Digital platforms are reorganizing the relationships between employers, workers,and customers as we have almost started to do everything on this – from purchasing groceries online to selecting a companion on the dating website. Since computing power enhances vividly and more and more individuals around the world join in the digital economy, it is necessary to think carefully the ways to devise policies which will permit us to completely exploit the benefits of digital revolution while reducing job dislocation.
The digital changes result when the economists read scientific growth and technical change pronounce as general purpose technology- it means, one has the talent to continuously transform itself, boosting productivity and progressively branching out across various industries and sectors. Such changes are rare.
About three earlier technologies received this distinction: the printing press, the electricity generator, and the steam engine. These transformations contribute to huge long-term benefits. Originally, the steam engine was considered to pump water from the mines. It was used in industry and railroads with the use of mechanical power. Benefits accrued as merchants and farmers delivered their belongings from the country’s interior to the coasts, enabling trade.
Adopt and also adapt
As per its nature, the main purpose of technological revolutions remains highly disruptive. During the early 19th century, the Luddites resisted and attempted to destroy machines as it made their weaving skills obsolete. Though the machines offered new jobs and skills, they attempted to destroy.
Such disruptions happen mainly since the latest technology is pervasive and flexible. Consequently, several benefits do not come by simply approving the technology but by adapting as per to the technology.
The arrival of electricity generation helped power to be supplied accurately where and when required, vastly enhancing the manufacturing efficiency and flagging way for the latest production line. Uber is the taxi service company that makes use of digital technology to provide the best service to clients.
One of the important components of disruptive technology is it should be widely accepted before society gets used to it. Electricity delivery became depended on generators. In the same way, the present technology revolt depends on computers, search engines – which is the technical main part of the internet and digital platforms. Due to the lags convoluted in adapting the latest processes like substituting traditional printing by online issuing, it takes time to see the growth in output.
The digital revolution remains better under way. Along with transforming skills and jobs, it is also overhauling industries like publishing and retailing and perhaps also in the not very far future- banking and trucking.
The internet transactions in the United Kingdom has already accounted for about one-fifth of total retail sales without gasoline. The online sites are utilizing their data services to finance. Alibaba, which is the e-commerce giant in China owns a bank. It obtains knowledge about the customers to offer small measure loans to customers in China. The American e-commerce website is almost taking the same route. In the same time, anonymous cryptocurrencies like Bitcoins are facing challenging to tackle money laundering and various illicit activities.