Introduction
With the introduction of the internet and communications occurring literally at the speed of light, new practices in modern living are evolving, such as e-commerce, e-trade and e-finance creating a much more interconnected world even as we remain physically quite far apart. People are finding it possible to do everything they need to do from their own desktop, including receiving the news, interacting with others, working, shopping, banking, trading and any number of other activities. Based upon its level of use in current society as it grows and expands in response to both consumer and corporate directives, it is safe to say that the internet will become even more integrated into the everyday life of individuals throughout the world in the years to come.
History
When the telegraph was invented, it helped speed up human communication over long distances because it didn’t depend on human travel and was the infancy of e-commerce. This invention was followed shortly afterward by the telephone which evolved into the mobile and cell phones that have become an almost required part of everyday life. The development of the internet has further taken communications and trade beyond the scope of time and distance. With the advent of the internet and massive computing systems that are increasingly becoming smaller in physical scale, the world is continually proportionately shrinking in sociological terms and becoming economically interdependent. This worldwide establishment of the internet throughout most cultures and countries has revolutionized the way people live their lives on many fronts (Rowland, 1997).
About the time that television was becoming household equipment, the first computers were becoming available for scientific use. As early as 1951, they were being produced and sold on the general market. However, computers as a communication tool didn’t really become an option until the advent of ARPANET, the first form of a networked internet that was developed in 1969. These connections were made faster with the introduction of cable wire services in 1972. At this point, communications methods began speeding up, constantly changing and improving efficiency. In Japan in 1979, the first mobile phones began to be used, not becoming popular worldwide until sometime around 1985. By then, personal computers and laptops had entered the marketplace, introducing the idea that communications could easily travel with you to home, work, school or wherever. These wireless services were available by 1981, with the growth in the internet market since serving to completely change the ways in which we communicate and trade globally (Rowland, 1997).
The Times They Are A-Changing
The ability of people to connect with each other across long distances at practically the speed of light via the web has changed not only the way people communicate, but also the expectations they have for the retrieval of information. Email is free and instantaneous causing its use by businesses and individuals to grow at a phenomenal rate over the past decade. Few people write letters or read the newspapers anymore as these are seemingly archaic methods of communication and have the added disadvantage of costing money, regardless of how little this sum might actually be. “Nowadays, we think nothing of emailing our aunts in Germany and getting an answer back within minutes, or seeing the latest streaming video full of up to the minute news” (Boswell, 2006). Neither letter-writing nor newspaper delivery can provide the instant information that is today essential for businesses in the modern world to compete effectively and simply a fact of life that is taken for granted for most in the developed world. People are now turning to alternative forms of receiving information, such as blogs, video blogs, webcasts, chatrooms and listservs. However, this introduces new challenges in determining just how to determine credible sources from noncredible and just how far the internet should be allowed to go in terms of free speech and expression.
Blogs, Video Blogs, Webcasts, Chatrooms, Listservs
Through such user-directed content as blogs, webcasts and listservs, the common man is now, for perhaps the first time in history, able to have some form of interaction with the major news mediums of the world. Noah Shachtman (2002) points out how it was internet bloggers that created such a stir regarding Trent Lott’s racist comments that brought the politician’s past to the attention of major news organizations who would, in all likelihood, have ignored them otherwise. “They kept focusing on Lott’s hateful past – until the national press corps finally had to take notice. … Lott’s bile is one of several issues that this burgeoning community helped push on to the national agenda” (Shachtman, 2002). The term ‘blog’ is actually techno-geek shorthand for ‘web logging’, and, as such, has a well-earned reputation for being merely an online diary for a variety of people.
However, as has been noted by Shachtman and others, blogs have been taking on new meanings in recent years as internet use and knowledge grow among the general public. “Blogs can be used to make political statements, promote products, provide research information and give tutorials” (Ng, 2007). As such, blogs can be found written by politicians, musicians, novelists, sports figures, newscasters and other notable figures as attempts to not only share their opinions, but to promote their own personal agendas separate from the restrictive and uncontrolled traditional venues of newspaper and television. As might be imagined, video blogs add the elements of sound and video to the presentation, providing these users with the added credibility of a news-type presentation. “The potential for everyone to self-publish has the ability to revolutionize the world by sharing video across cultures and countries” (Clint Sharp cited in Dean, 2005). By turning to video, vloggers are able to bring multiple subjects to the screen rather than being concerned about the filters of mass media publishers.
