IT in Society - Digital Currency PDF

IT Chapter 12th IT in Society Fahim Siddiq +923336581412 Digital Currency: Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency, or cyber-cash. Using digital currency means...

IT Chapter 12th IT in Society Fahim Siddiq +923336581412 Digital Currency: Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency, or cyber-cash. Using digital currency means the currency is exchanged digitally using the computers rather than exchanging physical bank notes and coins. The most popular are payments using credit cards, mobile phones and smart watches. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital money can either be centralized, where there is a central point of control over the money supply (for instance, a bank), or decentralized, where the control over the money supply is predetermined or agreed upon democratically. Characteristics of Digital Currencies Digital currencies only exist in digital form. They do not have a physical equivalent. Digital currencies can be centralized or decentralized. Fiat currency, which exists in physical form, is a centralized system of production and distribution by a central bank and government agencies. Prominent cryptocurrencies, such as Bitcoin and Ethereum, are examples of decentralized digital currency systems. Digital currencies can transfer value. For example, a gaming network token can extend the life of a player or provide them with extra superpowers. This is not a purchase or sale transaction but, instead, represents a transfer of value. Advantages Disadvantages A person does not need to carry physical There is often a monetary limit on money around, which could be easily lost. contactless payments. If a card or mobile device is lost, the user As data is sent electronically, there is can contact their bank to stop any always the risk that the transactions could monetary transactions from the card or be hacked. device.  All transactions are completed using Some people believe that if the pass encrypted methods, so data is sent through a payment machine the money securely. could be deduced from the account. The use of contactless payments can speed Some may think that people can lose track up payment for products and services. of their spending as they are not handing over physical money for the transaction. If a user is in a different country then he or she can use a digital method and the banks involved will electronically change the transaction from one currency to the other. The user does not necessarily need to remember their PIN number each time if they are using contactless payments methods. Types of Digital Currencies 1. Virtual Currency A virtual currency is a digital representation of value only available in electronic form. It is stored and transacted through designated software, mobile, or computer applications. Transactions involving virtual currencies occur through secure, dedicated networks or over the Internet. They are issued by private parties or groups of developers and are mostly unregulated. Virtual currencies increase transaction speeds by removing intermediaries from the process, but they are also susceptible to hacks and online scams. An example of a virtual current would be tokens that can be collected or bought, for example, within a computer fame, that allow players to buy different items within a game such as new clothing or amour. Advantages of Virtual Currencies 1. Virtual currencies do not have expensive manufacturing and physical storage costs. 2. virtual currencies increase transaction speeds and eliminate geographical boundaries. 3. It eliminates intermediaries during monetary transactions and establish a direct connection between two transacting parties. 4. Virtual currencies can be programmed to complete automated transactions. 5. It can personalize a game or application by making it fun to collect and spend the specific virtual currency. Disadvantages of Virtual Currencies Virtual currencies are attractive targets for hackers. There have been several cases of hacking blockchain networks for cryptocurrencies, a form of virtual currency. Though they do not have manufacturing or physical storage costs, virtual currencies have other associated expenses. For example, cryptocurrency users are required to store them in digital wallets. At trading exchanges, cryptocurrencies also have custody costs. Virtual currencies can be subject to scams. Unregulated virtual currencies do not offer legal recourses to investors because they are issued by private entities and, for the most part, not regulated are by financial authorities. Virtual currencies traded on exchanges, such as cryptocurrencies, can be subject to highly volatile price swings. Central Bank Digital Currency (CBDC) The term central bank digital currency (CBDC) refers to the virtual form of a fiat currency. A CBDC is an electronic record or digital token of a country's official currency. As such, it is issued and regulated by the nation's monetary authority or central bank. CBDCs are meant to represent fiat currency. The goal is to provide users with convenience and security of digital as well as the regulated, reserve-backed circulation of the traditional banking system. Advantages of CBDC Simplifies the implementation of monetary policy and government functions. Eliminates third-party risk. Calibrates privacy features. Allows the inclusion of the unbanked. Prevents illicit activities such as money laundering and tax evasion. Disadvantages of CBDC Doesn't solve the problem of centralization. Users may have to give up some degree of privacy. Legal and regulatory issues are black hole. Cryptocurrency A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. Types of Cryptocurrency The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch. Advantages of Cryptocurrency Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties, without the need for a trusted third party like a bank or credit card company. In modern cryptocurrency systems, a user's "wallet," or account address, has a public key, while the private key is known only to the owner and is used to sign transactions.  