E-Money: Affecting Canadian Commerce Essay -- Economics Economy Essays

E-Money Affecting Canadian trading The text Out of Control, by Kevin Kelly, is an exciting description of the future tense as seen by the author, a journalist and optimistic technologist. The predictions presented must sure be taken as entertaining reading that are think 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 cursorily becoming a leader in electronic commerce, through online imprecateing and manoeuvre payment purchases. The coming cashless society presents several opportunities and problems that were not previously usable in the paper money man. 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 pudding stone of financial companies who, 14 years ago, agreed to share technology and a natio nal computer network in order to facilitate the macrocosm of ATM machines. The astounding success of automated banking and shared cash diffusion inspired direct payment. According to Interacs web site, in 1998 over 1 billion direct payment purchases were made in Canada. Thats 32 purchases a second, 24 hours a day, for the entire year In Kevin Kellys Out Of Control, Kellys whizz for dramatic exaggeration is accompanied by unrealistic predictions that I learn amazing when considering they were made only four years ago. Kelly predicts that the use of bank pruned debit cards will die on the drawing display 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... ...e resulting answers will throw how our society operates on its most basic economic level. As we shape up a Canada ruled by e-money, it will become increasingly provoke to study the changing issues in privacy, encryption technolog y, banking ethics, and government control. Works Citedelectronic Frontier Canada http//insight.mcmaster.ca/org/efc/efc.html Kelly, Kevin. Out of Control The New Biology of Machines, Social Systems, and the economical 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. likely Economic Consequences of Digital Cash. First Monday, 1996 (2).