IT in society

• Electronic currency


  It is a payment that occurs in digital form which doesn’t involve the exchange of physical currency such as coins and bank notes.
• Digital currencies can be either

  centralized, one that has a central body that is managing and regulating the use of currency; or decentralized, one that doesn’t have a central body managing the process
• Advantages of Digital Currency

  1.No need to carry physical money around

  2.Provides fixed records of transactions

  3.Incase of theft or loss the bank can be contacted to block all monetary transactions

  4.Use of contactless payment an speed up the payment process of goods and services

  5.Digital currency allows international payments to be easily made in one currency to another.

  6.Daily/monthly transaction limits can be sent which prevents over spending
• Disadvantages of Digital Currency:

  1.There is often a limit on contactless payments

  2.Risk of data transaction getting hacked as data is sent electronically

  3.Risk of money being stolen through contactless payment as long as you are in the set proximity that enables transactions to go through.
• Advantages of Virtual Currency

  1.It can personalize game or application by making it fun to collect and spend the specific virtual currency

  2. It doesn’t have expensive manufacturing and physical storage costs

  3.They can be programmed to complete automated transactions

  4.It increases transaction seeds and eliminate geographical boundaries
• Disadvantages of Virtual Currency

  1.It’s a decentralized system so has little regulation

  2.Usually specific to the context for which it was created and can’t be spent elsewhere

  3.Can be subject to scams
• Advantages of Cryptocurrency


  1.There are minimal fund transfer fees as compared to banks 2.It is difficult to counterfeit

  3.Has potential for high returns so makes it a great investment
• Disadvantages of Cryptocurrency


  1. The decentralised system allows a level of anonymity which can encourage criminal activities that can go untraced such as money laundering .

  2. It has high volatility and potential for large losses

  3.Since its unregulated and not backed up, it is susceptible to cyber hacking
• Advantages of CBDC


  1.Prevents criminal acts such as money laundering and tax evasion as transactions can be traced

  2.Cost of producing money can be reduced as no paper or printing will be needed

  3.Banks ability to speed up exchange of money will be greatly improved

  4.Simplifies the implementation of monetary policy and government functions
• Disadvantages of CBDC


  1.Users may have to give up some degrees of privacy

  2.Since it’s a digital currency it is also vulnerable to cyberattacks that could result in loss of funds or sensitive information
• Disadvantages of Stored Value Cards:

  1.Some have inactivity fee or duration, after a certain period of unactivity the currency stored expires or a fee is charged 2.Purchases made from store value cards doesn’t help build up credit hence some prefer not to use it

  3.There are fees to reload card sometimes making it cheaper to just purchase items with normal credit cards/cash
• Advantages of Stored Value Cards

  1.Prevents over spending and debts as only the set amount of money can be used unless recharged

  2.Some stores don’t have credit check or minimum balance check before a transaction takes place for stored value cards which allows ease of access

  3.Payments made from stored value card doesn’t affect the users credit history which maintains a level of anonymity
• stages of data mining

  1 Business understanding

  2 Data understanding

  3 Data preparation

  4 Data modelling

  5 Evaluation

  6 Deployment
• Stage 1: Business understanding

  1.goals and their impact are identified

  2.Situation is assessed

  3.Goals are defined

  4.A plan is established
• Stage 2:Data understanding

  1.Data is documented

  2.Sources are listed

  3.Data quality is assessed and verified

  4.Identifying variables
• Stage 3: Data preparation


  1.Data selection(relevant data is chosen)

  2.Data cleansing(errors are removed)

  3.Data transformation(construction and formating)
• Stage 4: Data modeling


  1.Appropriate data mining algorithms are selected

  2.Models are created

  3.Model parameters are adjusted

  4.Models are validated
• Stage 5: Evaluation


  1.Models are evaluated

  2.Results are interpreted

  3.Models are compared

  4.Adjust if necessary
• Stage 6: Deployment


  Models are implemented

  Performance is monitored and documented

  Final results are reported

  Results are reviewed
• use of datamining in National Security and surveillance

  1.Identifying threats(identifying patterns)

  2.Monitoring communications

  3.Predictive analysis(trends and patterns)

  4.facial recognition and biometrics

  5.Cyber security(data mining can recognize patterns that indicate cyber attacks)
• data mining and healthcare