Fund transfers are completed with minimal processing fees, allowing users to avoid the steep fees charged by banks and financial institutions for wire transfers. Immediate settlement and international Transactions. Potential for high returns. It is difficult to counterfeit. Disadvantages of Cryptocurrency The semi-anonymous nature of cryptocurrency transactions makes them well- suited for a host of illegal activities, such as money laundering and tax evasion. High volatility and potential for large losses. Unregulated and unbacked, Cyber hacking. Difference between Digital, Virtual and Cryptocurrency To summarize, digital currency is the blanket term used to refer to money that exists solely in the digital space. Virtual currencies and cryptocurrencies are digital currencies because they exist online. Virtual currencies are a form of digital currency available in the virtual world (think of exclusive online communities created by developers). Cryptocurrencies are digital currencies because they exist online, but they are also virtual currencies created with cryptographic algorithms. Data Mining Data mining is a form of data analysis. It is a form of artificial analysis. Data mining is the act of sorting through large sets of data to identify patterns and establish relationships. The goal of mining data is to extract information from sets of data that can be used to inform and instruct future decisions, by identifying past and present trends. Data mining involves finding trends and then applying a theory to new data sets in order to try and validate the changes that are occurring. The overall goal is to be able to predict changes before they actually occur. This means that a business can be in the right place at the right time. Computers are used for data mining because of the sheer volume of data that is searched and analyzed. Cross-Industry Standard Process for Data Mining (CRISP-DM) The six phases of CRISP-DM include: 1. Business Understanding: In this step, the goals of the businesses are set and the important factors that will help in achieving the goal are discovered. There are three main elements to the business understanding stage: setting the objectives, developing the project plan and establishing the criteria for success. Once the business needs have been established, other important factors such as 2. Data Understanding: This step will collect the whole data and populate the data in the tool (if using any tool). The data is listed with its data source, location, how it is acquired and if any issue encountered. Data is visualized and queried to check its completeness. 3. Data Preparation: This step involves selecting the appropriate data, cleaning, constructing attributes from data, integrating data from multiple databases. This can then allow for the patterns and trends to be established in the data, relating to the business needs. This is the largest stage in the project and the most time consuming. 4. Data Modeling: Selection of the data mining technique such as decision-tree, generate test design for evaluating the selected model, building models from the dataset and assessing the built model with experts to discuss the result is done in this step. This will allow the business to understand whether the models are suitable for the business and that the models fall in the line with the business initiatives. 5. Evaluation: This step will determine the degree to which the resulting model meets the business requirements. Evaluation can be done by testing the model on real applications. The model is reviewed for any mistakes or steps that should be repeated. 6. Deployment: In this step a deployment plan is made, strategy to monitor and maintain the data mining model results to check for its usefulness is formed, final reports are made and review of the whole process is done to check any mistake and see if any step is repeated. If the stakeholders feel the business hasn’t achieved an informative enough result, they may choose to repeat the data mining process to further refine the information gathered from the process. Uses of Data Mining 1. National Security & Surveillance: Data mining has many applications in security including in national security (e.g., surveillance) as well as in cyber security (e.g., virus detection). The threats to national security include attacking buildings and destroying critical infrastructures such as power grids and telecommunication systems. Data mining techniques are being used to identify suspicious individuals and groups, and to discover which individuals and groups are capable of carrying out terrorist activities. Cyber security is concerned with protecting computer and network systems from corruption due to malicious software including Trojan horses and viruses. Data mining is also being applied to provide solutions such as intrusion detection and auditing. 2. Businesses: Data mining can contribute to solving business problems in banking and finance by finding patterns, causalities, and correlations in business information and market prices that are not immediately apparent to managers because the volume data is too large or is generated too quickly to screen by experts. The managers may find this information for better segmenting, targeting, acquiring, retaining and maintaining a profitable customer. Data mining allows to find a segment of customers based on vulnerability and the business could offer them with special offers and enhance satisfaction. To maintain a proper relationship with a customer a business need to collect data and analyze the information. This is where data mining plays its part. With data mining technologies the collected data can be used for analysis. Instead of being confused where to focus to retain customer, the seekers for the solution get filtered results. Market basket analysis is a modelling technique based upon a theory that if you buy a certain group of items you are more likely to buy another group of items. This technique may allow the retailer to understand the purchase behavior of