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

E-Money Affecting Canadian Commerce The text edition 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 tickle pink visions of the future. The predictions of Kelly have already proven to be inaccurate in the quadruple years since publication. The most glaring example of this is electronic commerce. Canada is quickly worthy a leader in electronic commerce, through online banking and direct compensation purchases. The coming cashless parliamentary law 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 monetary companies who, 14 years ago, agreed to shar e technology and a subject computer network in order to facilitate the introduction of asynchronous transfer mode machines. The astounding success of automated banking and shared cash distribution stir direct payment. According to Interacs web site, in 1998 over 1 trillion 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 flair for outstanding 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 calculate 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... ...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 break do wn the changing issues in privacy, encryption technology, banking ethics, and government control. Works CitedElectronic confines Canada http//insight.mcmaster.ca/org/efc/efc.html Kelly, Kevin. Out of Control The New Biology of Machines, Social Systems, and the frugal World. presume Mills Addison-Wesley Publishing Company, 1994. The Mondex Scenario Transcript. Toronto CBC Television, March 27, 1997. Rowan, Geoffery. Encryption issue hoists capital of Canada 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).