  1.Predicting Disease

  2.Personalized treatment

  3.Drug development

  4.Preventing Fraud and Abuse(detecting false insurance claims, prescription misuse)

  5.Reducing hospital readmissions

  6.Managing healthcare costs:
• data mining and scientific research

  1.Healthcare Research

  2.Environmental Studies

  3.Market Research

  4.Educational Research

  5.Genetic Research

  6.Astronomy

  7.Social Science Research
• Ethical and Privacy Concerns of data mining

  1.Privacy Invasion

  2.Data Security

  3.Misuse of Information

  4.Bias and Discrimination(algorithm could be biased)

  5.Consent Issues
• Advantages of Data Mining

  1.Allows organizations to make strategic decisions that can help maintain or increase their revenue.

  2.Allows organizations to understand their customers and create the products they need.

  3.Allows individuals to see targeted product advertising based on the things they already like.

  4.Allows individuals to see targeted product advertising based on the things they already like.

  5.Allows individuals to see targeted product advertising based on the things they already like.
• Disadvantages of Data Mining

  1.Software tools and skilled staff is required.

  2.Many people see the practice of data mining as both unethical and an invasion of their privacy.

  3.Storage cost for the data are very expensive, therefore, this can also increase the cost of the process of data mining.

  4.A great security issue, as hackers will want to gain access to the data because it has a high value.

  5.The outcomes produced by data mining are only predictions based on patterns and trends in past data. They are not an accurate science and it is very possible for them to be incorrect.
• Smart Homes - Smart homes use IoT technology to automate various aspects of home life such as lighting, heating/cooling, entertainment systems, appliances, and more. These devices allow users to control everything from their phone or tablet. For example, if someone forgets to turn off the lights when leaving the house, they can do so remotely using their device.
• Wearable Technology - Wearables include items such as fitness trackers, smartwatches, and health monitors. These devices collect personal data about the user's activity levels, sleep habits, heart rate, blood pressure, and other vital signs. Users can then view this data on their phones or tablets.
• The Internet of Things (IoT) refers to the interconnectedness between everyday objects through embedded sensors and software. This allows these devices to communicate with one another and send information back to users via smartphones, tablets, computers, etc.
• Advantages of Social Networking

  • Allows communication to occur on a global scale between individuals, businesses and organizations
  • Allows people to feel included as they can share thoughts and ideas with those who share similar opinions
  • Allows organization to distribute important information to people that could be lifesaving in critical situations
  • Allows individuals to make a living writing online blog that others enjoy reading
  • Allows people to seek advice or support on various issues, including technical support and healthcare
  • Provides a stream of entertainment for people
  • Can expose people to news stories that they otherwise may not be aware of
• Disadvantages of Social Networking

  • People can feel overwhelmed by all the information and communication they encounter
  • Some people can feel excluded and feel that everyone seems to have a better life than they do
  • Some organizations could falsely represent certain situations and influence opinion of people
  • Social networking influencers can sometimes lead people to think or do things that are harmful, such as over exercise or spend too much on expensive clothing
  • Contributions to platforms such as forums can often be made by people who may not be qualified to give advice or support
  • It may be causing people's attention span to decrease as they no longer are able to focus on a single activity for any length of time
  • News stories can be sensationalized and falsely reported
  • It allows a level of anonymity that can encourage users to participate in bad or sometimes illegal behavior
• Referee assistance


  Technology like VAR (video assistant referee) in football helps in making accurate decisions during games
• Ticketing and access control


  Digital ticketing and efficient access control systems streamline fans' entry to sports venues
• Wearable tech


  • Athletes use wearable devices like fitness trackers to monitor their physical condition and performance during training
• Improved broadcasting


  Offering high quality sports broadcasts and easy online streaming
• Fan experience in stadiums

  IT improves the in stadium experience with interactive displays and better connectivity
• Virtual training and simulation

  Advanced simulation software helps in strategy planning and skill development
• Data management


  Managing vast amounts of sports data, including player statistics and team record
• Robotics


  • Increased use for precision, speed and handling hazardous tasks
• 3D printing


  IT advancements have made it a valuable tool for rapid prototyping and producing complex parts
• Real-time monitoring


  1. Real time tracking of manufacturing processes

  2. Instant decision making

  3. Adjustments