The Digital Economy

There is a concern about this, however, because many people are not comfortable today with even doing simple things like giving their credit card number to an online company to pay for a purchase. Clearly, many advanced safety and security measures will be required before all businesses will feel comfortable receiving a contract or proposal that is electronic instead of in writing. Third, the basis of the digital economy, IT, will continue to grow and expand very rapidly. This will result in many changes in economic activities. Economic rules will need to be created and updated at a very rapid pace so as to keep up with competitors and not get left behind in the information age (Ministry, 1997). .

             People who make the rules and regulations for electronic commerce and IT will have their work cut out for them in this new digital economy. There will be a need for many more rules than the traditional economy has, because of the delicacy of electronic transmissions and the potential for 'hackers' to get into a computer system and get a hold of sensitive information such as credit card numbers, bank account numbers, and social security information, among other things. Fourth, and finally, the digital economy will make its way to everyone (Ministry, 1997). Even people who do not own a computer now will find themselves caught and pulled into this changing economy. Some people will resist this change because they are concerned about security, or simply because they do not like the way the world and the idea of commerce is changing. Especially people who have been around since the days of walking down to the corner store to get some penny candy. While it may be difficult to convince everyone, especially the older generation, that e-commerce and the digital economy are good things, it must be done because the digital economy is coming. .

             The digital economy came about slowly, as people looked for new and better ways to do things.

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