FUTURE SHOCK: What's In Store For Online Trading
Remember the days when HTML was the craze and the race to online fame was reduced to a game of who could come up with the coolest scripts? Back then, we used to meet girls via telnet or MiRC, and we’d entertain amorous possibilities with them, though we knew not what they looked like. Online transactions were also avoided like the plague in those times, what with the rampant cases of credit card information theft. We likewise built sites like crazy, on geocities and similar services, and jumped for joy when we were able to integrate midi files to our welcome page. It’s hard to believe that those memories are just five years old. And where are we now? A new age of internet marketing has dawned upon us all, making the phrase “instant millionaires” more than just a byline. The web has become a large network of multi-level systems for business. It has never experienced this stage of acceptance and general enthusiasm before, at least, not in the post-bubble burst era. From a glorious past to a revival of technological splendor, this has been the story of the internet so far. So what’s in store for us in the future? Or more particularly, what’s in store for our passion, online trading? Universal Online Currency It is spoken in hushed tones, and there is no conclusive way of distinguishing facts from rumors at this point. But the grapevine is ablaze with stories of the next big thing: a universal online currency that shall be used for all manners of online trade. There is news that Microsoft is behind the idea. Others claim that it’s the natural extension of Googles’ aggressive campaign as of late. Regardless of whichever party will come up with a viable way to implement such a novel idea, changes would be forthcoming, for good or for bad. It would be good because such would help facilitate more convenient online transactions. It would also greatly diminish, if not totally eliminate, online fraud. Well, at least not until some whiz kid would be able to find wickedly clever means to exploit the system. It would be bad because it would pave the way for a monopoly of payment systems. They would be able to implement unfavorable rules, and we will have no choice but to comply. Deeper Integration with the Physical World In a study conducted by the Pew Internet Project, 56% of the respondents believed that the internet would further blur the line between business and leisure in the next 5 years. This is already becoming manifest these days, with the proliferation of telecommuting ventures and home based businesses. A great number of mothers don’t have to spend time away from their kids anymore just to make a living. It is happening now. And it will continue to evolve. There are a large number of entrepreneurs who are afraid of joining the internet bandwagon. This is more a result of poor perception rather than wrong attitude. But with the expected elevation of broadband connection as the new standard, and the development of more secure networks for delicate transactions, the next few years would herald the migration of more businesses to the online playing field. The Great Earthquake Not really in the literal sense, but a catastrophe of equal magnitude is anticipated within the next 10 years. In the same Pew Internet Project report, 66% of the respondents believed that there will be at least one major attack that would cripple the online world. The internet has become a lucrative target for small time hackers, and methods are being devised everyday to maim the system. At least one of them is bound to succeed. It is predicted that a great depression of sorts would be felt in the aftermath of such disaster. But the online market would rebound, eventually. It has proven its resilience in the past. It will do so again. Conclusion Change is the only thing constant in this world. As prudent businessmen, we should anticipate it and adapt correspondingly. Most, if not some, of these changes can be used to better our enterprises, if cultivated properly. Let us welcome the challenge with open arms then, armed with lessons learned, with our convictions fortified, and with our game faces on. Cheers for the future!
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