a buyer. This information may help the retailer to know the buyer’s needs and change the store’s layout accordingly. Using differential analysis comparison of results between different stores, between customers in different demographic groups can be done.  3. Scientific Research: A large volume of complex, multi-dimensional scientific data is collected and stored daily. Data mining and predictive modeling offer a means of analysis of that data. Data mining and predictive modeling are capable of automatic extraction of knowledge deeply hidden in data, enabling discovery of knowledge not otherwise attainable. Data mining extracts patterns, changes, associations and anomalies from large data sets. Work in data mining ranges from theoretical work on the principles of learning and mathematical representations of data to building advanced engineering systems that perform information filtering on the web, find genes in DNA sequences, help understand trends and anomalies in economics and education, and detect network intrusion. 4. Heath Care: Data mining in healthcare has proven effective in areas such as predictive medicine, customer relationship management, detection of fraud and abuse, management of healthcare and measuring the effectiveness of certain treatments. The adoption of electronic health records has allowed healthcare professionals to distribute the knowledge across all sectors of healthcare, which in turn, helps reduce medical errors and improve patient care and satisfaction. 5. Social and Economic Trends Data mining has a large role in predicting future social and economic trends. Many institutions are concerned with the stabilization and growth of the global economic market. Any data and intelligence that can predict what might happen in the future with the economy can help important institutions, such as government, to prepare for any possible crisis that may occur. Companies can also use the ability to predict what may lay ahead with the economy to make important business decisions, such as where they should plan to expand their business. Ethical and Privacy Implications Individuals and organizations have concerned about the ethical and privacy implications of data mining; It often involves around the use of data mined about individuals that is then used to target them with products and advertising. There can be certain issues with this. IF a person searches for a certain product or service, they may be bombarded with similar products for a long time afterwards. The constant reminder of the targeted advertising may be harmful and may create upsetting feelings at a later date. The other example may be if a person searches for a particular ailment, the data is mined by lots of companies and the individual may never want people to be aware of their medical issues. Advantages Disadvantages Allows organizations to make strategic Software tools and skilled staff is required. decisions that can help maintain or increase their revenue. Allows organizations to understand their Many people see the practice of data customers and create the products they mining as both unethical and an invasion need. of their privacy. Allows individuals to see targeted product Storage cost for the data are very advertising based on the things they expensive, therefore, this can also increase already like. the cost of the process of data mining. Allows important institutions to predict A great security issue, as hackers will want future crisis that they can then plan to gain access to the data because it has a strategies and solutions to help handle or high value. avoid them. Allows business to save costs either by The outcomes produced by data mining understanding how to streamline what are only predictions based on patterns and they already do or by not investing in a trends in past data. They are not an future product that they can now be aware accurate science and it is very possible for of. them to be incorrect. Social Networking Services/Platforms 1. Chat Rooms & Instant Messaging Instant messaging and email were early forms of social networking and both still exist today. Many more forms of social networking have now developed, such as websites like Facebook, Twitter and Tumblr. These later methods make use of earlier features, such as instant messaging, which is a form of social networking that enables real-time text communication over the internet, either between two people or, more recently, between groups of people. The primary use of a chat room is to share information via text with a group of other users. Instant messages are designed for one-to-one communication, whereas, chat rooms cater the need of a wide range of subjects. One of them is to do online-chat with friends or strangers having same interests. 2. Forums Forums have also become a popular social networking method and are used to post questions on many different topics so that other people can post replies. Many people use this to get advice on a variety of subjects and areas of interest. They differ from chat rooms in that messages are often longer than one line of text, and are at least temporarily archived. A discussion forum is hierarchical or tree-like in structure: a forum can contain a number of subforums, each of which may have several topics. Within a forum's topic, each new discussion started is called a thread and can be replied to by as many people as so wish. 3. Email Electronic mail (email or e-mail) is a method of exchanging messages ("mail") between people using electronic devices. Email operates across computer networks, primarily the Internet. Today's email systems are based on a store-and-forward model. Email servers accept, forward, deliver, and store messages. Neither the users nor their computers are required to be online simultaneously; they need to connect, typically to a mail server or a webmail interface to send or receive messages or download it. 4. Blogs Blogs are also a form of social networking. They are a more one-way communication channel as the person blogs about their life, interests or other topics. The word blog