In today’s age and time, digital technologies are involved to some extent in most aspects of our lives, even if we are not aware of them. The desire to make lives easier, and more efficient has driven us to adopt digital technologies. From smartphones and computers to self-driving cars and home automation, technology has become an inextricable part of our lives. As the developed and even developing countries move towards the concept of smart cities, the world would witness an increasing adoption of technologies like Big Data, IoT, sensors, digital investments such as cryptocurrency and so on.

Despite the many benefits of adopting digital technologies, there is a flip side to this coin. It has a fair share of disadvantages too and they present themselves in contention with the lives we have been leading till now. So, there occurs a bifurcation in terms of the normal and digital world. Though international institutions and governments across the world are making efforts to transition from the normal to the digital world, it is pertinent to address the challenges first. Digital technology is both unifying our world and tearing it apart. And we need to step out of this jeopardy, to be able to make our digital world a success.

Economic issues

The issues that present themselves in the digital age are that AI and other automated programs are eating up jobs and widening the already large gap between the rich and the poor. ATMs have replaced the bank tellers, call centers have replaced human labor with automated bots and chat machines, self-automated cars, and smart homes have endangered the livelihood of the weak and poor. New factories are coming up where machines are responsible for the production of goods and not humans.

There is no denying the fact that technological advancement had contributed significantly to the world economy but in terms of social progress, its impact is not entirely positive. Millions of people have been rendered jobless by intelligent machines in the last decade and more so in the pandemic phase. Unskilled to take up quality jobs, they have been thrown out on the streets.

  • Privacy and security

With the wider adoption of technology, cyber threats have become commonplace. As the internet and telecommunications make further inroads into our social lives, it becomes even more difficult to segregate them as they become heavily intertwined with economics, politics, employment, security, and identity issues. In the virtual spaces, the issues of liability and human conceptions have become blurred. And as identification in the digital world becomes complicated, privacy gets sacrificed at the altars of technology.

The widespread adoption of Radio Frequency Identification (RFID) as well as location services in wireless telephony will mean that someone’s location at any point in time can be located with great precision. With the increase in processing power of new systems such as Machine learning, there are high chances of customers being influenced and controlled to an unprecedented degree.

Additionally, there are concerns about the borderless nature of cyber-space, the international nature of these threats, and the ease with which the operations of these cyber-criminals can move from one country to another.

  • Digital divide

The digital divide refers to the ever-increasing gap between those who have access to computers and the internet and those who do not. It speaks about the imbalance in the physical access to technology and the resources and skills needed to effectively participate in the present digital age as a digital citizen. This gulf has widened in the COVID phase as millions couldn’t afford to get educated or earn money because they lacked access to the internet.

Though the digital divide exists across the globe, it has very contrasting shades in the developing world.

  • Education

One area where the digital divide is prominent in education. The time has come for global educational institutions and especially the local educational hubs to shift from book-based to technology-based education. Access to technology is often divided within schools, organizations, communities, and nations according to their socio-economic status. The developed nations are on the top of the digital age pyramid, with the poor nations at the bottom, resulting in a digital divide. Developing countries lack access to extensive and quality educational opportunities, due to poor ICT infrastructures. So, there is a great need for technological education as it has the potential to greatly contribute to the prosperity of developing nations.

  • Gender barrier

For ages, women have been discriminated against by the opposite gender. This trend continues to hold ground even in the digital age. The digital divide globally is much greater for women than for men. Owing to their social and economic advantages, men have been major users and creators of technology worldwide.

We are currently amidst a digital revolution that can bring about considerable benefits in improving quality of life and enhancing socio-economic development. There is a window of opportunity to make use of this revolution to the best of our abilities. But this can happen only when we do not carry the challenges plaguing us in the world today to this new age of digitalization. We need to be sensible in our use of technology and devise policies so that the already existing gap between rich and poor doesn’t sky shoot. So, we at AmejCoin are trying to bridge the gap between the two worlds with your cryptocurrency.