Other methods of internet communication have opened up the concept of communication as well. Through listservs, internet users have been able to post their questions to the world even from its earliest days. This process is almost like standing atop a mountain and shouting a question out to the great beyond. The only difference is, with listservs, users can expect to receive an answer if they’ve selected an appropriate forum. Their question remains online for as long as the server cares to host it, allowing users from all places and multiple times to respond while providing ample room for further discussion. Chatrooms build on this concept by adding instant responses to this text-based mode of communication. As users type in their thoughts, other users can immediately respond, having ‘virtual conversations’ in real time. Organized in community groups of shared interests, chatrooms have enabled internet users to share information on a wide scale without dependence upon more traditional methods of news media and without the wait typically associated with previous community-specific publications such as magazines and newspapers (Pack, 2003). There remain several inherent risks with this method of communication however, the most pressing being that of internet predators seeking younger internet users for harmful purposes. This is only possible because of the close relationships that can form with frequent conversation and sharing of interests.
Combining the self-expression attributes of the blogs with the interactive aspects of listservs and chatrooms and placing it all in streaming media, webcasts allow any average internet user to become their own interactive news program discussing whichever topics they choose and allowing other internet users to call or write in their responses and questions. Many large and small businesses have already discovered the advantages of webcasting as an alternative means of conducting business rather than flying various constituents in from around the country or the world. “Online meetings are interactive and collaborative. They’re in real time so there’s two-way communication via instant messaging or other software between a participant and the conference leader or across the team or group, depending on how you customize the meeting.
You can instantly share content and visuals, watch and listen to presentations or ask questions and make comments – often simultaneously” (Krotz, 2007). In the business setting, webcasts have been used to train employees, distribute new product information and provide customers with live help or education among other things. However, they have often been used for other applications as well. Distance learning and even traditional learning scenarios have employed the use of webcasts with an eye toward future technology integration in and out of the classroom, politicians have used them to help launch campaigns or to advocate party affiliations and other organizations have used them as effective press conferences or to inform research markets and analysts. As with the other communication technologies, webcasts have enabled the average individual regardless of their home country, business, vocation or interest to work around the national media chains and present their views in their own way, introducing a great deal more information into the general community than has been available previously.
Readers on the Internet vs. Newspapers
The effects of the internet are being felt in many ways, not just in the greater freedom of speech being experienced or the topics being addressed, but also in the competition for readership/viewership between the internet and more traditional media outlets. According to the 2006 Office of Communications report, people in the UK are generally turning away from television, radio and newspapers in favor of the more recent, more relevant, more accessible services available on the internet. “Television is of declining interest to many 16-24 year olds; on average they watch television for one hour less per day than the average television viewer” (Ofcom, 2006). More than simply turning to the internet for downloads and information, the report found that as many as 70 percent of this age group had actively contributed to some form of internet communication, in the form of chatting, blogs or other types of message boards. “The sector is being transformed by greater competition, falling prices and the erosion of traditional revenues and audiences. A new generation of consumers is emerging for whom online is the lead medium and convergence is instinctive” (Ed Richards, Ofcom Chief Operating Officer, cited in Ofcom, 2006).
How Banking Has Been Revolutionized By the Internet
The move to the internet has meant a great deal of change in the way banks do business, not only with their individual customers, but also as they relate to each other. Like the retail world, the internet allows even the smallest community bank to compete online as if it were one of the big boys. “A well-designed interactive website, an internet home banking solution combined with a decent array of products, and customers can’t really see the difference between a community bank and a mega-bank” (Lorence, 1999). In some cases, the ability to move banking services online has even eliminated the need for brick and mortar structures while providing the means for completely internet-based banks to remain competitive.
