of the most significant issues in the news recently that have sparked national interest, which is the issue of Privacy Laws in Canada, specifically within the Banking industry.
What is a conspiracy? I decided to look up the definition on the Merriam-Webster website and this is what I found: 1) a secret plan made by two or more people to do something that is harmful or illegal and 2) the act of secretly planning to do something that is harmful or illegal. There multiple different kind of conspiracies worldwide. Yet, the most interesting ones are here in the United States, but the one I find most interesting is in a global scale.
The Vietnam War was the first major war American’s had suffered defeat. The Vietnam war was a war of confusion, competition and biasness. The outcome of the war was far greater than an upset American nation, but a severe breakdown of the Vietnamese culture, economy, environment and government. It also had a tremendous impact on American society even up to present day. It was unclear from the beginning of the war if the American’s should even be involved. It was a war between Northern and Southern Vietnam but the U.S saw it as an indirect way to challenge the USSR’s sphere of influence in Southern Asia and to prevent the domino effect and the further spread of communism. The Vietnam War completely changed the way the United States approached military action and helped establish the role of the United States within the new world order.
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
Thalassemia is a blood disorder transferred through families. It occurs when the body makes less hemoglobin than needed or an unusual form of hemoglobin. Hemoglobin is the protein in red blood cells that carry oxygen. The disorder makes an excessive amount of destruction of red blood cells. This eventually leads to anemia.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)