comes from web log. These were often quite personal, such as an individual opinion on changes in their industry, or something more personal, such as events in their life. Blogging, in fact, has become so universal as a form of social networking that it has expanded into several formats. Microblogging is a new format of blogging and is carried out on sites such as Twitter, Facebook and Tumblr. Microblogging is when people use short and frequent posts to inform their followers about what they are doing. Video blogs or ‘vlogs’ have become a popular video format on sites such as YouTube. The content is the same as a normal blog but, with the added visual and audio cues, points can be presented more coherently. This can feel more personal as the person is vocally describing their passion for a subject. make money Blogging has become such a huge part of social interaction that some people are able to through it or turn it into an actual business. Advantages & Disadvantages of different types of social networking 1. Social Networking (Facebook, Linkedin, Twitter) 2. Photo sharing (Instagram, Pinterest) 3. Video Sharing (Youtube, Vimeo) 4. Interactive (Snapchat, Tiktok) The Impact of Social Networking individuals (e.g. intellectual isolation, physical and mental health of different age groups, ideological polarization, stereotyping, cognitive issues) businesses (e.g. advertising), organizations (e.g. use by police to disseminate information, weather warnings) governments (e.g. distribution of information, censorship), false/distorted information Uses of Social Networking Services/Platforms Education Finance Healthcare News source Creating and sharing information Technology Enhanced Learning A large part of technology’s growing influence on society is the introduction of online learning and online courses. There are many tutorials available on websites such as YouTube.com & edx.org. This means that people can now gain access teaching. Often without fee, other than the cost of their internet connection. This also means they can learn at their own pace and in their own time. The quality of the resources available through these sites can often differ greatly. On sites like YouTube there may be no governing body looking at the level of teaching that is taking place, in the way that there often is with schools. This means it may be difficult and time-consuming for a person to pick through all the tutorials they can find to get one that is of a high quality. Computer-Based Training: Businesses and organizations can create extensive training programs for their staff that can be accessed using computers. Often just the training resources created and available and this normally doesn’t involve the presence of a tutor. The resources can be a mixture of text, sound, video and images to present the training information in the most effective way. Computer-based training is normally designed to deliver small chunks of training to people, as a step-by-step process. It normally allows the user to learn at their own pace. Many companies develop and make available this kind of training to their staff to allow them to develop their work skills. This can mean that the worker can improve their knowledge and skillset to a point that may allow them to awarded a pay rise or a promotion. There can be tests incorporated into the training, that are automatically marked that can show how much the user has learnt. Advantages Dis-advantages Users can learn at their own pace. Learners may not have a tutor to answer any questions that they have. Different media can be used to create an Staff may not be motivated to follow the interesting set of resources. computer-based training as they aren’t being watched and driven to do so. Staff can improve their own skills set and knowledge resulting in promotion or additional pay. Online-Tutorials: An online tutorial is normally delivered using different media and aims to teach the viewer how to achieve a specific goal or outcome. Online tutorial also user to learn at their own pace and in their own time. They are also able to view the tutorial repeatedly until they think they have the understanding that they need for the desired outcome. One of the biggest online platforms used for tutorials is YouTube. Advantages Disadvantages There are online tutorials available on The quality of online tutorials may differ almost any skill or issue that a person may greatly, and some may be poor quality, want information about. meaning it is time consuming to find that is good. Users can learn in their own time and at An online tutorial could teach a person in their own pace. an incorrect manner. This will depend on the ability of the person who is acting as the educator. Different media can be used to create an informative tutorial. Networked Learning: It is a form of online collaborative learning that helps learners to connect with other learners as well as their tutors. It is designed to help learners develop relationships with each other as well as their tutor. This can help the learning process because there are a number of different people from whom learners can gain feedback in the discussion. The aim is to encouraged the learning of other learners. The whole process is normally facilitated by a tutor, who actively encourages participation from all learners. Learners are often asked to share thoughts, opinions and resources from their work or educational practices. Other learners are then asked to comment on each other’s contributions, offering advice about how to improve their skills and knowledge. The time scales are more limited for networked learning as the current task will be dependent on everyone participating in a similar time frame. Advantages Disadvantages Learners get to work with other learner Some learners may find it difficult to and build relationships that they could contribute to the process, as they aren’t take forward beyond the course. sure what to give as feedback.  