Like retail shopping, banking online has become relatively simple, consisting of easy-to-navigate menus and step-by-step processes. Given the nature of the business, banks take a few additional precautions to the login process before an individual is given access to an account, “the industry standard 128-bit encryption is about as safe as you can get, it’s the same as you find when purchasing online through secure sites” (Nickson, 2006). The process of banking online allows customers to check accounts at any time of day or night without any kind of paper transaction taking place, reducing the cost of both manpower and office supplies. In addition, many banks are now offering online bill payment, through agreements with various companies and utilities, generating a new revenue stream while providing an asset to customers, reducing the cost of check printing and processing and saving customers the cost of postage. “Banking online allows you to check your balances and move money between your accounts at the click of a mouse. It helps eliminate the danger of being overdrawn, while still letting you keep money in a higher-interest savings or other accounts until it has to be moved” (Nickson, 2006). Whether banks are a combination of brick and mortar and internet or internet only, many are now offering more services, approaching the full service levels of brick and mortar structures within the virtual environment. Services that are already available include home and auto loans, credit cards and insurance as well as several other services.
Trade/Investment
The internet has had similar effects in the trading industry as the ease of trading online helped create a resurgence of interest among the general population. Through advances in technologies, the dynamics of the marketplace have changed, eliminating many of the handicaps experienced by those who were unable to maintain physical proximity to the trading floor. “On an electronic trading system, everyone is in the same cyberspace, so time and place advantages disappear” (Unger, 1999). In addition, more people can participate in various markets without the need to be in a membership organization or within a specific geographic location. Investors can track projects on their own without the need for intermediaries, communicating directly with buyers or sellers. Many of the trades that occur can be linked electronically, automatically bringing buyers and sellers together with a few mouse clicks while still remaining stable and secure.
However, direct access trading firms have some of the same disadvantages brought forward in internet-only banking in that there are few available resources for those individuals not quite comfortable with the process or who need a little extra help in making things work. Depending upon the level of education, previous experience or general market knowledge an individual has, direct access trading may open an investor up to unwise investments and potential disaster. In this time-sensitive arena, the uncontrollable issues of network stability take on new importance. “The greatest disadvantage of online trading is the inability of a network to be fail-safe. Computers in spite of the technological advances are by no means perfect” (Mathews, 2002).
Conclusion
The internet is continually evolving, adapting itself to meet new challenges and new needs, addressing the needs of consumers and businesses while working to maintain a sense of confidence, stability, security and simplicity. The cutting edge technology of today will eventually go the way of vacuum tubes in televisions. Developing countries, specifically those that don’t enjoy freedom of speech rights, will create their own internets which will likely interconnect with other networks, such as the current interest in a spider web type relationship, selectively blocking off entire segments to its population while enabling access to others. As it becomes easier and easier to allow services and features to cross platforms from PC computer to handheld device and from cell phone to MP3 player and beyond, prices on electronics will continue to fall and make it possible for individuals in third world countries to join in the internet revolution.
Works Cited
Boswell, Wendy. “How the World Wide Web has Changed Society.” About the Internet. (2006). Web.
Krotz, Joanna. “How to host a successful B2B Webcast.” Small Business Center. Microsoft Office. (2007). Web.
Lorence, Chris. “Internet Banking: Can You Afford Not To?” Northwestern Financial Review. (1999).
Mathews, Isaac G. “Benefits, Costs and Limitations of Online Investing to the Individual Investor.” (2002). Web.
Ng, Deborah. “What are Blogs?” WiseGeek. Conjecture Corporation. (2007). Web.
Nickson, Chris. “Shouldn’t You be Banking Online?” Digital Trends. (2006). Web.
Office of Communications (Ofcom). “Ofcom Communications Market Report Reveals New Industry Trends and Changes in Consumer Behaviour.” News Release Archive. Office of Communications. (2006). Web.
Pack, Thomas.“Creating Community.” Information Technology. All Technology. (2003). Web.
Rowland, Wade. “The Sprit of the Web: The Age of Information From Telegraph to the Internet.” Toronto: Somerville House. (1997).
Shachtman, Noah. “Blogs Make the Headlines.” Wired News. (2002). Web.
Unger, Laura. “The Internet – Will it be the End of the Stock Market as we Know it?” Speech by SEC Commissioner. US Securities and Exchange Commission. (1999). Web.