Learners are exposed to both the ability to Some learners may be overbearing thus gain and provide feedback. This means not allowing enough contribution to that they build new skills and knowledge encourage learning from others. Some and they also offer that skills and tutors may find these people difficult to knowledge to others. manage. Learners may be more motivated to Learners may be inclined to just provide complete the tasks as the learning of positive feedback as they do not feel others is also dependent on them. comfortable criticizing the work of others. If some learners do not complete tasks or provide the necessary feedback, this may limit the learning ability of others, as the timescales for learning are more limited. MOOC (Massive Open Online Courses) These courses are not limited in the number of people that can access them and have open access using the web. MOOCs are free and will be used by a large number of learners at any one time. They will often include filmed lectures and other resources, and have forums that can be to interact with other learners and the educators. MOOCs allow people in similar industries to learn more about their industry from other people within that industry. They allow this to happen at the convenience of the learners. People can use MOOCs to develop additional career skills or explore new interests. Progress through courses available on a MOOC could be assessed using review, written assignments or online tests that are automatically marked. They may not provide a person with a formal professional qualification, but they can demonstrate that a person will expand their own learning, in their own time, which could be appealing to an employer. Advantages Disadvantages Large selection of courses available. Some people may et overwhelmed by the number of courses available and may not know which one would be best to take. Can provide an employee with a There are often large numbers of people competitive advantage as it demonstrates on the courses, so the educators may not the motivation to learn and improve in have a lot of time to dedicate to helping their own time. each learner.  They are free of cost. It may be difficult for educators to keep track of the progress of all learners, so they may not recognize that some are struggling. The number of people on a course is often Some learners may struggle with the a large amount or unlimited, so people do motivation to complete the tasks, and may not have to wait for a place to become only choose to complete those properly available. that they know will be assessed. Users can learn at their own pace in their own time, often only limited by the submission deadline for assignment. Video Conferencing: Video conferencing is when people communicate using computers, displaying a video stream, using an internet connection. Video conferencing software often has a facility that will allow a user to share the content on their screen with other users that are part of the conference. Teaching and learning can be carried out using video conferencing. An educator can carry out a lesson that allows them to speak to the other learners and also how them any resources that can aid the learning process. The quality of the lesson will depend on the communication abilities of the educator and could also be dependent on the quality of the video conferencing software and the internet connection. Video conferencing can often require a relatively high broadband speed to be able to deliver smooth viewing of the video for the user. Advantages Disadvantages As learners can ask question in real-time, Video conferencing software can require this may improve their level of learning high broadband speeds that may not be and understanding. available in some areas. As learners can see and hear their Only small number of learners will be able educator this may feel like a more personal to be part of the video-conference and this earning experience and may create an will be limited by the capabilities of the increased level of motivation for the software and the internet connection. This learners as they may find it more engaging. may leave some people waiting a long time for a place on a course.  The educators can often share what is displayed on their screen with other learners, which could be useful if a demonstration needs to be given. The Impact of IT 1. IT in Sports Technology has transformed different areas of the sports industry like refereeing, player nutrition, and training. Analysis of sport performance and enabling coaches to greatly improve the quality of feedback to players/athletes. Fitness coaches can use wearable devices to monitor the athletes’ heart rate, body temperature, hydration levels, and brain activity. With this information, an athlete will know when to take a break and when to push harder. Increase accuracy in time measurements of sport performance has enable the referees and umpires to greatly benefited from technology. Before technological interventions, referees were blamed for favoring one team over the other because of a bad call. The introduction of instant replays helped referees have a closer look at any occurrence before making a decision. The Video Assistant Referee has been on the headlines recently. The technology was introduced in soccer to enable referees to make more accurate decisions. In tennis, technologies like the hawk-eye and instant replays have helped eliminate human error. Accurate decisions have ensured that there is fair play from the beginning to the end. Smart suits, glasses, helmets, golf clubs, etc. have already become a part of essential gear kits of professional athletes. These tools provide professional sportsmen and sportswomen as well as their coaching teams with essential insights important for building efficient training programs and strategies. When the common workout equipment such as treadmills or dumbbells are enhanced with sensors, they become a source of unique performance data and help monitor and correct workout routines in real-time, enhance efficiency and even avoid injuries. Nowadays, sports fans no longer depend on cable TV to watch their favorite teams. Thanks to the internet and smartphone technology, fans from all corners of the world can stream matches live. The 21st-century athlete also has to deal with the power they wield on social media. This power has presented them with both opportunities and challenges. They also have the responsibility to be role models to the younger generation that follows their activities online. Digital technology has also transformed sports betting. Sportsbooks have developed sophisticated mobile apps that enable punters to bet on from their phones. This phenomenon has taken the sports betting world by storm. 2. IT in Manufacturing Manufacturing uses robotics to create assembly lines for products such as cars, where heavy elements like chassis are moved to an area where humans can then fit item to them to build a car. This has meant that humans can be removed from working on the more dangerous elements of manufacturing. By using robotics in manufacturing, it is possible to create a more accurate and consistent product. This is because the robot can be programmed to produce a product and will do this to the same standard repeatedly. A human may differ in their standard of production depending on the mood they are in or how tried they feel that day. Also, if a manufacturing system is completely robotic, it can run for much longer periods of time and will not require the same level of rest as a human. With the correct level of maintenance, robotics manufacturing could be set to run for 24 hours. Some feel that the introduction of robotics into manufacturing has resulted in a loss of jobs for people. This has often created animosity towards the use of robotics in manufacturing. Also, if a company cannot afford the robotic equipment, this can sometimes put them at a competitive disadvantage against those companies in their industry that can. 3. IT in Medicine In medicine, IT has given us the ability to monitor patients and make sure they are healthy. We’re able to measure their heart rate, analyze DNA samples to see if an infection in present, and even use technology to train doctors and nurses in how to perform certain procedures through simulations. It is now possible to provide people with artificial limbs. This means that people who previously had disabilities can be provided with a new life using these artificial limbs. This type of treatment has been very beneficial to soldiers who have been wounded by providing them with the ability to use their wounded limbs again, or have them replaced altogether. The use of nanotechnology in medicine has provided great advantages especially in the use of drugs to treat disease. This is when technology is used to manipulate individual atoms and molecules. In medicine, it can be used to target the delivery of drugs in a very precise way. Particles can be engineered to locate particular cells in the body, i.e. cancer calls, and deliver the drug directly to them. This can help to reduce any damage or unnecessary treatment being delivered to healthy cells. The use of IT in medicine is constantly developing because of the vast benefits it can bring. One development in progress is the use of smart devices that are designed to be implanted into different parts of the body, such as brain or heart. By monitoring the body, these devices can b, for example, Parkinson’s disease, a long time before they fully develop. This can enable treatment to start much sooner and this may prove more effective, or avoid the disease developing altogether. 4. IT in Education The use of IT in education is a growing trend. Technology, such as interactive whiteboards, can be used in the classroom to make lessons more visual and appealing. This may enhance the learning process for students. It is also being used to aid learning online with the practice of technology-based learning that was discussed previously in the chapter. 5. IT in Banking & Finance: Banks rely heavily on the use of IT to keep very large databases of records about all the transactions that are made on a daily basis. If this had to all be recorded on paper, the physical storage space required in buildings to do this would be immense. IT is used to enable people to access physical currency through the use of ATMs. The introduction of IT for this purpose meant that people no longer needed to queue in the bank to withdraw their money. It is also introduced the ability for people to access their money 24 hours a day, and not only when the bank was open. Online banking services now allow people to check their bank account quickly using IT. They can carry out most banking services online such as; Checking their bank balance Viewing bank statements Setting up direct debits Applying for loans and overdrafts Paying bills Transferring money between accounts To be able to use services such as these, people would previously have needed to go into a bank. Often, they would only have one or two local bank branches, so their choice of bank may have been limited if they wanted their bank to be close to home. Also, those people that live in remote locations may have had to travel a great distance in order to get to a bank. The introduction and development in online banking have allowed people to have more choice over which bank to choose and it saves people a lot of time in using banking services. There are many advantages brought about by online banking. These include: Needing to visit a branch less as many services can be used online. Avoiding queues in bank branches. The ability to use banking services 24 hours a day, 7 days a week. Using banking services without leaving home. Viewing transaction online without needing to wait for paper statements to be delivered. Some banks offer better deals on interest rates and loans online. They have done this because online banking help cut their costs. People can set up online investment portfolios and use IT to monitor them on daily basis. The use of IT can allow them to compare and contrast the deals on offers by different finance companies from the comfort of their own home.  6. E-Businesses: Online businesses are now commonplace and is often seen as an easier way of buying goods and services than in a physical store. Goods and services are often cheaper online because of cost savings from businesses not needing a shop space and from reduced utility bills. The main advantage of this is how quickly the customer receives products. Online shopping has become even more popular with the rise of smart devices, because of applications that allow you to order anything online by using your phone. Regardless of where you are. This is even more convenient for the customer as they could be out shopping, not able to find their product in store, but able to order it from the online store straight away from their phone. Online shopping can be better for the environment, because fewer vehicles may be used as people are not driving to shops. But there is a big issue that often its difficult for the people to see the quality of products online or check the size of them. This can mean that many products end up being returned. This may also increase the number of vehicles used. 7. IT in News & Media IT has allowed people to have quick access to news stories around the world and has made people more aware of world events. The use of IT has also allowed people to be amateur journalists themselves, by recording events as they happen and using social media platforms to broadcast this to a wider audience. This had both positive and negative effect. It has allowed people to see what has happened in certain events, when the media may have chosen to censor the content of those events. Others believe that this could also be harmful and will argue that the media sometimes chose to censor what happens at events, because they believe it could be harmful for people to be fully aware. People are able to use IT to set up news feeds that are able to draw news stories from all different kinds of media sources. This means that they save time as they do not need to go to site of each individual source and fins the news stories that they want to read. They can set their news interests for the feed and then the software will search for stories that it thinks will interest the user.  8. Family & Home. IT is used to control many aspects in the home, such as lighting and heating and people even use these systems from a remote location by using IT. This facility can help people save money and can also be better for the environment. This is because, rather than having the heating on all the day, or heating it on a timer system to start at a certain time, the user can choose to remotely start the heating system at a precis time that they are about to travel back to their home. IT can also be present in many everyday devices in the home, such as washing machines and refrigerators, for example, how long a washing machine has left to finish washing clothes. These devises can also prove to be a source of entertainment to families at home. Families can gather and play lots of games and quizzes using the devices. They can also use the device to stream music. This can help families interact and spend quality time together. 9. Government & Politics The use of IT, especially social media, has become more prominent in government and politics. Social media is often used to raise awareness of different political causes and issues. Many online petitions are set up daily that try and encourage people to sign for the resolution of issues that they support. The use of IT in politics in this way can help them government to see what issues the people have, and this may help them prioritize what they discuss in the government. It can help the people have a voice and force government to discuss issues that they believe need resolving. IT has allowed governments to make services they provide accessible online. For example, people may be able to pay their taxes online, and apply for the documents such as a passport or a driving license. This can make access to these services much more convenient for people and could also save costs for the government because they need fewer staff available than if people needed to meet face to face for these services.  10. Monitoring & Surveillance The use of IT in monitoring and surveillance has become very prominent. Many police authorities around the world use it to monitor possible criminal activity and to locate criminals when crimes have been committed. One example of its use in this way is to combine facial recognition software with CCTV footage. Often a criminal will try and flee an area or a country if they believe they will be caught. This could involve them making a journey using a train or an aeroplane. Train stations and airports often have a lot of CCTV footage available. This footage could be scanned using facial recognition software to see whether the criminal has passed though train station or the train. This type of analysis can save a lot of time as previously, a person would need to have watched hours of footage to see if they could spot the criminal in the footage. More, people are adding CCTV technology to their home. Special systems can be set up that will monitor the area around a house. If any motion is detected in this area, a user can get an alert to their mobile phones and can instantly view footage of their home to see what or who has created the motion. Some systems allow the user to speak in the speaker this may scare off any person who may be planning to burgle the house. People have also started to use surveillance methods in their vehicles. Insurance companies use dashboard cameras that will start recording the journey of the driver when the car is switched on. The intention of the footage is to figure out the responsible in case of accident. It is argued by some that use of IT in these ways, as methods of monitoring and surveillance, is relatively unpoliced at present. Some people highly disagree with the ability of an average person to record them walking down the street or pass their home. They believe that this is an invasion of their privacy and that there needs to be a greater level of laws and regulations governing there use in this way.